Get Debt Help
Because of the economy, millions of people across the country are looking for debt help. If you're one of those millions, you may be facing overdue loans, calls from debt collectors, and increasing late fees and interest rates. In many cases, the best way to get rid of these debt problems is to work with professional debt-relief provider.
Consider contacting a reputable debt relief company, such as one of the providers of CareOne Debt Relief Services. A reputable provider should have a solid record with the Better Business Bureau, multiple options to help you get out of debt, and a relatively long history of helping people get out of debt. The provider should also have the experience, resources, and certified counselors needed to work with you to help pay off debt and turn your financial life around.
CareOne providers work one-on-one with clients to get an in-depth understanding of their financial situations, and then they recommend a plan of action to help with debt. They offer two main options: Debt Management Plans (DMP) and Debt Settlement Plans (DSP). Here's an overview of both options.
Debt Management Plan (DMP)
With a DMP, you make one payment a month that is distributed to your creditors by your DMP provider, with the goal of paying off debts within five years or less. If you are behind on your bills and you've been receiving collection calls, seeking help getting out of debt with a DMP can help with debt collectors, too - because after three consecutive DMP payments those calls should stop. In fact, at that stage, many creditors will provide other benefits, such as lowering interest rates, reducing or eliminating late fees, and bringing your accounts into a “current” status.
While you are on a CareOne DMP, you can track your progress online, so you always know where you stand. You also have access to an online community of people who are facing similar challenges and overcoming them. You can give and receive encouragement as you work toward reaching your financial goals.
It's important to note that you agree not to borrow more money while on the DMP, so you get help paying debt obligations completely, not partially. Because your bills are paid in full, a DMP may have less of a negative impact on your credit score than other alternatives, such as bankruptcy.
Debt Settlement Plan (DSP)
Often times, people who can't afford the DMP payment can get help paying off debt with a Debt Settlement Plan. Under this option, you'll make affordable monthly deposits into a trust account. As you're making deposits, your provider works with your creditors to negotiate repayment of your debt for less than the full balance.
It can sometimes take six or more months before the first settlement is successfully negotiated, therefore it is important to make consistent and on-time payments.
During the time it takes for a settlement to be negotiated, interest and late fees may still accrue. If your creditors become more aggressive and you need help with debt collectors, CareOne can provide support by helping you understand your rights.
Once a settlement is reached with your creditor, the money is paid from the trust account. With a settlement, at least a portion of debt is repaid, so it can be a more attractive option than bankruptcy. However, there will be a greater impact on your score than if you were on a DMP.
Additional Debt Help
A reputable debt relief provider, such as CareOne, will look at your total financial picture to find ways to help you pay down your debt. Counselors can also help you understand how to create a realistic budget and figure out ways to set aside money for unexpected emergencies.
In addition to customized financial plans, CareOne clients also have access to free debt help on our web site www.careonecredit.com. These resources include articles, calculators, quizzes, and a supportive online community of people who are making progress towards paying down their debts.
If you need help with debt, there are reputable providers who can assist you by working directly with your creditors, all with the goal of helping you reduce your debt burden. Contact CareOne today, so you can get the debt help you need to start the road to financial recovery.