I don’t qualify for a debt consolidation loan. What can I do?
Debt consolidation can be a great option for those currently struggling with multiple loans. But, if you don’t qualify for a debt consolidation loan, there are still several steps you can take to repair your credit and financial help. Debt settlement is a great option because we may be able to negotiate your debt with creditors and get the amount you owe significantly lowered.
Practices such as paying bills on time and diverting more money to paying down balances can also help repair your credit and possibly allow you to qualify for a debt consolidation loan down the road.
What is debt settlement?
Debt settlement occurs when you and a creditor agree on a reduced balance to be regarded as full payment of the debt you owe. This is most commonly done with credit debt and the help of our experts who have built relationships with various creditors.
What type of debts can you help me with?
The experts at Liberty Debt Relief have extensive experience working with unsecured debts of all kinds, including private student loans and credit cards. Give us a call today, and we’ll tell you how we can help.
How much does it cost to settle my debt?
Each company is different, and you should always get a detailed breakdown of their fees before engaging their services. This is especially true because companies that charge an upfront fee before helping you are actually breaking the law.
Will you negotiate my debts for me?
Our experts will look at your specific situation and advise you on the best steps forward to a solid financial future. After meeting you and discussing your unique situation and goals, we can contact your lenders on your behalf. Please note, debt settlement is not available for all kinds of debt and not all creditors are open to this option.
How long does debt settlement take?
The debt settlement process can take several months, depending on the specifics of the situation.
What happens when I stop making payments? Is this really part of debt settlement?
You should never stop making payments if you can afford to do so. Becoming delinquent on an account can cost you lots of money in late fees and penalty interest rates. If you believe that you will not able to make your next payment, your best option is to reach out to your financial institution ahead of time and make alternate arrangements.
What if my debt is already in collections?
Even if your debt is already in collections, we can give you sound financial advice for debt relief. In fact, most creditors are likely to negotiate harder for a settlement with those in collections.
Will I be totally debt-free when I am done?
If you utilize debt relief services through Liberty Debt Relief, we will help you develop a plan with your creditors to eliminate your debt as soon as possible. Most likely, this will include a new, more manageable payment arrangement. If you honor this arrangement, you will pay off your debts in the agreed upon time.
How will your debt settlement services affect my credit?
After debt settlement, your credit report will reflect “settled” for those accounts we have worked with together. Each positive step you take to improve your debt situation should only improve your credit score, but it may take time.
How can I avoid bankruptcy?
There are several ways to repair financial health and avoid bankruptcy. You can:
- Sell some of your assets. This can be a quick way to get some extra cash. If you have property of any significant worth, let it work for you.
- Develop a financial plan. Developing better financial management skills can help you optimize your current income to better work for you. It may involve significant lifestyle sacrifices but it will be worth your financial peace of mind.
- Ask creditors for alternate, more manageable, payment arrangements
- Seek consumer credit counselling. Working with a financial professional can make a world of difference in your financial planning. A professional can show you new options and help you repair your credit.
- Get help from family and friends. Family and friends may be able to offer low or zero interest loans so you can pay off your high interest debt and repair your financial health.
- Debt settlement. Some creditors may agree to settling your debt for less than what you owe.