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Frequently Asked Questions About Debt Relief
How Do I Know If Or When I Really Need Debt Relief?
Every borrower’s situation is different, but there are indications that drive most consumers to consider debt relief: sudden or lingering unemployment; health problems, sleeplessness, or familial conflicts due to mounting bills; inability to start new credit accounts; bounced checks or continually overdrawn bank accounts; regularly withdrawing cash advances from a credit card to pay minimum payments on other cards; all cards are nearing maximum balances; minimal or non-existent savings; utilizing credit for household purchases or utilities.
Obviously, accounts sent to collection and harassment from debt collectors should be an immediate signal that there’s a problem. As a rule of thumb, if your debt-to-income or DTI ratio of unsecured debt reaches twenty-five percent, there’s likely a problem, and, if you’ve no idea as to your actual balances because you’ve been avoiding the statements, it’s time to speak with a debt relief professional.
Will getting debt relief stop those collection attempts?
Recent government legislation intended to protect consumers from unfair harassment (the Fair Debt Collections Practices Act), greatly limits collection agencies’ contact with consumers. Depending upon the state, there are regulations specifying when and how often collection agents can call, and, if the agency’s informed in writing that the borrower no longer wishes to be bothered, they’ll be legally restrained from any attempts.
Furthermore, once the borrower begins working with debt relief companies, the debt collector will be forced to submit all correspondence to the settlement professional. FDCPA regulations force collection agencies to speak with whomever holds power of attorney within debt negotiations.
Are there fees for these services?
Since we will be connecting you with more than one partner to present different solution scenarios to choose from, each partner will have different pricing models for spending time on your situation. Typically, your initial consultation and debt review are always free by most of our partners. Your certified follow-up counselors will then advise you of any fees to enroll in a debt relief plan. Fees typically include a one-time set-up fee and a modest monthly fee, which is included in your monthly debt management payment.
From previous reported experiences we have seen that these services are worth every penny when it comes to eliminating your debt and cutting these financial burdens out of your life.
