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When you can’t repay a payday loan, several things are likely to happen as a result.
Key takeaways. Debt relief is a method of restructuring debt to make it easier for you to pay it back. You can get debt relief from lenders, debt relief companies and credit counseling agencies.
Key takeaways. You may be able to get out of debt without paying based on factors like your total debt, type of debt and income. Several programs are available to help forgive student loan debt ...
Debt relief, on an individual level, refers mainly to the negotiation for a reduction of a debt by either the consumer or a debt settlement agency. Through this arrangement, consumers agree to pay the creditor a fixed amount of money (generally a discount on their outstanding debt) either in a lump sum or under a payment plan.
A portion of each payment is taken as fees for the debt settlement company, and the rest is put into the trust account. The consumer is told not to pay anything to the creditors. The debt settlement company's fees are usually specified in the enrollment contract, and may range from 10% to 75% of the total amount of debt to be settled. [13]
Debt settlement companies like National Debt Relief can help you reduce your payments and the total amount you owe by negotiating your balances with your creditors, allowing you to pay off your ...
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