How Debt Relief Works
Debt relief is an agreement reached between you and your creditor, in which you pay a reduction in the amount owed.
. This is made possible by the negotiation efforts of our Milebrook Financial debt experts. The settlements we reach allow our clients to eliminate their debt faster and for less money than they would be able to on their own. The client’s sole focus is making a monthly deposit to their designated account. We take care of the rest and ensure you are on the right track.
Reduce the principal amount
Debt settlement reduces the principal amount owed to creditors and streamlines your payments into a single monthly deposit that is more manageable.
Costs less than a loan
Often times, debt settlement is the most cost-effective option. Loans charge interest on top of the amount owed, whereas settlement helps you reduce that amount.
Move from high to low interest rates
Additionally, when you streamline your payments, the amount is transferred to a lower rate than the high interest rates charged by credit cards.
Develop consistent financial habits
Entering into debt settlement establishes routine and discipline for many clients. In addition, our debt experts can assist you in budgeting, setting up a regular payment.
Candidates for Debt Relief
Do you qualify for our debt relief services?
There are a few basics to cover that can help you get a sense of a typical debt relief client. In order for debt to be eligible for settlement, it must be unsecured, meaning not tied to a house or vehicle. Types of debt that would be eligible include credit card, medical loan, personal loan, and in some cases student loan (non-federal).
Another factor to consider, is the amount of debt. Typically, consumers that only have a single source of manageable debt would refrain from debt settlement, as the process can further strain credit scores. There are other forms of debt relief that may be better suited in this instance.
In most cases, a typical debt relief client has several sources of debt and the amount has ballooned beyond what is manageable for them. The consumer is also several months behind in their payments. It can also be the case that they have fallen on hardship, such as job loss, a death in the family, or medical bills. These unexpected expenses put incredible strain on their finances from which they are struggling to recover.
Conditions like these create the incentive for negotiation. In these cases, Milebrook Financial can offer meaningful assistance in settling and reducing the amount owed.
If you’re not certain that you qualify, contact us!
We offer free debt assessments without any risk of commitment.