Debt Plans, Solutions and Implementations
Debt Elimination Program
Financial planning is essential for a debt elimination program. We can analyze your debt and help you understand the details. More often than not, we can negotiate with your creditors to bring the debt amount down significantly, perhaps as much as 70%. We can show you what has worked for others in a similar situation, and create a flexible program that you will be able to handle in a responsible manner.
Debt Consolidation Program
Some may suggest you consolidate payments so that you make only one big payment instead of a number of small ones. Be careful! They may really be just peddling a product. The interest rate on an unsecured loan, mortgage or equity loan might be higher than usual, however it will be a single rate that allows you to easily keep good track of your financial condition and gives you the ability to make the new lower payment without struggling.
Trustees and Orderly Payment of Debts
When you do not have any other alternative, we will advise you to look up a Trustee and work out a program with them as an OPD. However it is the last resort, as an OPD will stay on your credit bureau until you have paid all your debts in full (sometimes it stays on longer!). In this case your debt may be dealt with, but your credit is still in ruins.
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Home Owners Credit Repair Solutions
When you own a property you are ahead of the game, as your home equity might be sufficient to pay off all your debt in full and set you up for a speedy recovery. Here how it works:
HELOC OR HOME EQUITY LOAN
That is the question. Are you looking for answers?
Replacing high interest debts with a low interest Home Equity Line Of Credit (HELOC) not only saves you money every month, but it further improves your credit. Remortgaging your home for a higher amount than you owe and then paying off your high interest debts, saves you a bundle and also repairs your credit. Getting a second mortgage to pay off your debt can repair your credit, and open up the chance to qualify for a new, low interest mortgage in a year or two. It will save you thousands of dollars in interest payments in the long run.