Outstanding balance in your loan account or credit card account that remains unpaid beyond the due date. It's the debtor's obligation to repay such dues to the creditor.
First step is to put down everything you owe to the nearest penny. Knowing where you are makes it easier to know where you want to go. Second step is to look at any interest… rates on credit cards because you can call the credit card cos. to negotiate the rates. It's worth a try. Third step is to review all of your income, what expenses you can cut and also the timeframe and on when the money is coming in and the money is going out. (MORE)
The estate has to pay all of them off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution…, the debts are ended. (MORE)
Debt consolidation companies do not eliminate debt. Do not confuse this with debt settlement. Consolidation companies simply merge all of your debts together into one payment …a month that you make to them and sometimes lower interest rates. Debt settlement companies, however, negotiate directly with your creditors/collection agencies to settle debts for a lower, agreed upon, lump sum. This in turn gets you out of debt quicker. (MORE)
Thedebtanswer.com has been a life saver since my wife and I have had a decrease in income due to the horrible economic times. The Law office has helped us out tremendously and… its always nice to be able to speak to someone that has been doing this for a long time and nows how to deal with every major credit card company. I would have to say if you are in a situation with no end in site I would give them a call. Very professional organization (MORE)
If your debt is less than $10,000 you may go for consolidation. In case it's more than the said amount you may try out settlement. Settlement takes a hit on your score init…ially but gets you out of debt much faster. If you go for settlement, you may negotiate with your creditors for a lower amount, or you may enroll with any professional settlement service. In comparison, consolidation clubs your loans into one single monthly payment, waives the associated charges or interest. Consolidation may take a longer period of time to get you debt free depending on your loan amount. (MORE)
That will depend on the laws in your specific jurisdiction. Stateshave passed laws regarding what is allowed, such as the hourssomeone can call, whether they can be called at …work and how oftencontact can be made. (MORE)
If you are able to consolidate your debts, you will get a new loan to pay off other debts. Then you will pay off the new loan as quickly as possible. If it doesn't work out th…en you can make liquidation. Which is nothing but selling any company assests to clear the debt or undertaking it to clear the debts after getting to normal postion you can own it back. (MORE)
The simple answer is - discipline ! Work within a budget. Contactcreditors and arrange a lower monthly payment. It might take sometime - but eventually you can be debt-free.