Are you being chased by creditors looking for your payments? Is the mental stress of being hounded by creditors increasing? If so, debt management may be the solution for you. Enrolling in a debt management program may reduce your debts significantly. Debt specialists will negotiate with your creditors to reduce your monthly payments or to decrease your monthly interest payments.
The process of debt management is meant to help you consolidate all your debts into one affordable monthly payment. Instead of paying each of your creditors each month, they will be paid off right away, and you will only make one payment to your debt management specialist. After ensuring that you have sufficient income for your living expenses, your monthly payment is decided. The amount of your payment is based upon the amount of disposable income you have remaining after paying all of your living expenses for the month.
A debt management specialist will help you by contacting your debtors and ensuring them that they will receive your payments. A debt management specialist will also be able to work with your creditors to get them to freeze or reduce your interest rates significantly. Each debt management program is tailored especially for a specific borrower. Debt management programmes are strictly confidential, and your lender will ensure that your privacy is maintained and that no one will be told of your arrangement.
The procedure of debt management is quite simple. Once you make a payment, your new lender will negotiate with your creditors and ask them to freeze or reduce the interest charges on your debt. When your debt management lender sends your payment to your creditors, your money will be applied to the debt itself instead of to the interest payment. This will help reduce your debt sooner by paying off your principal instead of your interest.
When you send your payment to your debt adviser, they will apportion your money for distribution to your creditors based on how much each is owed. Your debt management lender will issue a statement showing how much each of your creditors will receive each month. This amount will remain fixed unless your circumstances change. You will receive a quarterly statement from your debt management lender detailing all the transactions on your account. In addition, you will receive a statement from each of your lenders detailing the progress being made toward paying off your outstanding debt. Debt management advice is totally confidential. None of your financial problems should be left unsolved after going through a debt management service.
There are many advantages to using a debt management company to assist you with your debt problems. You will be given a personal account manager who will listen to your specific problems, and they will help you work them out based on your situation and your needs. Debt management companies have personal connections with many lenders, so they will often be able to negotiate the resolution of your problem without having to take the issue to court. Similarly, because of these personal connections, your debt manager will be able to negotiate with your creditors regarding your interest rates. They will work with your creditors to find a way to lower or to freeze your interest rates. Finally, as mentioned above, you will receive monthly statements from your debt management company that will help you track your progress toward financial freedom.
If you would like to learn more about debt management and possibly find a debt management solution, take a second to fill out this quick form, and a representative of SimplyFinance will contact you shortly. They will introduce you to a debt specialist that will answer all your questions before searching to find the best debt solution for you and your financial needs.