Why
is debt consolidation better than a loan?
Borrowing money to pay back borrowed money is economic suicide.
So it is generally, suggested by financial experts that it is better to opt debt consolidation loan.
Why
does the debt consolidation program work?
Credit Cards are under a revolving credit payment plan designed
to keep one in debt, ensuing in paying an extraordinary amount
of interest while trying to pay them off. Under these circumstances,
most people will end up paying between 15 and 30 or more years.
This means they will usually pay out 5 to 6 times what they originally borrowed.
By changing from a revolving to a fixed payment plan, along
with a lower interest rate, most of the money is applied to
your principal balances instead of just paying finance charges
each month, reducing your total payout term to 3 to 6 years.
Should I take out a consolidation loan?
Debt Consolidation loans seem like an easy solution, but they could damage your finances further. Interest rates charged
on these loans are normally higher. They often come with payment protection insurance with unfair terms which may not cover you if you fall ill or are made redundant. They also tend to be "secured" loans. This means that if you are unable to keep up repayments you will lose the roof over your head.
How will debt consolidation affect my credit?
Fix Your Debts does not report to any Credit Bureaus. If you are current with all your bills and have a good credit rating, the creditors' policies stay virtually unchanged. As long as you make your monthly payment on time, the payments to your creditors are considered on time. On the other hand,
if you are over extended and have a poor debt to income ratio.
Is this like bankruptcy?
No. This is the opposite of bankruptcy. Bankruptcy is when
you don't pay your bills and you destroy your credit. In consolidation your debts are being paid, and your creditors are satisfied.
Can my credit be repaired through debt consolidation?
Yes. By using our debt consolidation loan you restructure
your debt. Your credit rating will improve by showing a positive
payment history. You are closer to establishing a solid credit
rating.
What are unsecured / secured debts?
An unsecured debt is an account owed that has no tangible
property or product attached to it. Examples: Credit Cards,
Medical Bills, Department Store Cards, Signature or Installment
Loans, etc. A secured loan has something physical attached, that protects the loan in case of default, such as a House or a car.
Is this a loan? - Do the creditors get paid in full?
No. This is not a personal loan to you. There is no cash in
hand. All your money is disbursed directly to your creditors
at a lower or zero interest rate. The Free Debt Quote and its servicing agents are hired by you to do three things.
1. To set up and establish a new payment plan with your creditors
that suspends your original terms and will help you get out
of debt by lowering or eliminating your current interest rates.
2. Handle all Creditor and Collection agency phone calls after
you have joined our Debt Consolidation program.
3. Consolidate your bills into one monthly payment.
Who needs our service?
Anyone who is experiencing problems keeping up with their
bills or seeking to rid their life of financial burden.
I have debts prior to marriage, Can I do this alone?
As long as you were the only signer on the debt and it's in
your name alone, you can enroll in the program individually.
Will creditors still call me?
If creditors call you after you enroll in the program, simply direct them to our service center. We will advise them that
you are enrolled in our consolidation program, and there is
no reason to contact you further.
How is my payment determined?
Each creditor requires a minimum payment to qualify you for
the program. All creditors have different requirements for
acceptance. The payment is based on your particular mix of creditors and your balances.
Are creditors willing to work with your program?
Absolutely. Your creditors want to be paid. They also understand when a client contacts a debt consolidation company; they may also be considering bankruptcy.
How do I get started on the program?
We offer an online creditor listing form for your convenience.
Just click on the Free Quote link, fill out the requested
information and submit it. You will be contacted by one of
our Financial Consultants within 24 to 48 hours
Can I quit the program?
Yes. However, if you do decide to quit the program, the interest
rates will go back to what they were before you started.
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