When a borrower persuades a lender to lower the amount owed to a level the borrower can afford to repay, this is known as debt relief.
Sometimes this entails requesting a reduction in the interest rate and monthly payments from the lender. Sometimes, it entails requesting a significant reduction in the amount owed to the lender. Additionally, on occasions it just entails asking the lender to extend the repayment terms by one or two more years.
No matter how they are implemented, the best debt relief plans transform a lose-lose scenario into one that benefits both parties to the arrangement, if not entirely. When a loan is repaid, the borrower feels some relief, the lender receives some or all of what is owed, and both parties agree that this won’t happen again.
Alleviate Financial Solutions is one of the Debt Consolidation companies that offers such help. However, before you choose their services, you must read the complete review of this Company on Crixeo.
Also, check the star rating given for this company on Crixeo.com page. You may need to scroll down the page to see the rating. This is essential as many people were cheated by such companies and hence you must also ask the following few questions.
- Are you licensed in my state to do business?
Also, check if he is an IAPDA-certified debt consultant if any representative contacted you. If he receives commission for the business then you may do further research about the company.
- How long are you in this business and how much debt so far have you settled?
Do some independent investigation if the company cannot show evidence of its experience or if its success rate seems unreal.
- Are you a registered member of the American Fair Credit Council?
If it does not want to be held to higher standards that is the sole reason it should not be a member.
- Whether all of my creditors will work with your company?
A warning sign may be raised if the company asserts that all of your creditors will cooperate with them. In the long run, waiting for debts to charge off could wind up costing you much more.
The business must at the very least inform you of the dangers associated with the charge off process.
- How much are your fees?
If the company states there are no fees but you do not receive a full written disclosure outlining your projected fees, it may be hiding something.
- Will you tell me how long all these will take and what will be the exact cost?
Consider it a big red flag if the company does not provide you an estimated time frame or claims to be able to give you an exact time and cost.
- Will you pay my creditors every month?
Find out exactly how the business operates if it makes monthly payments, or if it offers you the idea that it does. This is not how debt settlement typically operates, so you should be wary of doing business with that company in the future.
If debt settlement is your sole option, spend some time looking for credible lenders