IF I Want Help With My Debt, What Is The Process?
For whatever reason, if you stop paying your cards, the impact on your credit bureau history is inevitable. You will surely not be subject to another financing for a long time (depending on the amount of debt and the severity of the case).
This means that you must always carry cash or use your debit card to make any type of payment; It will also limit your ability to have resources in case of emergencies, starting a business, buying a car, or simply hiring services.
The previous without mentioning the techniques (annoying, generally) of banks to charge their customers: calls to the account holder and the references provided when applying for the card, increased interest rate, etc.
Suppose you have an outstanding balance on your credit cards, and you have already stopped paying. In that case, one option is a Credit Repairer, that is, a company that acts as an intermediary between the bank and you so that you can settle your debt as soon as possible.
It is important to clarify that, although you can directly negotiate with the bank, the Credit Repair advisors, being experts on the subject, will get you a better payment plan.
- Handling of collection calls.
- Negotiation with financial institutions to reduce up to 70% of the original debt amount.
- Advice from an executive who helps to establish a plan to return to being a credit subject.
Although each repair company has its own rules (since not all accept the same client profile or get the same deals), the service process is similar:
- Once you have contacted them, they will listen to your situation and, if they agree to “take your case,” they will channel all collection calls so that the banks stop bothering you.
- They will negotiate the collection of your debt. The agreement will depend on your situation and the repairer you went to; for example, with Debt Cure, you get up to 70% discount on payment.
- They present you with a personalized payment program based on your current payment capacity, which lasts, on average, 16 months.
- If you finished the program promptly (without delays), the repair company could help you to be subject to some credit again and not have to wait the six years it takes for your negative credit history to disappear.
Wait, can I get another credit?
Yes. As we mentioned, the program’s final step is to “reintegrate” you into the credit world so that you are more quickly subject to new financing.
It’s your turn!
Although the idea is that you never lose control of your finances, we are all exposed to suffer it; If it happens to you, you already know the role that Credit Repairers play. If you have already used one or are about to do so, we invite you to share your experience with us in the comments.