Are you in need of emergency debt relief? A lot of people do. As a result of an increased number of layoffs, soaring interest rates and growing price rises, more and more people are falling into debt and they are not getting any way out. If you are one of them, you shouldn’t bother. Others who faced similar types of circumstances discovered that emergency debt relief worked as a viable solution to their difficulties.
People who are eligible for this form of debt relief are those individuals who are obliged to repay a particular amount of debt and can substantiate financial hardship. This signifies that they have fallen back on their payments and there is no chance that their condition would better quickly. In simple terms, they don’t have any means to pay off the debt.
Emergency debt relief is useful for auto loans, medical bills, credit card debt as well as personal loans that you obtained. This debt relief normally is not applicable for mortgage loans, IRS debt or credit union debt.
Forms of Emergency Debt Relief
First of all, it is essential to understand that your debt would not be wiped out. Companies that would assist you to bring your debts to a manageable degree can’t eliminate your debts. However, they can help you handle it and design a strategy for you to repay your debts. You can receive the following forms of assistance:
1) Debt Settlement
Under this plan, you need to negotiate with your creditors or the collection agency in case your debt has been passed on to them. They just wish to receive their money. You might request them by clarifying that you don’t have the capacity to repay the debt, yet would try your best to pay as much as you can. By discussing and talking terms, your payments can be deferred and interest rates and monthly payments can be reduced.
2) Debt Consolidation
If your creditors are making you crazy and you feel that you are not able to manage any more phone calls, you should go for debt consolidation. You just have to secure one loan and clear up all your debts with the loan proceeds. This is preferred by your creditors and you don’t need to manage them any longer. You just have to ensure that you make the new payments on time and don’t accumulate any additional debt.
You can do debt consolidation and debt settlement on your own or you can employ an agency to function for you. Agencies that provide assistance for debt are skilled to carry out this kind of services and negotiations. If you can’t negotiate single-handedly, then you must have to think about employing an agency to manage your emergency debt relief.
Contributed by Debt Community Member.
Image by Laram777.