Consolidation Debt Loan
For todays post, we'll explain on how
Consolidation Debt Loan can help you with "Do it yourself debt settlement". Here some advices from
Consolidation Debt Loan:
Do it yourself debt consolidation
If you're looking to reduce the interest you pay to creditors and invest less towards debt payment, do it yourself debt consolidation may be a smart choice. Herein, you can negotiate with your creditors and reduce the interest rates on your debts. Follow the steps to do it yourself debt consolidation as given below.
Priority debts: Prepare a list of your debts (with creditors) and arrange them in the order of priority.
Calculate Affordability: Make a list of your income including wages, child tax credit, child tax benefit, working tax credit, state benefits etc. Then calculate how much you can afford to pay per month on all debts.
How to contact creditors: Decide whom to pay first and call up those creditors to find out if they still hold the debt or they have sold off your debt to a collection agency (CA). Know how to contact creditors/CAs.
In case the creditor/CA contacts you first, you can stop them from further contact if the SOL expires. This can be done by sending them an SOL letter.
Debt validation: If your debt is turned over to a collection agency, you should ask them to validate the debt before you start paying. Use the debt validation letter to send your request.
Negotiate with creditors/CAs: You need to negotiate with your creditors/CAs so as to lower the rates and hence reduce the payment on high interest debts. Use sample letters to negotiate with the creditors/CAs.
Make sure your total monthly debt payment doesn't exceed what you can afford. While you get a reduced rate, you can also negotiate to waive off any late fees.
How to consolidate credit cards: If you have multiple credit cards with small debt amount on each, you can consolidate them through balance transfer. This is done by transferring balances on other cards to the one having a low rate or 0% interest rate. So, you can make a single payment instead of multiple payments on all cards and pay much less in interest.
However, prior to balance transfer, look through the terms of the 0% card and see if it has a reasonable introductory period. This is because if the introductory period is quite long, you'll have enough time to pay off the entire balance at 0% rate. Also, check for any balance transfer fee that your creditor may charge. Avoid canceling any credit card or applying for new cards. Know how credit card debt consolidation can work for you.
info from: www.debtconsolidationcare. com
