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Debt Consolidation is the idea of taking out one larger loan to pay off the many smaller debts you may have so that you only have to make one larger payment each month rather than keeping track of a dozen different smaller bills. The idea is to replace the multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. Debt consolidation programs often offer consumers a lower overall interest rate and a larger tax break. These loans may also provide certain tax advantages that are not available with other kinds of credit.
Don’t forget, however, that usually you are getting your consolidation loan through a second mortgage or a home equity line of credit. These loans require you to put up your home as collateral, which means that if you can’t make the payments –- or if your payments are late –- you could lose your home.
There are several factors to consider before getting a debt consolidation loan. In addition to interest on the loan, you may also have to pay “points,” with one point equal to one percent of the amount you borrow. By consolidating your unsecured debt with a home equity loan, you run the risk of losing your hard earned assets if you default on your payments, you will still pay the full balances on your unsecured debt, and you must also have a low debt-to-income ratio to qualify.
Debt Settlement Debt Negotiation works by negotiating the balance owed on your unsecured debt so the amount paid is less than owed. We design an affordable monthly savings plan and your savings are used to obtain a deal from your creditors.
Most likely, yes. Any time you are behind, with or without a program, you will receive calls. However, many creditors are accommodating. Additionally, calls may reduce after the original creditor receives a detailed hardship letter from you.
Debt Settlement or Debt Negotiations effect on your credit score will depend on your current credit status before starting any settlement program. Very few people with debt problems have perfect credit and debt settlement is meant to be a hardship program.
We are the Debt Rx and are one of the longest operating Debt Settlement and Debt Negotiation firms in America. We are not the largest, because our focus has been more on personal attention and service of existing clients than that of enrolling new ones.
We are Debt Rx and are one of the longest operating Debt Settlement and Debt Negotiation firms in America. We operate across most of the 50 states.
* Clients that are able to stay with our services and make the monthly program payments generally experience a 50% reduction of their enrolled balance before fees, or approximately a 29% reduction after payment of fees over a 24-48 month period. Individual results may vary based on ability to save sufficient funds and complete the program, the creditors in your individual portfolio, and amount of debt enrolled. Statements made are examples of past performance and are not intended to be a guarantee that your debt balances will be lowered by a specific amount or percentage, that you will be debt free within a specific time period, or a guarantee of future settlement results. We guarantee we will not receive any fees until the terms of your debt have been altered with one or more of your creditors. While our programs work aggressively to reduce your debt balances, creditors are under no contractual obligation to negotiate or accept settlement offers. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice and we do not provide credit repair services. Please contact a tax professional to discuss tax consequences of debt settlement. By providing your contact information, you agree to receive return telephone calls, emails or other communications from us and/or our affiliates and expressly waive any Do Not Call preference or registration. Photographs used are not actual clients. We are not affiliated with MSNBC, Fox, or CBS and logos used are registered trademarks of their respective owners. Legal requirement: Licensed by the Virginia State Corporation Commission, license number DSP-14. Programs not available in all states. Read and understand all program materials prior to your enrollment.
