Am I Eligible for Debt Relief or Debt Settlement?
Drowning in debt might be a usual situation for we Americans and Europeans. You may be in a big confusion on how to control your finances and bring it to normal course. The question arises whether what kind of company can solve your problem and what is the eligibility for the same. The answer is here.
At such situations you need to first analyse your financial situation. You need to calculate your debt amount and see how much funds you have with yourself. If you have an unsecured debt which is quite high, and you have some funds left with you, you can always opt for a debt relief or a debt settlement plan.
These debt settlement programs have been proved quite useful to the Americans in debts. It has helped saving billions of dollars to the Americans. But how? The Debt Relief programs reduce the pressure on the individual by reducing 50% of the debt amount. Debt relief programs have a less negative impact than bankruptcy on a person’s credit score.
As such, there is not much specification to be eligible for a debt relief program but being in default to some or all of your unsecured creditors. You should have an unsecured debt of more than $10,000 and you must be able to pay all of it. There is no primary requirement of fees. The required fee of debt relief agency is paid after the recovery of your debt.
However, one must always understand the terms and conditions that come along with any deal you sign in. There might be some considerable negative effects too.