Get Outside Help To Design A Repayment Plan

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Get Outside Help To Design A Repayment Plan
The combination of high consumer debt and easy access to information (especially on the Internet) has led to an explosion in the number of credit and debit counseling agencies ready to offer you help. Some provide limited services, such as budgeting and debt repayment, while others offer a range of services, from debt counseling to financial planning.

How Debt Management Works
To use a credit or debt counseling agency to help you pay your debts, you must have some disposable income. A counselor will contact your creditors to let them know that you’ve sought assistance and you need time to pay. Based n your income and debts, the counselor, with your creditors, decides on how much you must pay. You must them make one payment each month to the counseling agency, which in turn will pay your creditors. The agency will ask creditors to return a small percentage of the money received to the agency office, in order to fund its work. This arrangement is generally referred to as a “debt management program”.
Some creditors will make overtures to helps you when you’re participating in a debt management program. For example, some may waives minimum payment and late charges, and may freeze interest accrual , for customers undergoing credit counseling. But few creditors will make interest concessions, such as waiving a portion of the accumulated interest to help you repay the principal portion of the debt. More likely, you’ll get the late fees dropped and the opportunity to reinstate your credit if you successfully complete a debt management program.
Participating in a credit or debt counseling agency’s debt management program is a little bit like filing for Chapter 13 bankruptcy. But working with a credit or debt counseling agency has one big advantage: No bankruptcy will appear on your credit record.

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Avoid Bankruptcy and Free Your Debt . Get Refinance Loans , Secured Debt Consolidation or Debt Settlement Advices.