Benefits of a Debt Relief Program
We are here to help you understand the benefits of debt relief.
Debt relief is a process designed to help qualified individuals in a financial hardship pay off their debts in less time than by making the required minimum monthly payments to creditors.
Benefits of a Debt Relief Program
Wondering how debt settlement can help you work toward freedom from debt and benefit your financial situation?
When you enroll in a debt relief program, the collection companies are called on your behalf to help resolve your debt balances. Certified negotiators barter the debt balances to secure resolution of the full account balance in exchange for a partial payment.
Getting rid of hefty debts on your own can be very overwhelming especially if you are not sure how to deal with creditors and collections companies. Participating in a debt relief program will help you take the guesswork and stress out of settling your debts.
Having the help of licensed debt settlement professionals means that you won’t just avoid being alone in the efforts to reduce your debts, but you will also be able to enjoy a handful of other benefits.
Here are 8 advantages of a debt relief program:
Our professionals are not only trained to help you on your path to being debt free, they will help you to stabilize your financial situations. When your debts are reduced by a considerable portion, it can be much more manageable to get out of debt and stay out of debt. You will be saving on the money that you would be throwing away in interest by settling your debts.
Negotiators contact your creditors to settle your debts in full with lump sum payments for a fraction of the original balance. While not every single debt can be settled, we use our expertise to save your money while the creditors may not have agreed to barter if you had contacted them.
Reducing Payment Terms
Instead of making what seems like endless payments straight to interest, debt settlement allows you to repay your debts in a shorter time. Ultimately, you are paying less and shortening the overall payment term when the negotiators are able to settle with the creditor for a reduced amount.
Most debt relief programs give you the opportunity to resolve your debts within 2 to 4 years as long as you are committed. It is very likely that you would spend much longer, sometimes in excess of 10 to 20 years when trying to pay off the debts on your own. The power of compounding interest can be quite costly and often will end up causing you to pay multiples of the original balance.
When you are buried under piles of debt, it can feel like there is no way out. There is no better feeling than being able to get rid of your unsecured debt, especially when you are not paying the full amount. You want a program that will suit your financial needs and put you in a better place, both with your stress level and your finances.
You will never be pressured to move faster in the settlement process than you are comfortable with. However, we do want to make sure that when each settlement is completed, you are left feeling like a huge burden has been lifted. Your satisfaction is our priority as the goal of debt relief is to get you out from under the debt.
While it is considered a “last resort”, many consumers find themselves turning to bankruptcy just to find a way out. If unable to catch up on late or missed payments, debt settlement is a favorable alternative to bankruptcy. Filing Chapter 7 or 13 bankruptcy can be a huge step, many consumers opt to work with debt relief companies for help to negotiate down the account balances.
While debt settlement can impact your credit score temporarily, the hit is significantly less than if you would have filed bankruptcy. Instead of completely wiping out all of your debts unpaid, you are settling your debts for a reduced amount. The creditors report that the balance is resolved with debt settlement, while bankruptcy will show that you have not paid the creditors and your credit can be impacted for up to 7 years.
Protection from Creditors
If you’ve started receiving calls from the creditors or collections companies, it can get quite cumbersome to continue dealing with these people. When you hire a debt relief company, you no longer have to communicate with the collectors. No need to handle the process on your own, as you will have professional help in getting your debts resolved.
When you are represented by a debt relief company, we will ensure that your protections are honored and the creditors do not engage in harassment. If they attempt to contact you repeatedly or engage in abusive behavior, you are entitled to sue under the Fair Debt Collections Practice Act.
Added Peace of Mind
Right along with not having to deal with pesky creditors comes the long awaited peace of mind. Unsecured debts can cause you to worry because the interest just keeps accruing without a light at the end of the tunnel. When you settle your first debt account, you will get a taste of the serenity that comes along with being debt free.
Just thinking about making payments for years on end can fill your mind up with anxiety and stress. Whether you only have a few large accounts or a long list of past due balances, debt settlement is a way to help you get the peace of mind you desire. It may take some time to clear out all of your unsecured debt but you will feel so much better about your personal life and finances when the balances are resolved.
Freedom from Debt
The most fulfilling part of debt settlement is the end result; freedom from debt. While it may not be possible in all situations to clear out 100% of your debt, the goal is to pay off as much as possible. When you are bombarded with debts, there is no better feeling than finally having no debt balances. For what seems like a long lost dream to be clear out your debt balances, it can be a reality when debt settlement is completed.
Once you are out of debt, you should take the necessary precautions to stay out of debt and start rebuilding your credit. Try not to borrow more than you can pay back in one month and keep your credit utilization to a minimum. Make sure to leave plenty of room in your budget for savings as well as your monthly obligations.
Improved Long Term Outlook
After settling your debts, you will be in a much better financial position because you won’t be stuck repeating monthly payments over and over again for an extended period of time. When it comes to your goals, you will likely have more money freed up to contribute towards savings. The short term effective are minimal when you look at the bigger picture.
If you are aiming to buy a house in the future or save for your child’s college expenses, debt settlement can be a step in the right direction. Drowning in debt will not get you any closer to your “wants” or goals.
The benefits of debt settlement outweigh the negative aspects, given that debt settlement is the right choice for your financial situation. Contact us at Financial Rescue for a free consultation to discuss your options and see if your unsecured debt qualifies for our debt relief program.
The Answer To Your Debt Settlement Concerns
Financial Rescue has the answer to your debt settlement concerns.
Most of our clients pay off their balances within 36 months with one low monthly program payment.
To ask additional questions and to find out if you qualify, contact us today.
Disclaimer: Some programs and services may not be available in all 50 U.S. States. The information provided is for informational purposes only. No communication should be considered legal advice. Individual results may vary based on program terms, ability to save sufficient funds, underwriting guidelines, the creditors in your individual profile, and the willingness of creditors to negotiate. Individuals depicted in images and videos may or may not be employees, and some are actors or models, all of whom do not necessarily endorse or support Financial Rescue, LLC. Financial Rescue, LLC, does not assume any debt, make monthly payments to creditors or provide tax, bankruptcy, or legal advice.