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Debt Management, Debt Counseling, Debt Settlement – What Are the Differences?

February 11th, 2021

Debt management and debt counseling are two good alternatives to managing your debt. Although a lot of people will confuse debt management or counseling with debt settlement, there are some differences.

Debt Management and debt counseling are two different programs, but can be confused as one. In this article, we will take a look at all three options, Management, debt counseling and debt settlement, Hopefully you can choose which solution fits your needs, we will also look at some of the pros and cons too.

Debt management is usually for people who have fallen a little bit behind and are having a hard time paying their bills and want to catch up. Management can also be for people who are not sure of how to manage their money. The decision of what bills to pay and where to cut back can be troublesome at times.

This is how debt management usually works. You hire a management company to take care of your finances for you and catch up on our late payments, in return you give them a big portion or all of your paycheck. They look at your expenses and decide which debts to allocate the money towards and how much.

The debt management company also takes into consideration what you need for living expenses. Pros, a good management company takes care of all the work for you and will assure your debts are paid on time. Not all management programs are bad, only believe a tenth of the bull you read on the web. Let me give you a good example. My ex-wife has to travel allot, at times she will be gone for up to 3 months. She has a debt management company take care of her finances for her, because she does not have the time. Sure they charge a small fee, but when she gets back, she can rest knowing all is well.

Cons, most debt management programs charge a fee and there are some bad debt management companies. Some debt management companies want you to use consolidation as a technique, this only works if your borrowing the same amount of money as you have debt, at a lower interest. A good debt management company will help you get out of debt, not create more.

Debt Counseling can be utilized for a few reasons. Most people don’t fall into this first category, but there are some individuals who just don’t know how to manage money. A good debt counseling program can teach someone how to manage their finances and get back on track.

Debt counseling can also be used for someone who’s fallen behind on their bills and just needs a good plan to get caught up. A good debt counseling advisor should be able to take your income compared to your debt and come up with a plan that will show you where you need to budget your money.

Pros, a good debt counseling program should not take that long to come up with a plan, less expensive.

Cons, there’s some bad debt counseling programs. be leery of one that wants to take to long making up a plan, unless your seeking counseling because you don’t know how to manage money.

Debt Settlement, negotiation, relief, or reduction the outcome is the same. This is where a person has to much debt and doesn’t have the monetary means to pay it off and is looking for creditors to relinquish some of their debt. Most people in this situation have fallen behind on their debts and have thought about filing bankruptcy. The good news is a lot of creditors are willing to work with you. The bad news is most people don’t know how to deal with creditors and end up hiring a debt settlement company.

Most debt settlement programs don’t work, they take to long to settle and charge outrageous fees. Some debt settlement programs can take 2 to 5 years and can charge up to 15 thousand or more in fees.Most creditors will not wait 2 to 5 years before taking action to collect. No matter what you’ve heard, the laws on bankruptcy have changed and most people will have to set up a payment plan with their credit debt companies.The only thing you can do is protect what credit you have left.

The great news is you can negotiate your own debt settlement and save a lot of money. You don’t need to hire a professional negotiator. All you need is the right tools and information to get the job done.

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Debt Management Companies = Debt Free Customers

February 11th, 2021

Your Debt Problems

Have you found yourself in debt recently? Are your credit card payments spiralling out of control? Is keeping up with your mortgage demands making it difficult to pay other debts? If so, then there is a good chance that your life, when not at work, is spent dealing with phone calls from your creditors that leave you down, depressed, and hopeless.

You are not alone.

Debt has been a crippling influence in modern times. An age of unrestricted spending, has led to an age of unrivalled recession. In recent weeks, the problems that many believed had passed have returned with a vengeance. People with debt problems need to know that they are not alone. So many people are dealing with debt today, that those who are not are the minority. You should not be ashamed of your debt. Silence leads to greater problems, and increased debt. Speak to someone about your debt today and start your climb to a debt free life.

Debt Solutions

The main advice that anyone suffering from debt problems should be given is – get help. With the rise in debt problems in recent years, there has been an accompanying rise in debt solution companies wanting to lend a hand. Many offer free advice with no obligation. Do not sit back and let the total of your debt grow to levels above your means. There are now so many options out there to help you, that the first step to being debt free could be just a phone call away. Debt Management Companies offer various solutions, some of which are outlined below:

Debt Management Plans

A Debt Management Plan – also known as a DMP – is an effective and flexible way of managing your debt. If you are in debt to more than one creditor, many debt management companies will help you consolidate your debts into one affordable monthly payment appropriate to your means.

Debt Management Plans can be the perfect solution. DMP companies can make it so that you no longer have to deal with calls from your creditors. Your interest charges can be reduced or even frozen. And you can do all this without having to take out further loans or put your home at risk.

As with all debt solutions, however, there are pitfalls to a Debt Management Plan. The payments can be extended over a longer time than expected if you cannot meet your payments, and you will have to continue to pay your mortgage and bills. But, to expect a successful debt solution without negative elements is, unfortunately, unrealistic. Unfortunately, to expect a debt solution with no repercussions is unrealistic A debt management plan may be the best option fro despite the negatives that attend it.

Individual Voluntary Agreement

An Individual Voluntary Agreement, also known as an IVA, can free you from debt in as little as five years. The simple way of describing an IVA is as a formal agreement between you and your creditors in which you mutually agree a series of reduced payments towards your total debt.

IVAs are an alternative to bankruptcy, and come with much less damaging consequences. As long as you have a regular income and can agree to meet set payment terms over a fixed period, you may be suitable for an IVA. However, IVAs are a more drastic measure than Debt Management Plans and the two should not be confused. A Debt Management Plan may be more suitable to your situation. You should seek advice from a reputable source before committing to anything.

An IVA offers some of the same benefits as a Debt Management Plan. Your debts will be consolidated into affordable monthly payments, calls from creditors will cease, and once debts are written off – you can start afresh. Some of the disadvantages are more severe though. You will have to declare all assets and liabilities, and any excessive assets may be ceased as payment towards your debts. You may also lose any windfalls, inheritance, or bonuses that come you way. And, of course, the results of missing payments can be harsh. A failure to comply with the IVA can lead to forced bankruptcy.

Bankruptcy

And now, we come to one of the most frightening words in the English language today: bankruptcy. A very serious concern, bankruptcy has wide-reaching consequences that can be deeply damaging for a long time. If you can avoid it, do. Sadly, many people can avoid it no longer. If you are unable to repay the debt in an amount of time deemed reasonable by your creditors, you may be left with very little choice.

Bankruptcy is a final option. All other options should be considered first. With bankruptcy you will find that all your assets are under threat, you may lose your house, your car, your business. But, after a year, any debts that remain will be paid off for you. You will be debt free.

Bankruptcy is a horrible word, but is also a necessary one. After bankruptcy many things will be different, many things will be worse, but many will also be better.

Debt Advice

Without a doubt, debt advice is your first step on that long and treacherous road to financial freedom. This article has tried to clear up the differences between certain debt solutions, and give advice on the main ways of becoming debt free. But this article does not claim to be enough. There is more to all of these solutions than can be covered here, and the best debt advice is simply to talk to someone; to talk to someone and to remember not to feel ashamed.

Debt is easy to get into, hard to get out of. Debt is a crippler, it is a fearsome enemy, and it is a growing epidemic. But there is a way out of debt. Debt management is a growing industry, and although it could not exist without debt, the industry is full of people who want to help end debt for you. Do not suffer in silence. Do not let debt build around you. Get help today.

Debtlands are a debt management company offering free advice with no obligation. They offer a variety of options and can repackage your debts within 24 hours. Their team has helped thousands of people over the years and have dealt with all kinds of debt. They understand that debt can happen to anyone at anytime, and are here to help. They want you to be the next to join their long list of satisfied customers.

With years of experience, we are confident of helping you, plea