Settlements are commonly negotiated by third-party agencies who help to discuss your dues with a creditor. In a settlement, it is usually discussed and agreed upon that the borrower pays the creditor a lump sum amount. This amount is usually less than what the borrower originally owes.
- Helps you quickly fix your financial problems
- Might be more costly in comparison to paying the actual amount that you owe
- An immediate but a makeshift solution to your debt issues
- Some lenders might not accept your settlement offer
To consolidate debt is to collectively combine all of your accounts and form them into one enormous, single debt. In debt consolidation, borrowers usually take out a big loan with a more affordable payment option or more moderate interest rates and use it to pay off several other creditors.
Does not require collateral
More attainable payment options
Instantaneous and straightforward process
May potentially decrease your credit score rating
Will accumulate a larger interest rate of up to 15-20%
More extended payment terms
A personal loan is a process of borrowing money from banks, credit unions, online lenders, friends, or relatives with a set interest rate and payment plan. Personal loans can be categorized into a Secured or Unsecured Loan. Secured Loans are loans that require collateral or down payment while Unsecured Loans do not require any of it.
While applying for a personal loan can be a viable option, it is also crucial to consider the proposed interest rates and repayment plans being offered to you.
A quicker method for clearing debts
Viable for a short-term solution
Lengthy approval time
May have higher interest rates
National Debt Relief
National Debt Relief
WARNING: A pattern of consumer complaints and/or regulatory actions prevents us from recommending this company.
This review is in reference to the institution and not a particular branch.
This review is in reference to the institution and not a particular branch. I was a member for 14 years, and closed my account last week due to a variety of issues that finally came to a head.
My pet peeve is with National Debt Relief.
My pet peeve is with National Debt Relief. I paid them an enormous payment every month. Still ended up filing bankruptcy. Americn Express and Discover Card threatened me in law suits. National Debt Relief were no help what so-ever!
Save your money somewhere where they’re not going to just charge you arbitrarily.
Save your money somewhere where they’re not going to just charge you arbitrarily. I have gotten tons of overdraft fees when I’ve still had money in my accounts. Any time I have called regarding these fees, no one has had any explanation, and yet they have repeatedly refused to return the charges. I have also asked for them to just turn off the overdraft function altogether to avoid the problem, but they will not send me the form to request that.
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