When it becomes difficult to pay your loans, it’s advisable to consider debt relief options. Debt Relief programs can be your way out when you’re experiencing financial hardships.
UmbrellaDEBT is a Consumer Debt Relief company that offers programs such as debt consolidation and debt settlement to clients. We serve consumers who are looking for debt relief options. Often times consumers will call us for help with a loan they had taken out while under financial duress. Sadly, many of these online loan companies take advantage of consumers in this situation by charging outrageously high interest rates. While the consumer is thinking they are helping themselves, they are literally worsening the situation by securing a loan they can never pay off.
What is an Unsecured Loan?
An unsecured loan is a debt that doesn’t require you to give your assets or property as collateral. This means that if you’re unable to pay the entire loan, your creditor cannot take any of your property. Unsecured loans are commonly referred to as “signature loans”.
In case you’re unable to pay your unsecured loan, your creditor can choose to contact you, commission a collection agency to recover the debt, and in the worst case scenario, sue you.
UmbrellaDEBT comes to the aid of debtors who find it hard to complete payments on their unsecured loans. We may be able to help you with other unsecured debts such as medical bills, credit cards , and collections accounts as well!
Which Debt Relief Programs Can Help You Pay Off Your Unsecured Loan?
With the right debt relief program, you can pay your debts faster and reduce the amount you owe. Some of the debt relief options are:
- Debt Consolidation – This is whereby you consolidate all your unsecured debts into one. With debt consolidation, you benefit from lower interest rates. Typically, this program is for credit cards although in some cases loans may also offer benefits.
- Debt Settlement – In debt settlement, you agree with your creditor to pay only a certain percentage of what you owe them. The remaining balance is then written off.
- Deferment – When you get a deferment, your lender allows you to stall your monthly payments for a specified period without incurring penalties. This is not common, is limited in use, and only prolongs the debt. A deferment may be a good fit if you have “one bad month” however, it does very little to fix ongoing financial hardship and in some cases it can worsen the situation by prolonging your repayments.
- Forbearance – This is whereby your creditor reduces your monthly payments for a certain period. While this is common for student loans, this is very uncommon for other types of lenders.
These options may be beneficial when you're going through financial hardships. At UmbrellaDEBT, we will look at your unique situation and assist you in determining the best course of action to fit your needs!
How to Choose the Best Debt Settlement Company
If you find that debt settlement is your best option to pay your unsecured debts, you should consider enlisting the services of a debt settlement company. A credible company will have:
- An Informative Website – A good company will provide important information regarding debt settlement to their clients. They will also explain their services in detail.
- Necessary Accreditations – A reputable debt settlement company should be accredited by recognized organizations such as the NACCC and IAPDA.
- Great Customer Support – For convenience and ease of communication, look for a company that can answer your queries and questions on phone, email, and even online.
Contact UmbrellaDEBT today at 1-855-958-0851 to find out how we can help you improve your debt situation.Debt Consolidation Loans
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