A divorce can be financially straining, and if you have gone into debt trying to make it on your own financially since you've split with your spouse, a debt consultant may be the best option. If you don't want to file for bankruptcy and you haven't reached that point yet, a debt consolidation team may be able to get you on solid financial ground.
There are different ways to manage debt and to try to get on top of it. Here are some of the things that the debt settlement service professionals will help you look into.
Bad credit and high debt accumulation often go hand in hand. If your massive amount of debt is causing you bad credit, it may be difficult to get a refinance loan.
The debt settlement service expert will use your personal finance information to work with companies that give debt settlement or home finance loans to those that are struggling to see if you can get approved. If you can, this could be the easiest way out of debt.
With a loan, your service professional has some cash to negotiate the debts down to lower amounts and then pay them off for good. This means no more late fees, monthly bills, and past due balances. This does show on your credit report as debts settled instead but is still a relief and reflects better than a bankruptcy.
If you have some cash or you can get some, through selling an asset or saving your money, your settlement services worker can negotiate and go back and forth with your creditors. They will work endlessly to settle at the least amount possible, which can save you hundreds or more when you compare what you would pay trying to pay those debts off month-to-month with interest and other fees. Borrowing money is worth it to do this to get out from under the heavy stack of bills that arrive each month.
The debt settlement service expert or team of people working on your case will look at your specific types of debts, the amount of equity you potentially have to borrow from, and your eligibility for a loan to see what route is the best to settle and close your debts. The sooner you find someone who can work for you, the sooner you can be on your way to being free of debt and financial stress.