Credit Delinquency & Other Issues of Many Debt Settlement Clients

Every year, thousands of people get into a situation where their credit score and debt total has reached a delinquency status. Months of built-up credit card balances, utility bills, and other unpaid statements is a common scenario for people seeking debt settlement. What many people do not realize, however, is that the buildup is a result of many other issues.

Here are some of the most common financial features of debt settlement clients:

They Have Delinquent Payments

First and foremost, many who seek settlement have credit delinquency on their credit report. Perhaps you met with an unforeseen expense with regularly occurring, large payments or maybe you are in between jobs. Whatever the situation, your late or missing payments are often a sign of your financial hardship, which is a sort of prerequisite for debt negotiations. Lenders want a concrete and documented reason you cannot make your payments before they agree to lower your total amount due.

They Have Multiple Lines of Credit

As soon as you open one credit card, it seems like just about every card company known to man will offer you another. For a period of time, it can seem like a great idea to open one or two more lines of credit, especially if you have managed to boost your score a couple hundred points and have done a good job of making your payments every month. For many people, however, it just takes one major expense — a pricey Christmas gift for a loved one, a weekend vacation, or even a bill you had to put on your credit card — to put your financial situation over the deep end. If this is your situation and you now have credit delinquency on one or more of these credit lines, contact Liberty Debt Relief to learn more about how we may be able to help.

They Do Not Have a Clear Budget

Budgets are the best way to figure out what you can and can’t afford. Unfortunately, most people who have delinquency on their credit report do not have established budgets. They tend to live paycheck to paycheck and pay for what they need as they go. Many times, they also do not have a savings account for emergencies or financial investments to fall back on. For people who rely on credit cards and loans to get by, this lifestyle may lead you to underestimate your debt and overspend.

Get the Relief You Have Been Looking For

If any of these characteristics sound similar to your situation, there is help available. Contact Liberty Debt Relief and get connected with a debt relief consultant. They will help you get back on track with your finances so you can start moving toward a better future.

Debt Specialists | Negotiate Debt Successfully | Liberty Debt Relief

The millions who deal with debt every year tend to have the same general story — it started with only a couple purchases on a credit card or a single loan and, before they knew it, they owed hundreds of thousands of dollars to a list of businesses. One of the first things people usually say is, “I thought I could take care of debt settlement on my own.” Unfortunately, for many, this is simply not the case. Debt negotiations are a complicated and tolling process. By opting for help from a debt settlement company and its experienced debt specialists, you may actually better your chances of success.

Take a Load Off Your Shoulders

Working on getting out of debt is a great step, but it’s not one that comes easily. If you try to take on debt settlement alone, there’s a chance that your lenders will simply refuse to negotiate with you. If they do agree to work directly with you, it may prolong the process by years and can also put you in a situation where the mental, emotional, and even physical toll of it all reaches its boiling point.

Debt specialists will utilize all their professional debt settlement strategies to help make sure your negotiations go as quickly and smoothly as possible. Once you sign on to work with them, they will take on the burden for you. No longer will you have to stress about making phone calls, responding to notices, or even finding time to separate yourself from your bills long enough to spend time with loved ones. All you will have to do is provide them with the correct information so they can tailor the settlement terms to your needs and plan regular conversations about how the negotiations are going.

Find a Solution to Being Indebted to Multiple Creditors

Being someone who says, “I’m going to take care of this debt settlement on my own” is a bold move towards a tough journey. Even when you have just one outstanding debt or creditor you are dealing with, the months of work and endless back-and-forth conversations that may seem like they’re getting you nowhere can be overwhelming. If you are working to settle debts with multiple creditors, that time spent negotiating can double, triple, or more, and get significantly more complicated.

With a little help from debt specialists, however, you can decide which of your multiple accounts to settle and get through those endless negotiations. Because your specialist will likely have years upon years of experience, they will know exactly how to work with each company individually to get you the best possible terms for your situation. It will also likely take them substantially less time to reach the deal you want, and they’ll be able to explain every step of the process. That includes ensuring you understand what creditors expect after a debt settlement is complete and the agreement is signed.

Save Money You Didn’t Know You Could

When it comes to negotiating debt settlement with creditors, one of the most difficult tasks is finding the terms that will really help you save money. At this point, you have probably gone over your budget and know how much you can afford to pay towards settling your debts. If you call your lenders directly, they may say you can save a couple hundred dollars if you pay everything up front, but that probably would not be of much assistance to you.

By getting support from debt specialists, you can actually save more money than you would expect. These companies typically have contacts at the lending companies and will not only work out ways to get you a reasonable settlement, but they may also get fees and other costs waived for you. Those fees can often rack up to be hundreds, if not thousands of additional dollars.

Utilize Their Experience

If you were to try and negotiate a settlement on your own, you would have to go through the tiring process of trying to find someone to talk to first. You probably already know how it typically works. You call the 1-800 number listed on the company’s website, go through a robot directory, talk to an operator, get redirected, and end up getting told that there is really nothing that can be done, all while having to explain your situation multiple times to several different people.

One of the most helpful things about working with a debt specialist or debt relief company is that they have several years of seeing similar cases back to back, which allows them to gain reputations and relationships with the companies you are in debt to. When you request their assistance to settle, they will likely already know exactly who to call at that company to get the best deal for you. Then, they’ll take the time to explain your financial hardship and current budget, so you don’t have to.

You Don’t have to Negotiate Alone

No matter what, there is help available. Negotiating debt settlement is a long process and always works best when you go through it alongside a certified and trusted debt relief consultant who knows exactly how to get you out of debt in the quickest and easiest way possible. Contact Liberty Debt Relief today to find out how debt settlement can help you establish a brighter financial future.

How Business Owners Benefit When They Settle Their Personal Debt

When people think of debt, they often think about their personal bank accounts, late notices, and borderline harassing calls from debt collectors. The truth, however, is that your personal finances go well beyond your individual accounts; they can affect your business as well. For the thousands every year who choose to settle their personal debts, this can be a beneficial and strategic move to give their business a boost. Find out how debt settlement is the perfect way to increase your business’s credit worthiness, save your assets, and more.

Increase Your Business’s Credit Worthiness

For small business owners and those who are just starting out on their entrepreneurial ventures, there is really only one way to get access to funds: loans. When you apply, banks will look at your personal financial history to decide how much to provide for your small business. Usually, this is because your business does not yet have a history of financial credibility and, as the sole owner or even as a partner, your individual finances are the only indicator of how well the business will do.

For those aspiring business owners dealing with personal debt, settlement is a great option. Banks will be less willing to provide you with high enough small business loans if they see you are buried in personal debt or that your credit score has suffered tremendously because you have been ignoring your minimum payments and debt collectors. By choosing to negotiate, you will show banks that you are being proactive about your debts. It will not only make them feel more comfortable about getting back the money you’ll owe them but also show you can be trusted to handle your business’s finances by every means possible.

Save Your Assets

When you settle your debt, you gain a sense of financial freedom and also open numerous new doors for your business. Many small business loans from traditional lenders are secured, meaning that you have to offer up some form of collateral in order to qualify for the loan. If you do not yet have buildings, inventory, equipment, and other company assets, it may be more difficult to fund your endevor. You may have to offer up your home, vehicle, and investments, which can be difficult if you have already used these to secure other personal debts.

By completing a debt settlement program, you may be able to free up your assets so you can use them to secure a business loan. Additionally, you’ll have more cash flow available to potentially finance bits of your company on your own. When you purchase assets through the company using your own money and establish a credit history for the business, you will eventually create a situation where getting a business loan will be easier.

Focus on Your Business, Not Your Debt

One of the biggest downfalls of living with debt is the toll it takes on your life mentally, emotionally, and even physically. For business owners, this can be a huge problem. Dealing with a financial burden takes away time you could be spending on other important tasks, such as reviewing your business’s sales from the last quarter, restocking products, paying employees, or even just showing up to work on time. By pursuing personal debt settlement, you can take a lot of that pressure off.

Settlement has a lot of great benefits, but one of the top ones is definitely the ease of mind that comes along with it. Once you are immersed in a settlement program, you no longer have to worry about avoiding calls from debt collectors, sifting through stacks of mailed notices, or even how you are going to be able to pay off your bills every month. Your debt relief specialist will take care of all of that for you and make sure that your settlement program fits your needs and abilities, so you do not have to carry your financial stress over into the workplace.

Prevent Financial Fallbacks

It does not take much for monthly expenses to sky rocket, especially when it comes to your business. For many people, all it takes is a large storm outside, not enough employees, or an inability to adapt to what consumers want for the entire business to go under. If you are able to settle your personal debt, these sudden incidents do not have to take a large toll on your business.

Just as with many parts of life, the best defense is a solid offense. Eliminating your debt does not just eliminate bills every month, it also provides you with the ability to truly save money. If an unforeseen occurrence happens to your business, such as sudden water damage or the need for a new security system, these savings will make sure you are able to afford the costly expenses. You will have better means of repairing damages and adapting your business so you can stay on top for years to come.

Work on Your Finances & Save Your Business

At the end of the day, a business can only thrive as much as its owner. If you truly want to see your entrepreneurial spirit come to life, it is essential to set yourself, and thus your business, up financially. Liberty Debt Relief can help you with personal debt settlement and create the pathway for you to grow your business today. Contact us to find out how to get started so you can stop spending money on debt and start spending time on growing your latest endeavor.

How to Set a Budget to Pay Off Debt and How to Stick To It

Debt is a game of strategy. You have to plan your moves around a budget so that you can cross the finish line to pay off all of your debt. Just like any other game, you have to know the rules and, in this case, the keys to success are avoiding debt delinquency and knowing how to create and stick to a budget and using that journey as motivation to reach the ultimate destination of financial freedom. With just a few short steps, you will win this game in no time.

Step One: Know Your Income and General Expenses

When you are learning how to set a budget, you must first take the time to recognize your income and expenses. The best way to start is by collecting or downloading your bank and credit card statements. Take note of how much you can definitely expect to earn each month and what your expenses traditionally look like. Then you can begin to lay out how much to designate to rent, car payments, insurances, utilities, and other essential expenses every month. Whatever money you have left over you can then carry over to the next step.

Step Two: Calculate Your Outstanding Debts and Interest Rates

Paying off your debt while on a tight budget may seem tough at first, but it does not have to be. After you write down your income and expenses, it is important to create a separate document that lists your outstanding credit card, loan, and other debts. You should make sure to write down exactly how much you owe for each account, what the minimum payments are due every month, and what the interest rates are.

With this information, you can decide the best plan of attack. Some people prefer a snowball method to debt relief strategies where they begin by paying off the smallest debt first and work their way up to the largest debt. Other people prefer to pay off loans based on interest rates and will seek to pay off the loan with the highest rate first and then work their way down. There are plenty of pros and cons to both, but the key is to stick to a plan that will motivate you to keep paying off your debts and make you excited to secure your finances in the long run.

Step Three: Prioritize Your Spending

When you take the time to budget your finances, you will be able to pay off your debt in no time at all. After you have your income, typical expenses, and debts all laid out in front of you, you can easily put a plan together regarding the best way to spend your money. Before you begin picking and choosing what money will be designated to what expense, take a look at what expenses are causing a dent but are not really necessary. If you find yourself spending a lot of money on restaurants, shopping, subscriptions, recreational activities, or vacations, you can easily discover that you have several hundred dollars you can put to better use.

Before working on your debts, make sure you have enough money to cover the essentials you need from day-to-day, including housing, vehicle, and utility bills. Then consider how much you can spend on groceries, personal care, and savings. Divvy up the rest of your money between your outstanding debts.

Step Four: Give Yourself Wiggle Room

Living a debt-free life is a little more than just learning how to set a budget. The key to making any budget a successful part of your lifestyle is to allow yourself some wiggle room. You do not have to restrict yourself to variations of 89-cent Ramen noodles every night, turn down every offer from friends for a night out, or completely neglect your savings.

Make sure to budget a small amount of money every month to allow yourself to enjoy life. Not only will this make sure you do not get too stressed over your financial situation, but it will actually keep you on track for getting out of debt because you will experience first hand that budgeting is actually a great tool for success. Also, make sure to designate money for savings every month. If you suddenly lose part of your income, you will have money to help you get by until you can re-establish your income and it will prevent you from falling further into debt.

Step Five: Celebrate Your Successes

The best way to stick to any challenge is to celebrate the small things. Paying off debt on a tight budget is a trying experience that can definitely take a mental, emotional, and even physical toll on thousands of people every year. When working on paying off your debts, make small goals that will excite and motivate you. Maybe treat yourself to a new outfit, a trip to a new restaurant, or even a short and reasonably-priced vacation when you manage to pay off 25 percent of your debts, 50 percent, 75 percent, and then all of your debts completely. Having exciting events such as these to look forward to will only continue to inspire you.

Step Six: Get Advice from Expert Debt Relief Consultants

When it comes to creating a budget to pay off debt, sometimes the best course of action is to get help and advice for your debt from someone who is experienced on the matter. Along with referring to a friend or family member who went through a similar situation and came out on top, you can always speak with a debt settlement company.

Contact Liberty Debt Relief to begin making your way to financial freedom today.

Settling Medical Bills and Debt for Less

Nobody enjoys getting sick or injured, especially when an unexpected incident turns into a hefty expense. For many people, settling medical bills is the best option because healthcare costs are often incredibly high for a seemingly small procedure or service. Luckily, there are a couple of skills often used by a certified debt settlement company that can help you lower those unforeseen expenses and pay off your outstanding balance as soon as possible.

Always Review the Bill Details

When it comes to medical debt, the key to figuring out a reasonable settlement lies within the fine print. No medical company or facility can request money from you without providing a detailed description of the services they are charging for. When you receive a bill, it is crucial to look at each service, medication, or procedure listed in the bill and its accompanying price. There are many instances when facilities accidentally charge patients for something they did not receive, record an incorrect cost, or even put the same item multiple times. After all, bills are generated on an online system and technology is not perfect.

If you ever find an item listed that is questionable, you absolutely must call the facility’s billing department and get more information. If you do not remember a procedure, scan, prescription, or even a doctor’s service that is listed on that sheet, there is a good chance it was a mistake and your total amount will decrease.

Explain Your Situation

Knowing how to effectively settle medical bills is a skill all patients should have, though we do advise you don’t try to negotiate alone. It may not always feel like, but most medical patrons truly will do their very best to help patients get the service they need for a price they can afford. If you are unable to pay your outstanding medical debt in full, try explaining your situation to the facility’s billing department. Many times, if you are willing to pay 60 to 75 percent of the amount owed in one shot, they will forgive the rest of the debt with no penalties.

It may take half a dozen conversations, but there are dozens of people out there who have managed to get a bill of tens of thousands of dollars down to only a couple thousand. At the very least, the medical facility may be able to put you on a zero-interest payment plan so you do not lose all of your money for a couple of hours in the hospital. If you’re unsure how to explain your hardship, contact our consultants at Liberty Debt Relief. They can help through the entire settlement process and even have those long, difficult conversations with your medical provider for you.

Negotiate and Make a Deal

Negotiating is probably the most difficult part of settling medical bills. To do so effectively, you have to make sure that you set yourself a range that includes what would be ideal and reasonable for the facility to agree to and what would not be as great, but manageable, for you. You can probably expect that the facility may automatically consider lowering the expense between 10 and 20 percent, which means you likely have a little wiggle room.

When negotiating, make sure to let them know that you want to be able to pay whatever you can right then and there. Every facility, whether it is a hospital or a credit card company, wants to get paid as quickly as possible. By making it known that you are struggling financially, it puts them more at risk of losing future payments, so they will likely want you to pay everything you can in one shot. It is always better for the company to accept a few thousand dollars less now than it is for them to lose out on tens of thousands of dollars later.

Seek Out Advice

Knowing how to settle medical bills is not necessarily a trait that comes naturally to everyone. Many people simply do not like confrontation, while others are just far too busy to sit down, learn everything to consider when calling their health care provider, and spend a couple of hours on the phone. In either case, it is absolutely nothing to be ashamed of and is nothing that cannot be handled.

With millions of people in debt every year, there is a high chance that one of your close friends or family members has gone through a similar situation. Depending on your relationship with them, they will probably be more than happy to give you some helpful tips or even sit down with you to help get through it. There are also dozens of certified debt relief consultants like ours out there who can answer any questions you may have about getting out of medical debt or any other kinds of debt.

Settle Your Debts So You Can Heal

You do not have to spend the next few weeks, months, or even years of your life worrying about how you will find a way to get out of debt. With a highly experienced team of certified specialists, Liberty Debt Relief can help ensure settling your medical bills is a success. Contact us today to find out how you can spend less time worrying about your medical costs and more time enjoying your friends, family, and financial freedom.

What Lenders Look For in a Debt Settlement Negotiation

Getting out of debt is a long process that takes a lot of patience and flexibility. Negotiations can take several months for you and your debt settlement consultant to complete, but if you know exactly what to expect and what the other party you are negotiating with expects in return, you can make the process shorter and easier to get started on your new and improved path to financial freedom. Before you enroll in a debt payment plan or another kind of debt settlement program, the key to success is to know how to negotiate with creditors for debt settlement.

That You Truly Cannot Afford to Pay Your Debt in Full

One of the very first things your lender will look for when you decide to negotiate your outstanding balance is if your history with them actually shows you need a restructured payment. They will look at what your total balance is, how many payments you have made, how long it has been since the last payment, your current income, and your most recent credit report. Pulling this information will let them see what your current situation is and how it has changed since you originally opened an account with them.

In many cases, lenders are much more likely to allow a debt payment plan if they have proof you cannot afford your current payments and balance. If you have missed several consecutive due dates or have proof of financial distress, your lender is likely to help you settle the debt.

They Still Want You to Pay at Least Half of What You Owe

One of the key things to remember is that your lender will not just give you a complete free pass on your outstanding balance. As nice as that would be, lenders are companies and companies still have to make money. Before entering negotiations, set a reasonable amount you can pay. This should range from about 25 percent to 50 percent. If you have a good debt settlement consultant helping you, there is a good chance you can cut the amount you owe by 50 percent, but you should always be prepared to pay more than you would want to in the ideal situation.

When an amount is decided upon, you should also be prepared to finalize how you will pay back that amount. You can always choose to pay the new outstanding balance up front and in full, but if you are not able to do so, as many people are, you can likely create a new debt payment plan that better fits your budget. Choosing to do the former will likely result in a lower amount that you owe because the company will receive more of your money sooner, while doing the latter will likely make it so you can repay the new amount within a few short years.

They Want You to Avoid Bankruptcy so They Still Get Paid

Filing for bankruptcy is not just a bad situation for you; it is bad for your lenders as well, and they will usually do everything they can to help you avoid this. If you do file, you may lose many of your assets and ruin your credit. Understanding how bankruptcy impacts the people you borrow from is a great way to better negotiate with your creditors for debt settlement.

While you usually do not want to tell your creditor that you are thinking about filing for bankruptcy right off the bat, it is a good thing to keep in mind as negotiations progress. Most debt settlement negotiations can take several months, and if you and your debt consultant strategically explain your financial situation, your lender will likely help you come to a better settlement solution.

Firm Negotiations with Reasonable Expectations

At the end of the day, a successful debt settlement negotiation relies on reasonable expectations. Never go into a negotiation process expecting that all of your debts will be eliminated, because a company is not able to get away with losing thousands of dollars, especially when considering the millions of people who are considering debt settlement every year. You should also keep in mind that negotiations are not complete in a single day. Even the most experienced debt settlement consultant needs time to look over every inch of your finances and set up times to meet and speak with you and your creditors.

Throughout the entire process, make sure to stay consistent with your expectations of your debt settlement consultant, the lender, and of your situation overall. As long as you can maintain patience and stay firm in what reasonable results you hope to accomplish, you will likely have a positive result that makes both you and your lender happy.

Know What to Expect for a Successful Outcome

Before you ever enter a debt settlement program or begin looking for a new debt payment plan with your creditors, you should know exactly what to expect of the process. Doing so will ensure that you create a reasonable plan and can prepare for the process financially, mentally, and emotionally.

Contact Liberty Debt Relief today to get connected to a debt settlement consultant who can provide you with more information and is experienced in how to negotiate with creditors for debt settlement.