Government debt relief programs; do they exist?
Yes, government debt relief programs do exist˳ However, federal debt relief programs are only available for student loans˳
Federal student loan relief programs are available at StudentLoans˳Gov˳
The key to getting a low monthly payment and the maximum amount of loan forgiveness is to qualify for an income-driven repayment plan˳
The Pay As You Earn plan is a popular federal program that offers a low monthly payment and loan forgiveness˳
The lower a person’s income and bigger their family size, the lower their consolidated monthly payment will be˳
Students do need to recertify the Pay As You Earn and all of the income-based repayment plans every year, so if a person’s income changes so can their payment˳
AFSLR Certified Student Loan Expert, Wesley Hendrickson, stated; “Don’t forget to recertify or you can lose your eligibility for loan forgiveness, and your payment can skyrocket˳ This is the most common mistake that I see students make˳ The next thing you know, your wages will be getting garnished, and credit score is shot˳”
For credit card relief, government programs don’t exist˳ Credit card relief options available through third-party companies are available˳ Make sure the company you choose is IAPDA Certified and highly rated by the Better Business Bureau˳
A person can also work directly with their credit card company, but the savings will be minimal compared to what a person can save with a debt relief program˳ Your credit card company may temporarily reduce your payments and interest, but it will only be temporary˳
Most debt relief companies across the nation offer debt settlement services, but this program comes with negative consequences˳
A person’s credit score can be negatively impacted and credit card lawsuits can occur while on a debt settlement program˳ In only about 2% of all cases, credit card companies will sue a person while on a debt settlement program˳ While this isn’t a large percentage of lawsuits happening, it is something that you need to beware of and ready for˳
Before you join a debt settlement program, make sure to understand ALL of the potential negative consequences˳ Do your research and make sure the company helping you is transparent and has reputable credentials˳
How debt validation works
Debt validation can allow a person to legally stop paying a debt and walk away from the debt without paying a dime to the debt collection company and only having to pay the debt relief company’s fees˳
Debt relief programs that improve your credit score
No debt relief program will improve your credit score unless you get a debt relief loan to pay off your credit cards˳
Since all plans can have an adverse effect on credit scores; debt validation comes with credit repair, aiming to get the debt and it’s associated negative marks completely removed from the clients’ credit reports by the end of the program˳
Rick Sorrentino, IAPDA Accredited Counselor, advises consumers; “If you can afford to pay at least minimum monthly payments, try to find another way to resolve your debt besides using debt settlement or debt validation˳ These programs should only be used as a last resort, to save a person from having to file for bankruptcy˳”
Consumers can call 866-376-9846 and speak with an IAPDA Certified counselor to learn their credit card relief options˳
Source by https://ezinearticles˳com/?How-to-Find-a-Legitimate-Federal-Debt-Relief-Program&id=9923228
