Debt Relief Options

There are 6 main strategies to debt relief.  Every situation is different and often time it is not simple to determine the best path for your future.  Advocate Debt Relief coaches will work with you to help identify the path that makes most sense, today and in the future.  We believe that EVERYONE DESERVES A WIN! Take action today and contact a coach to learn more about the best debt relief option for your life.

 

Details

Pros

Cons

Credit
Counseling

 A counselor reviews your financial situation,
sets up lower interest rates with your creditors if possible,
and creates a debt management plan for you to follow.
  • One monthly payment
  • Lower rates and fees
  • No collection calls
  • Lenders may view you as credit risk
  • Principal debt not reduced
  • Credit card accounts closed

Debt
Consolidation

 You take out one loan to pay off all your debt.
This loan may carry a lower interest rate than your debts.
You make fixed monthly payments on the loan until it is paid off.
  • One predictable monthly payment
  • Flexible terms
  • No credit impact
  • Need good credit
  • No reduction on principal
  • Results vary

Debt
Settlement
(Top Choice)

 Working with a company, you make monthly deposits into an account.
The company negotiates with your creditors to accept less than the debt owed.
That amount is then paid to creditors, from the account you deposited into,
until the debt is resolved.
  • Significant savings over making minimum payments
  • One low monthly program deposit
  • Faster than making minimum payments
  • Debt collection calls
  • Legal risk, impact to credit
  • Results vary

Bankruptcy

 A legal process. All your assets are evaluated and used to pay off your debts.
Chapter 7 and Chapter 13 are most common options used by individuals.
Once bankruptcy is complete, you are relieved of the debt obligations you had before filing bankruptcy.
  • Debt obligation could be cleared (Chapter 7)
  • Creditors are barred from attempting to collect on debts
  • Process takes only 3-6 months
  • Significant, long-term damage to credit
  • Loss of all credit cards
  • Chapter 7 difficult to qualify for

Cash Out
Refinance

 Requires you to work with a mortgage lender. You refinance your mortgage,
taking out additional cash beyond the mortgage balance. You use that money to pay your debts.
  • High interest debts paid off
  • Reduced monthly payments
  • Tax-deductible interest payments
  • Need to own a home
  • Increased foreclosure risk
  • Adds to mortgage debt

Do It Yourself

 Using various online and offline tools, you determine the exact payments
required for each debt and track your progress as you go.
  • Optimized payments
  • No required costs
  • No credit impact
  • Requires strict budgeting
  • Interest rates don’t change
  • No reduction on principal

Our Goal Is Simple! To help YOU become debt free and live a life of abundance. We believe everyone DESERVES A WIN!  Begin YOUR path to victory.

Talk To Your Debt Coach Today

888-889-7130

Copyright 2018 - Advocate Debt Relief, LLC - All Rights Reserved

We do not provide loan modification, debt adjustment, foreclosure services or short term loans of any kind. Advocate Debt Relief, LLC (ADR) is a private organization and is not a government entity. ADR, does not repair credit, is not a debt management company and does not give legal advice. *Results are individual and vary.

advocatedebtrelief.com does not provide debt relief services. advocatedebtrelief.com matches consumers with debt consolidation companies in our network. By submitting your information you agree to be contacted by our partner debt consolidation providers via phone, text messaging and / or email. Call us directly for more details and to see exactly what you would qualify for. Results vary based on ability to save funds, complete all program terms & willingness of creditors to renegotiate.