Every day you see ads in the newspapers, electronic media and on social networking where many business houses offer you television, refrigerator, computers, cars and various other goods on easy EMIs. You are lured by the offer and buy them. When this buying spree continues, your monthly commitment towards EMIs surpasses your ability to pay. There are also instances when you would swipe your credit cards again without realizing your ability to repay. While swiping the credit card you also forget about the huge interest you are bound to pay. Now, debts up to your neck and you are in deep trouble. You are unable to pay the EMIs and the amount due towards credit cards. You are also unable to meet the daily family expenses. That would be the genesis of your debt problem.
An agency authorized to clear your debts:
Fortunately, there is a way out to get rid of this multiple EMIs and paying towards your credit cards. The government has come to your aid. The government has authorized an establishment called debt consolidation agencies. These agencies have the appropriate license from the government and they undertake to repay all your multiple debts and make your life easy. They also give you an easy repayment option to clear their debts at reasonable rate of interest. It is a unique plan and certainly ideal for business groups as also for individuals. The agency can be called online or even by telephone. Wherever necessary, you may have to meet the representative of the agency in person. Before you start your process of consolidation of the debts, the agency would require you to register with them. You can register online or even over the telephone. In fact, registration happens to be the first step in your goal of freeing from multiple debts. Once you register the process starts.
Consolidation agency contacts your creditors:
There are several such consolidation agencies and you can get their details online. One of the main advantages of these consolidation agencies is; once you authorize, the agency will contact your creditor and negotiate for a one time settlement. Being a onetime settlement, the agency will try to negotiate repayment equal to half the total amount due to the creditors. That substantially brings down your total commitments. Once the negotiations with the creditors are finalized, the agency will start paying the creditors on your behalf. Every payment will be notified against your account and you can open your account and view the progress of debt repayment made by the agency on your behalf.
Easy repayment schedule:
Normally, you will have to repay the money to these consolidation companies on EMI basis. In addition to the EMI some of the companies also charge you a fixed amount as a monthly fee. This fee varies from company to company. There are instances the consolidation companies also get some percentage as commission from your creditors as their service charges. The consolidation companies give you loans either against collateral security or on the basis of your credit worthiness. In the past these agencies were insisting on upfront payment; but is has now been dispensed with.
Paper works to be completed:
Prior to approving the proposal for consolidation of all your debts, the representative of the company will have detailed discussions with you. You will have to provide him with the details of your debts and also the related document. Once, the proposal of consolidation is approved and the related paperwork is completed, the debt consolidation agencies start negotiation with your erstwhile creditors for a one time settlement. Once the settlement is made, you will be informed accordingly.
One of the very important social obligations performed by these agencies is counseling so as to prevent you from falling into the debt trap once again. Many clients of these agencies have been benefited from this social service of the company. In this process, the expert counselors also suggest the clients on the techniques of financial management.
Most of these are online companies. Before you shortlist any agency you must go through the review of the company. You must also ensure there are no hidden costs in the EMI computed by these consolidation companies. For your convenience, the companies have a helpline which normally operates during working hours of the company and you can feel to call whenever you require the assistance of the agency. Visit these companies and thereby you would be able to appreciate the featured services.
Bài viết liên quan
Calgary is home to several head offices as a matter of fact has the second highest concentration in all...
People who like to buy or sell something they can post the ads in website where they can get...
These days, it’s not just the suits on Wall Street who can make a fortune on the stock market....
Overburdened with debt issue is a stressful experience. No matter what are your circumstances, if you have sought loan,...
Learning forex trading is, in a lot of ways, like learning how to speak in a foreign language. While...
At first glance, it seems counterintuitive to hire an attorney to help you settle your debts. After all, you’re...