Which Debt Relief Options Is the Best? – The Real Deal

There are many debt relief options available in the market. The most popular of them is debt settlement, which has been proven to be most beneficial. However, some users of this program may not find it effective for them.

Debt Relief Options

Now, before you get into the nitty-gritty of debt relief options, let us first discuss how debt relief actually works. It all begins with filing for bankruptcy. This will force the creditor to cease paying any further debt. However, it should be pointed out that it has a significant negative impact on your credit score.

This is the reason why consumers are wary of getting into a bad debt relief option like bankruptcy. Instead, they try to come up with debt settlement as a last resort. The other method they use is to work with the creditors through a settlement company.

The trouble with this is that a debt settlement company will charge you a certain amount of money for its services. If you have no idea of what the companies charge and how much the amount is, it is easy to be misled. As a result, a lot of consumers end up not paying even the low cost settlement fees.

Then again, there are other debt relief options that you can use without having to worry about the fees. One of them is debt reduction.

Many consumers get confused between debt reduction and debt settlement because they are often referred to as the same thing. In reality, debt reduction is a voluntary process where the creditor agrees to reduce the amount owed.

In case you opt for debt reduction, you will no longer have to pay the settlement fees to the settlement company. Instead, you will pay your creditors directly through a reduced payment.

It is important to point out that debt reduction companies usually charge a fee if they help you with a reduced payment. You should always remember that you will need to repay the reduced payment amount.

So, if you decide to employ these debt reduction options, it is best to take the advice of a professional. There are many debt relief experts who offer their services at a relatively low price.

Another good way to get in touch with these experts is to do a little bit of research online. There are several free debt relief networks that allow you to communicate with many different experts.

There are a lot of advantages to using a debt reduction advice for settling your debts. The most important one is that the process will be faster since you don’t have to pay the settlement fee until the job is completed.

With so many debt reduction options available, it is important to select the right one for your circumstances. The settlement companies will charge you for their services, so you need to be sure that you don’t sign any deal with a company that will charge you until the process is over.

Debt Consolidation Services in New York

New York Debt Consolidation is dedicated to  providing  the best debt consolidation services possible. If you are interested in finding out more about how you can reduce your credit card debt and begin the path to becoming debt free we can help.

Debt is a big problem to live with. You know this because you have come to this site seeking solutions to your current debt problem.  New York Debt Consolidation is pleased to offer debt consolidation services as a potential solution to your debt problems. Debt consolidation services are an alternative that look out for your best interests and help you regain control of your finances.

A debt consolidation program is a way to begin dealing with your debt.  Our debt consolidation service gets you out of debt and potentially helps you avoid bankruptcy. If you enroll in our debt consolidation program we deal directly with your creditors and get you back on track to restoring your credit.  

What we can a debt consolidation program do for you?

Put an end to harassing calls from creditors

After you are accepted into a debt consolidation service, your creditors will stop calling you and contact your debt consolidation company instead.  All correspondence from creditors regarding your debt consolidation will be directed to your debt consolidation company representative.  Experienced debt consolidation negotiators will be in direct contact with the creditors, freeing you from the stress and embarrassment of their calls.

Get your out of debt faster
Debt consolidation in New York is the process of negotiating with your creditors to obtain better repayment terms for you on existing debt. Using a debt consolidation service will result in your monthly payments being lowered and your interest charges reduced. You save thousands of dollars in interest rates and have less total debt to pay back and thus can pay off your debt faster.

debt consolidation in new york

Keep more money each month

Entering a debt consolidation program immediately makes an impact on the amount of dollars in your pocket. A successful program frees up money to help your cash flow. As your monthly payments under debt consolidation are typically less than what you were previously paying, you can keep more of your hard earned dollars for yourself while traveling on the road to debt freedom!

We are committed to providing the highest level of customer service. The success of your debt consolidation program rests solely on the relationships built between your debt consolidation firm and consumer lending company.   Please read more about debt consolidation on our site and fill our our form if you would like to be contacted for a free debt consultation.

Free Debt Consolidation Consultation

To begin your path to financial recovery, please complete the following application. Items marked with a red star * are required. This form will be sent directly to our staff and will be kept strictly confidential. If you are in a hurry, fill out our short form. 
You need at least $10,000 in unsecured debt to qualify for this program. Due to high demand we currently aren’t accepting any more applications for our program. Please visit one of the other debt consolidation or credit repair companies shown in the ads on our site to review their programs. We should be opening up our program for new applications shortly. Please make sure to also read the information on our site about credit reports, credit repair and budgeting to help position yourself to becoming debt free.

Online Debt Consolidation

New York Debt Consolidation is can give you the information you need and allow you to sign up for a free debt consultation all online. 

What we can do for you?

Put an end to creditor harassment
Upon being accepted into our program, your creditors will stop calling you and contact us instead. All correspondence from creditors regarding your debt consolidation will be directed to one of our debt consolidation partners. Experienced debt consolidation negotiators will be in direct contact with the creditors, freeing you from the stress and embarrassment of their calls.

Get out of debt faster than you thought possible  
Debt consolidation is the process by which we negotiate with your creditors to obtain better repayment terms for you on existing debt. Under our debt consolidation plan, monthly payments are lowered and interest charges are reduced. You save thousands of dollars in interest rates, and therefore a reduced payoff period.

Budget less money each month for your debt
Entering our debt consolidation program immediately makes an impact on the amount of dollars in your pocket. Our program frees up money to help your cash flow. As your monthly payments under debt consolidation are typically less than what you were previously paying, you can keep more of your hard earned dollars for yourself and your family while traveling on the road to debt freedom!

Personal Debt Consolidation

Debt consolidation can be an effective solution for both businesses and individuals dealing with large amounts of debt.  If you are a individual seeking help with your debt through personal debt consolidation than  you have come to the right place.   This site offers information on personal debt consolidation, credit repair and budgeting.   If your personal debt has become too much to manage then a debt consolidation or debt settlement program may be the right choice for you to help begin to manage your debt and become debt free.

Take the time to explore this site and learn about possibly signing up for a debt consolidation consultation, read about checking on your own credit report in our credit repair section or read about some basic budgeting steps you can take to begin to take control of your personal finances and begin paying off your debt.   It is also important to learn the difference between a personal debt consolidation program and debt consolidation loans.  These two different options are often mistakenly assumed to be the same.   If you are looking for a place to get started with all of the basic terms involving credit card debt and debt consolidation try our glossary.

The Truth About Credit Repair

It is important to learn what is possible with credit repair and what is impossible.   This way you will know if a company is making claims that should be warning signs for you not to work with them.

The Truth About Credit Repair

There is no way to legally remove negative information from a credit report if it is accurate historically information.   However, if the information on your report is wrong or inaccurate you are able to request that an investigation take place to resolve the dispute.   There should be no charge for this service.   What is important to note with this is that everything a credit repair company can do for you to clean up an inaccuracies in your credit report is something that you can do yourself for almost no cost.   The Fair Credit Reporting Act entitles consumers to the following:

  • A free copy of you credit report if you have been denied credit insurance or employment within the last 60 days for credit reasons.  If your application for credit, insurance, or employment is denied because of information supplied by a credit bureau, the company you applied to must provide you with that credit bureau’s name, address, and telephone number.
  • There is no cost to dispute an item on your credit report.  You just need to request a dispute form from the credit reporting agency or you can submit your dispute in writing.  Any documents that you can send that help support your dispute should be included (make sure to send copies and keep the original documents for yourself).

Take the following steps to dispute a claim on your credit report:

1)  Clearly identify the item on your credit report that you are disputing.

2)  Explain why you are disputing the item along with a request for an investigation.

3)  If the investigation concludes that there is an error on your report  you should request they send a corrected version of the report to any party that received the old report within the past 6 months.  NOTE:  Job applicants can have new reports sent to any party that was sent a report for employment purposes in the previous two years.

4)  At the completion of the investigation the credit bureau is required to send you the updated written results and a copy of your report if the dispute has resulted in a change to your credit report.  This should not cost you anything.

Budgeting – Getting Started

As with all financial decisions the first step should always be to educate yourself about your options.  If you are thinking about bankruptcy your first steps should be to learn about what options are available and what the impact of your decisions will be.   Bankruptcy and have a long term effect on your financial situation and should not be something you rush into.   Here are some basic answers to questions you may have about bankruptcy. 
1. If I file for bankruptcy will my creditors stop calling me?

Yes.   Creditors are required by law to stop calling you once you have filed for bankruptcy. 

2.  Who will know that I filed for bankruptcy?
A chapter 7 bankruptcy is a public record so anyone that wanted to could find the information.   However, most people you interact with will not know that you filed.   The chapter 7 filing will appear on your credit record and will remain there for 10 years.  This means that ANY time in the ten years after you have filed bankruptcy that you apply for something requiring a credit check it will show you filed for bankruptcy.  This can have a serious impact on your ability to rent an apartment, get financing for a car or home or get a credit card.

3. What is Chapter 7 bankruptcy?  How about Chapter 13?

Chapter 7 bankruptcy is the most popular form of bankruptcy filing.  Chapter 7 is typically for someone that has high credit card debt and doesn’t own many assets of value (e.g. home, car).  In most cases a chapter 7 filing eliminates all outstanding debts.

A Chapter 13 bankruptcy is different from a Chapter 7 because it usually requires the filer to pay back the debts.   Typically you propose a 3-5 year repayment plan when filing your chapter 13.  This repayment plan would pay off all or most of the debt by "docking your pay" or taking a portion of your future income to pay the debt.  To file this you must have a regular source of income and you must be making more than you are spending. 

NOTE:  There are currently attempts to pass laws to make it difficult for individuals to file for Chapter 7 bankruptcy.   The credit card companies are trying to get these laws passed so that no one can wipe out their debts.

4.  Will I ever be able to get credit again?
Filing for bankruptcy makes it difficult to get credit.   However, if you begin to build a good credit history after filing you should be able to get credit at some point.  

5.  What Does It Cost?
It costs $200 to file for bankruptcy and also can cost up to $2,000 in lawyers fees.   Some lawyers will give a free consultation.  But filing for bankruptcy is going to cost you money.