- How do debt consolidation and debt settlement differ?Debt consolidation and debt settlement are two different ways to deal with the problem of debt. While debt consolidation is about merging all debts together into one organized debt with fixed monthly installments. Debt settlement is the negotiation with the creditor to decrease the debt amount or agree on a new lump sum amount.
- For debt settlement, what percentage should I offer?There is no hard and fast rule hence there is no fixed percentage to offer your creditor. Begin with a number which your creditor is going to counter with a higher one, negotiate your way into a comfortable number which may be around 30% of your outstanding balance.
- Is it possible to cancel consolidated credit?It is possible to cancel consolidated credit. It is a voluntary agreement which may be canceled anytime needed. There might be a change in your financials, or you may have landed enough money to pay back all at once. The opposite to this might be you struggling to pay the monthly payments.
- How will it affect you if you hang up on a debt collector?Not an option that we will advise you to take as it might result in you being behind the bars. You are likely to be sued by them if they are legally on the right side to demand what you owe them. However, if they are in any manner harassing or putting you under pressure, you may have some legal options to use as well.
- Is debt consolidation considered a loan?Debt consolidation is still a loan. It comprises multiple small loans organized into one so that monthly payments are sent to all the creditors and timely the debt is returned. It is a loan that is returned through a systematic payment plan agreed by all parties concerned.
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