You can then take the next step and explore different types of debt consolidation loans to decide which option fits your needs. Doing so can help you figure out where to look for loans. If you're interested in debt consolidation, it's essential to consider what kind of debts you want to consolidate. Some lenders help with consolidating IRS tax debt if you cannot get government debt relief via an Installment Agreement or Offer in Compromise. For example, the Department of Education offers debt consolidation for federal student loans. There are also some specialized options for debt consolidation loans. If you're talking about general debt consolidation loans that can be used to pay off credit cards, medical bills or other debts, the options usually include: Who Offers Debt Consolidation Loans?ĭifferent types of lenders can offer debt consolidation loans. Unsecured debts have no collateral requirements. If you fail to pay back the loan, the lender can keep your collateral. Some type of collateral backs secured debts. So how can you use debt consolidation loans? Generally, you can use a debt consolidation loan to pay off:ĭebt consolidation loans can be secured or unsecured. There are debt consolidation loans for people with excellent credit, bad credit and everything in between. The rate you pay for a debt consolidation loan can depend on how much you borrow, the loan term and your credit scores. Assuming you pay off all of your debts with the loan proceeds, you'd just have one payment for the consolidation loan each month.ĭebt consolidation loans can charge interest and fees just like any other loan.
How Do Debt Consolidation Loans Work?ĭebt consolidation loans work by providing you with a lump sum that you can use to pay off other debts. Comparing debt consolidation loan options can help you decide if it's right for you. Debt consolidation loans allow you to combine several debts into one and they can potentially reduce the amount of interest you pay. T.S.12-03825.Consolidating debts could bring some financial relief if you're struggling to make payments to multiple creditors. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. Read and understand all program materials prior to enrollment.
FREEDOM PLUS DEBT CONSOLIDATION FULL
Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Our service is not available in all states and our fees may vary from state to state.
We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. Not all clients are able to complete their program for various reasons, including their ability to save sufficient funds. Our estimates are based on prior results, which will vary depending on your specific enrolled creditors and your individual program terms. For example, if you enroll $50,000 of debt into your Freedom Debt Relief program, upon the first settlement of an enrolled debt, $250.00 will be placed into your dedicated settlement account. *As a qualifying union member, you could earn up to $500 upon having your first account settled (the “Incentive Credit”) the Incentive Credit will be 0.5% of the total debt that is enrolled into your Freedom Debt Relief program and shall be in the form of a credit into your dedicated settlement account upon the first settlement of an enrolled account the maximum Incentive Credit available is $500.00.
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