Often times, cases of bankruptcy are avoidable. It may seem that you have run out of options to pay your debts however, a debt relief program may help you from taking that path. Dealing with financial hardship is never easy. Before filing for bankruptcy, it’s advisable to reach out to UmbrellaDEBT relief so that you can learn about all the options that may be available to you!
At UmbrellaDEBT, we assist consumers in identifying different debt relief avenues to help them resolve their debts. Our services aim to benefit people who are looking for debt settlement or debt consolidation in New York!
What You Should Know About Debt Relief
As a consumer, it’s important to know the following when considering debt relief:
- You will be negotiating a repayment of less than what you actually owe. A portion of the amount owed will be written off as a loss by the creditors. This will releft as a “settled” account on your credit report.
- Prepare for a reduction in your FICO score. While having good credit is important, if you are experiencing a true financial hardship, and unable to pay back your debt, does it really matter?
What are the Benefits of Debt Settlement?
The advantages of debt settlement are:
- Less repayment period – When your creditor agrees to put you on a debt settlement program, it means you will have less to pay in less time compared to the original terms.
- Avoiding bankruptcy – Filing for bankruptcy when you’re unable to pay creditors can adversely affect your credit report. While the settlement will have an impact on your credit report, it will be shorter compared to a bankruptcy record that may affect your credit for up to 10 years and, more importantly, it is a matter of public record forever.
- Relief from debt - A debt settlement allows you to pay an amount that you can afford. Usually, a creditor will agree to a settlement after proving you have no other means of meeting the full payment. A good settlement, therefore, provides huge financial relief over time.
At UmbrellaDEBT, we have expert negotiators who contact creditors to try and get affordable debt settlement arrangements for our clients. Our relief program comes with benefits such as reduced debt balances and repayment periods as short as 24-48 months. That said, the agreement depends on unique situations, and we work hard to get the best results for our clients.
Who Should Take a Debt Settlement?
You should consider negotiating a debt settlement if you have entirely run out of means to repay your debts.
If you have a debt of over $10,000, you might qualify for debt relief. Debt relief may resolve your debt in 2 to 4 years!
Expert Negotiators at Your Service
Our negotiation team at UmbrellaDEBT Consumers Debt Relief has decades of combined experience. We have a deep understanding of all types of debt relief programs. Call us today on 1-855-958-0851 for a free consultation that will allow us to assess your financial situation. We'll let you know what options, such as debt relief and debt consolidation, are available in New York.Debt Consolidation New York