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Do you want to know how debt settlement through Alliance Settlement is different from other debt-relief options? Let’s see how they all stack up.
When you first speak with Century Debt Relief, your Advisor will create a customized debt relief program to help you resolve your debt and achieve your financial goals.
During this debt relief consultation, we don’t just create a plan to negotiate your debts- we give you confidence in your financial future. Your free consultation will begin with a debt analysis which will launch our strategy for your program. This strategy is intended to resolve your debts in the most affordable and effective way possible
Debt consolidation can come in a few different forms and is probably the commonly thought of approach to dealing with debt. The theory is simple combine several debts into one single account, ideally with a lower interest rate.
Putting it into practice can be complex. There are ways to consolidate debt on your own, such as through balance transfers that may, or may not, support all of your debt, from a consolidation loan from a traditional bank with difficult credit standards to a Debt Management Plan from a non-profit credit counseling agency. Consolidation is not meant to eliminate interest or save you on your principal balances. You will still repay the full balance, plus some interest. You benefit from having one predictable monthly payment that should be a bit lower and more manageable.
Debt consolidation is an effective approach to getting help with debt. The impact on your credit is not drastic, and you can usually save a fair bit of money and resolve your debts within about 4-6 years. Debt consolidation is best for when your circumstances are still manageable, but you could use a bit of a helping hand.
Another potential approach to resolving debt is to refinance a home to make use of the equity that is available to you. There are many factors to consider in order to determine if this is the right approach to get help with debt. If you owe under $10,000 of debt, it is possible that the cost of the refinance might outweigh the savings on the debt from a dollar and cents standpoint. That’s not to say the mental relief of having the debt resolved wouldn’t be worth that cost.
Given that we have been facing several years of historically low-interest rates on home loans, you will need to factor in the potential savings on interest. If you are going to lower your interest rate, the cost of the refinance may be well worth it.
With this approach, your expense and debt savings will be unique to your personal situation. You may save; you may lose. Speak with a loan officer to see if this is a viable option to get help with your debt.
Your credit will be a factor, as well as your income and your home value. If you are struggling with your debts to the point of falling behind, it may be difficult to qualify. In this situation, you may find the debt relief programs offered by Century Debt Relief to be more effective.
When financial troubles seem unsolvable, bankruptcy is among the most well-known ways to resolve debt. It is a legal process by which you obtain relief from debt that you cannot afford to pay. It is handled by federal courts and will almost always require the hiring of an attorney.
There are several “chapters” of bankruptcy. These determine the specifics of what your bankruptcy would really look like. Sometimes it can mean a clean slate where all debt is discharged, while other instances may require that you repay a portion of the debt over a period of time.
Bankruptcy is not contingent on your credit score, but you will qualify based on a “means test” where your debts, assets, and income are all reviewed through legal processes.
Bankruptcy is not contingent on your credit score, but you will qualify based on a “means test” where your debts, assets, and income are all reviewed through legal processes. A bankruptcy will be reported on your credit report for seven years, which can create major difficulties if you attempt to apply for credit, an apartment, or even a job.
While bankruptcy is a drastic approach that has long-lasting effects, it is a process that can make sense if your circumstances warrant it. We all want to repay your debts in full. When that can’t be done, approaches such as consolidation and the debt settlement program offered by Century Debt Relief would allow you to repay at least a portion of the debt, rather than attempting to walk away from it completely. If these are all unaffordable given your hardship, it may be time to consult with a bankruptcy attorney to understand what the option would look like for you.
Debt settlement is a debt relief method that is proven to be both a time-effective and cost-effective way to deal with debt. The goal is simple- negotiate with creditors or collecting entities to settle debt for less than the full amount owed. Debt settlement is a reduction of the entire balance, including the principal balance, interest, and fees, for less than the full amount owed. The goal is not just a reduction of the interest rate but of the entire actual balance due.
Debt settlement can be attempted on your own or with the help of a professional team. Much like putting a roof on your own home, you can do it yourself, but it may be worth it to hire a professional to make sure the job is done right. A professional debt negotiator will be able to make the right offer at the right time and will know when you are getting a good deal on an account.
We’re also here to make sure the t’s are crossed and the i’s are dotted, so the debt is truly resolved once and for all. On the Century Relief debt settlement program, our goal is to settle debts to save you as much as possible and to give you relief from the overwhelming stress of debt. Timeframes will vary depending on how quickly you can fund your settlement savings, but most programs range from 24-48 months.
You can always be confident that your success comes first because Century Relief does not charge any fees until we resolve your debt. As your ally in debt, we are committed to your success, and our performance-based debt settlement program ensures that you know we are with you every step of the way.
As with all of the other debt-relief options we’ve reviewed, debt settlement has its drawbacks. Our service is intended for people who are unable to maintain their minimum payments to the creditors. As such, the accounts are behind and do stay behind until the settlement agreement is reached, and this will take time. This will result in a negative effect on your credit score, phone calls, and potential tax and legal risks. There are also risks associated with being delinquent on your debts.
If you are already delinquent or feel you will inevitably become delinquent, our debt relief program provides a plan of action to deal with the unmanageable debt. Our debt Advisor can help you understand the good, the bad, and everything between. Request your no-obligation quote and consultation today to see what debt relief from Century Relief would look like for you.
Contact a certified debt specialist today to see what options are best for you!
info@centuryrelief.com
30 Montgomery St, Jersey City NJ 07302
1.800.866.7191
CENTURY DEBT RELIEF
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