Before making that all important decision to take measures to combat debt issues, it’s incumbent on the consumer to make sure they understand their options. Any comparison between debt consolidation and bankruptcy has to start with a thorough understanding of the long-term effects of bankruptcy.

The Negative Long-term Effects of Bankruptcy

Prior to any celebration about the total elimination of debt from bankruptcy, it’s important that the consumer take into account how their life and personal finances will be affected in the future. For the most, bankruptcy will linger as a financial cloud overhead for as long as 10 years.

The negative impacts are many. These impacts start with significant damage to one’s credit score. With a bad credit score, it’s near impossible to secure any kind of loan for the duration of the time the bankruptcy sits on the consumer’s credit report. That bad credit score could ultimately have a profound effect on one’s ability to rent an apartment or qualify for employment.

At the end of the day, bankruptcy will serve as a significant financial burden into the future.

Why Debt Consolidation is a Better Alternative

The debt consolidation process allows the consumer to wrap all their outstanding unsecured debt into one loan. That one loan is much easier to manage in terms of only having to make a single payment every month. Such a loan could carry with it a lower aggregate interest rate as well as a lower aggregate monthly payment amount.

As for the effect such a loan would have on the consumer’s credit rating, it would be significantly less than the impact of bankruptcy. By the simple fact the consumer will ultimately be honoring their debt, the effect on their credit score will be less for a shorter period of time. In short order, the consumer could be able to secure loans to cover emergencies.

Conclusion: By far, loan consolidation is the best option.

How Would Either of These Debt Consolidation Program Options Affect Your Tax Obligations?

Will Debt Consolidation Lower My Monthly Payments?

No, you don’t HAVE to close your checking account. National Payday Loan Relief Consolidation program will not require that you close your checking account as part of the program. The way that payday loans become problematic is when they debit money from your account with the ACH withdrawal permission that you signed when the loans were originally taken out. Sometimes, the money is withdrawn days before the actual agreed upon date. Once they have access to your account, it can seem impossible to stop the vicious cycle.

When the National Payday Loan Relief consolidation program becomes involved on your behalf, there is a revocation of those privileges that is sent to the original lender letting them know that they no longer have permission to withdraw funds. This is a legal and binding document once it’s acknowledged. The problem with the payday loan lenders is that it may take a pay cycle or two before the lender actually honors the request to stop withdrawing money.

Because of this, there are times that people choose to voluntarily close their checking account and remove all funds so their money is safe for sure and not in danger of being taken from the account. If that’s the choice that you make, speak with your bank first. Let them know that you are working with a consolidation company and that you have revoked ACH withdrawal permission. That way, if you close the account and they do try to withdraw money, you can dispute the charge and won’t be charged overdraft charges.

One of the most frustrating parts of being in debt is endless calls from lenders. While it’s understandable that they would want to receive the money that they are owed, being harassed about payments can make an individual feel overwhelmed and scared to answer the phone.

At our offices, we are passionate about helping those in debt not only reduce what they owe and start to work toward becoming debt-free, but we also recognize that cutting down on harassing phone calls is part of the solution. When you partner with us by joining our debt consolidation program, our first course of action is to send letters to all your lenders. These letters are called “cease and desist”, and ensure that you are no longer bothered by annoying phone calls.

When you join our program, we become the primary contact for all your debts. By eliminating your annoying phone calls, we can help you to break free from the pattern of fear and destruction, making you able to once again answer your phone in peace.

Our main goal is to stop phone calls from bothering you and end the possibility of lenders accessing you bank account.

If you are tired of being hounded by debtors, then our debt consolidation program is for you. We work to end the harassing calls while providing you with the tools you need to become debt-free in a reasonable amount of time. Contact us today to discover more about our programs and what we can do to help you!

Sometimes the terms surrounding debt programs can be very confusing to individuals. While the terms “debt consolidation” and a “debt consolidation loan” may sound like the same thing, they are actually very different. A consolidation loan means that you are simply taking an existing debt that is unsecured and making it secured by offering some type of estate such as one’s home.

On the other hand, a simple consolidation of debt means that all the money that you owe is gathered into one large loan. The purpose of consolidating your debt is to lower the amount of interest that is being collected each month, and make payments more manageable. The program take all loans and combine them into one easy payment.

Of the two, debt consolidation loans are by far the most risky option. When you take out a consolidation loan, you are putting your home or business on the line. In cases where meeting a payment isn’t possible, lenders have been known to immediately seize property and put homeowners out on the street. To prevent being thrown out of their home, most people turn to additional loans and credit cards which only bury them father under debt. In serious situations, the loan may result in bankruptcy and even home foreclosure.

To best understand how to limit your debt load and become debt-free, contact someone with our offices. Let us show you how a consolidation plan can help your life and steer you toward your financial goals.

Which Debts Are Eligible for Debt Consolidation or Debt Settlement

When you work with National Payday Loan Relief, we’ll give you a plan to consolidate your payday loans. Since the plan will be customized to your specific situation, the exact length of time it will take to become debt free will vary depending on how much you owe and how much your monthly payments are. Many of our plans are for 6, 12, or 18 months; each payment plan is personalized to the customer.

We work with customers who have $600 or more in payday loan debt. Some clients have thousands of dollars to pay, and/or several payday loans. When you consolidate multiple payday loans, you’ll send just one simple monthly payment. When you make that payment, we immediately pass on the money to your lenders. This is a very effective way to pay your debts efficiently and with an affordable monthly payment.

The good news is, we work with lenders to negotiate reductions in the amounts you owe and the interest rates you pay. Our customers have seen huge savings as a result of consolidating their loans with us. Some have saved thousands of dollars, and this has allowed them to pay off their loans much sooner than would otherwise be possible.

Because we are often able to reduce your total debt amounts, as well as interest rates and the monthly installments you pay, becoming debt free is more possible than ever. Becoming debt free is a huge financial milestone, and we work to make the process more affordable and less complicated. We look forward to working with you.

Debt consolidation is a simplified debt refinancing method in which you take out a singular loan to compensate several other creditors. Although this approach of payday consolidation can be a less complicated form of debt repayment, many individuals wonder how they can keep track of which creditors are being paid. Fortunately, modern consolidation companies offer a number of ways for you to keep track of the activity associated with your accounts.

Several credit consolidation organizations provide consumers with a digital account summary that can be viewed through an online portal. These portals can typically be accessed by registering with information such as your account number, social security number, or other identifying information. Most online databases like these give a detailed history of which offers the consolidation company has made, and which creditors have responded. By consistently keeping track of this information, consumers can stay up-to-date with which payments are being administered.

If you’re looking to track your payday loan debt consolidation history with an alternative route, you can always call the company directly and request a full report of the contact history between the payday consolidation company and your creditors. If you request this over the phone, then the company will likely send you a physical print out of the history through the mail. If you’ve asked for the documentation through email, then they may be able to send it as a secured attachment.

As a contracted client, you are always permitted to request the payment history related to your account. Knowing that the consolidation company you’ve hired is maintaining consistent communication with your creditors is vital in the debt refinancing process. The security of knowing that your debts are being taken care of promptly and efficiently should always be provided by the company you invest in.

When you decide to consolidate the amount that you owe on your payday loan, you probably are already feeling overwhelmed by bills and unable to keep up with your payments. Thankfully, consolidating these debts can actually help you by not only combining all that you owe into one easy-to-manage payment, but it can also lower what you owe along with lowering the exorbitant interest rates that you may have accrued.

When you team up with our consolidation services, our team members will get in contact with your lenders and work to reach an agreement with them that will lower the amount of money that you owe. Along with lowering your debt load, we also help to lower the amount of interest that is accumulating by lowering the interest rate that is due each month.

After getting your payday loan debt consolidated, you can expect to see one monthly payment that is much easier to keep up with and is a more manageable amount of money due.

By lowering your debt load along with your interest rate, you can put your money toward paying down what you owe and starting the journey toward becoming debt-free.

Contact our offices today to discover how we can help you through our consolidation programs. Our team will happily explain the ways that we can reduce the money that you owe, making your life simpler and more enjoyable as you work toward financial freedom.

To enroll in our debt relief program, simply complete our form for a free consultation or contact us by phone at 1.855.413.4998. Our application process is simple, fast, and free! Once you have submitted the details of your existing loan, along with an overview of your current financial circumstances, our team of experts will start working on your behalf to get you on the road to financial freedom swiftly.

Dealing with debt all alone can be stressful. Debt relief can help to change the terms of your debt in addition to the amount you owe so that you can get back in control of your finances. Debt relief programs will negotiate with creditors on your behalf to reduce what you owe and restructure the debt so that you can get out of debt faster.

We work to help reduce your monthly payments and consolidate multiple debts. You may be able to lower your interest rates and put an end to all late and over the limit fees. Our payday loan debt relief program can help you put an end to harassing calls from lenders. Bankruptcy is not the only solution to overwhelming debt. You have options and can live a debt-free life.

We can help you consolidate and reduce the amount you owe. We can help you make a low monthly payment and put a stop to automatic debits to your bank account. Our debt relief program can help you avoid bankruptcy and lawsuits. We offer expert credit counseling help and help you to improve your credit.

How a Payday Consolidation Loan Might Affect Your Credit

How Much Would You Debt Be Reduced By