Creditor harassment can be very stressful for a debtor who
is struggling hard to keep up with bills. The persistent phone calls and
threats from creditors have little or no effect on the owed balances. In fact,
the harassment can actually cause the debtor to miss more payments as stress
contributes to memory loss and confusion.
Anyone who has been tormented by the voices of demanding
creditors now has a solution that can help. Debt consolidation can end creditor harassment very
quickly. Consolidation is a fast, effective debt repair method that can stop
the phone calls as soon as the debtor signs on the dotted line.
All About Debt
Consolidation
A debt consolidation is a process in which an individual
merges his or her credit accounts. Instead of having multiple accounts to worry
about, the various accounts are neatly merged in the debt consolidation
process. The consolidation leaves the debtor with only one large balance to
pay. Finances are more organized and multiple creditors are satisfied.
An individual can initiate a debt consolidation in two ways.
The debtor can apply for a consolidation loan with a lender. He or she can also
speak with a debt management consultant about a third-party consolidation. A
consolidation loan is a financial product that covers all outstanding balances.
A third-party consolidation is more of transference of responsibility. The
debtor pays the debt management company a lump sum payment every month. The
company then forwards monthly payments to all the debtor's creditors.
This type of consolidation is good for the debtor because it
takes the stressful situation out of his or her hands. The debt management
company will charge a minimal fee for its services. A lender would also have to
pay a fee for taking out a consolidation loan. The process that one chooses
depends on his or her unique situation.
How To Stop Creditor
Harassment With Debt Consolidation
As long as a creditor is receiving money, there is no need
for harassment. A traditional debt consolidation loan will stop creditor harassment
as soon as the debtor uses the loan proceeds to pay the debts. A third-party
debt consolidation is just as effective. Even though the debtor has not
officially paid off all debts, creditors will still stop the harassment. The
reason creditors will stop the harassment is the debt management company. The
debt management company will take over and handle multiple creditors on behalf
of the client.
Related Post:
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Related Post:
How to Avoid Creditors From Taking Money From My Account
Debt Collectors At Your Service
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