Determining which plan is right for you really depend on your specific situation including the type of debt you have, your income and ability to make monthly affordable payments that you choose.
*The term is also used to describe home equity loans, which are not designed to get you out of debt faster but rather trade unsecured debt for secured debt with the hope of lowering monthly payments.
DEBT MANAGEMENT PROGRAM (DMP) – Interest Reduction
If you are able to make your monthly credit card payments but your interest rates are high and you are not seeing your balance going down as fast as you would like, our DMP may be right for you. Our DMP allows you to consolidate all of your unsecured debt into a single monthly payment and pay off your debts in three to five years rather than the national average of 20 years* it could take if you continue to make minimum monthly payments. Better repayment terms offered by most creditors, like lower interest rates and waived late and over limit fees (if applicable) can save you thousands of dollars in finance charges.
*For every $10,000 of credit card debt and paying a monthly minimum of $300 at 18% APR it will take over 20 years to be paid in full and you would have paid $9,698.17 in finance charges. www.bankrate.com
DEBT RESTRUCTURE PROGRAM (DRP) – Principal Reduction
Debt Restructure is a process that “alters” rather than “negotiates”
DEBT SETTLEMENT PROGRAM (DSP) – Principal Reduction
A DSP is designed for people who cannot afford their current monthly minimum payment or even the DMP’s monthly fixed payment. Your attorney will negotiate settlements with your creditors on your behalf with the goal of allowing you to repay a portion of your debt (typically around 42%) over a two to four year period and avoid bankruptcy. The DSP offers a much lower monthly payment than either your current minimum payment or the DMP payment and you will be paid in full much faster than your current situation or even the DMP. Your monthly savings deposit will be held in an FDIC insured trust settlement account that you control until your creditors agree to accept the settlement offers.
If your financial situation leaves you unable to pay back even a portion of your debt, you may want to explore whether a bankruptcy makes sense for you. We will review your situation and if bankruptcy appears to be appropriate, we will connect you with the largest national bankruptcy law firm to help walk you through your bankruptcy options.
WHICH PLAN IS RIGHT FOR YOU?
Determining which plan is right for you depend on your specific financial situation including the type of debt you have, your income and willingness to consolidate all your accounts into one affordable monthly payment. For a free, no obligation proposal please call 888-750-0991 ext. 100 or fax your most recent statements to 818-937-0871 or email to firstname.lastname@example.org . Within hours you will receive your proposal via email or fax. I will be available to help guide you through your options so that you can understand and then choose the plan that works best for you.
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Debt Rez, LLC is a full service debt resolution company with over 50 combined years of experience in the world of Finance. Debt Rez, LLC has differentiated itself by creating an environment where ethical and professional conduct are the focus, while simultaneously striving to supply financially burdened consumers with assistance to take control of their financial lives. No matter how challenging the situation, Debt Rez, LLC is poised to meet the demands of any client in need of our services.