Consolidating personal debt
This includes money owed on personal credit card accounts, auto loans, medical bills, and mortgages.
The FDCPA does not cover debts incurred in running a business.
Then change the consolidated loan amount, term or rate to create a loan that will work within your budget.
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Consolidation means that your various debts, such as credit card bills or loan payments, are rolled into one monthly payment.
If you have multiple credit card accounts or loans, debt consolidation through a credit counseling service can help simplify or lower your payments.
Within five days after a debt collector first contacts you, the collector must send you a written notice that tells you the name of the creditor, how much you owe, and what action to take if you believe you do not owe the money.
If you owe the money or part of it, contact the creditor to arrange for payment.
But keep in mind, these are secured loans that require you to put up your home as collateral.If you are unable to make payments on time, you could lose your home.To decide if debt consolidation is right for you, contact a credit counseling service accredited with either of these organizations: If you have a problem with a lender concerning debt consolidation, you should first contact the lender.If you're unable to pay your creditors, filing for bankruptcy can help you get a fresh start by liquidating your assets to pay off your debts or create a payment plan.Yet since bankruptcy has far-reaching and long-lasting results, you should first consider other debt management options.