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HomeBlog BlogBest Tips For Dealing With Secured Debts
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Best Tips For Dealing With Secured Debts

February 9, 2013 by National Debt Relief

the right way signDo you know the difference between secured and unsecured debts? It’s relatively simple. Unsecured debts are those where you are not required to provide any collateral to secure them. The biggest example of unsecured debts is credit card debt. You can get a credit card simply by filling out an application. If you default on this type of debt or any other unsecured debts, about all a lender can do is harass you to pay off what you owe.

Secured debt

In comparison, secured debts are those where you are required to pledge some asset as collateral. A mortgage is the prime example of secured debt because it is secured by your house. If you were to default on your mortgage, your lender could repossess it. Another example of a secured loan is an auto loan that is secured by your automobile and could be repossessed if you miss your payments.

They’re not all equal

All debts are not equal. If you default on credit card debt, about all that can happen is that you can get hollered at either by your creditor or a debt collector. However, there are debts where there can be very nasty consequences if you fail to make your payments.

If you become past due on your mortgage

If you become past due on your mortgage you could end up losing your home. If you’ve been missing payments, you need to be familiar with the foreclosure process and what you could do to avoid it.

Contact your lender

If you fall behind in your mortgage payments, the best way to forestall losing your house is to get in touch with your mortgage lender to discuss your options. You will probably need to contact its loss mitigation department. If there is some reason why you would rather not want to do this, you should get in touch with an HUD-approved housing counseling agency.

Take immediate action

If you just missed a payment or two, you might be able to catch up by negotiating reduced payments with your other creditors and then use the money you saved to catch up on your mortgage payments. For example, you might be able to lower your monthly debt payments by consolidating them, which again would free up money you could use to get caught up on your mortgage payments. Barring this, you might be able to get a loan from a relative or friend or borrow money from your retirement account or your whole life insurance policy.

Settle your debts

A better way to handle those unsecured debts is through debt settlement. You could contract with us to negotiate settlements with your creditors, which could save you thousands of dollars. Plus, you would have a payment plan that would be much lower than the sum of the monthly payments you’re currently making, which would help you get caught up with on those mortgage payments.

Don’t lose your automobile

It may be even more important to keep current on your car payments. This is because the company that financed the purchase of your car can take it back without getting the court’s permission. In many states, the lender doesn’t even have to give you any advance notice that it’s going to repossess your vehicle. You could literally walk out the front door one morning and find that you no longer have a car.

If you think you may not be able to make one or more payments, the best thing you can do is to contact your lender to see if it might be willing to work with you. If not, you really only have two options. You might be able to “reaffirm” the loan – if you can pay the full amount of your past due payments in one lump sum. Or you might “redeem” your car, which means paying off its current value in one lump sum.

Do you qualify for debt consolidation?

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National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/24/2021 Charlotte: Our call is recorded. How did you first hear about National Debt Relief? SABAD: Oh, I was just Googling, “How do you solve for debt collection?” And this is what comes up in the research. Charlotte: Was there any particular reason that you selected National Debt Relief as opposed to the others that came up as well? SABAD: Honestly, no. There's no reason. I just thought this was the best. Charlotte: Tell me about the service that they provided for you. SABAD: The service they provided was getting like, “You have 24 months to 42 months to get debt relief. This is how much you have to pay. You have to [reapply 0:01:19]. We can contact all the credit --” All the details they gave me, actually was knowledgeable. And I talked to one of my coworker, and she told me she did it like a year ago. I'm like, “Oh, I just signed in.” And she's like, “Yeah, they're the best.” Charlotte: What did you think about the enrollment process as far as how easy or difficult would you say it was? SABAD: I believe it was easy. I don't think it was hard. Anybody can do it. Charlotte: Do you remember the name of your negotiator? SABAD: Yeah, I think it was Oscar. I don't remember his last name. Charlotte: Is there anything about him that stood out and impressed you at all? SABAD: The way he explained to me, how he gave me the explanation. He didn’t put me in a pressure. He say, “Hey, take your time.” He gave me like three days to enroll. He say, “Hey, I’ll give you three days. You can go and research. Here’s my telephone number. Here’s my fax.” The way he provided all of it, that’s what made me say, “Hey, I think I can trust these people and do it.” Charlotte: How comfortable did you feel working with National Debt Relief through this whole process? SABAD: 100%. Charlotte: Is there anything about your negotiator that really stood out and impressed you? SABAD: Everything he did impressed me. Charlotte: Is there anything about this process that you would have liked to have seen handled differently? SABAD: Maybe quick -- but I believe it depends on your budget and the time, so I think they're trying their best. But everything’s take a long time. So, I don't wanna be [unclear 0:03:20]. Charlotte: If you had to rate this experience on a scale of one to five stars, five stars is that you would recommend to friends and one star is you're pretty dissatisfied, how would you rate? SABAD: You said 5 is the what? Charlotte: Five is the very highest you could rate them. SABAD: I will say actually 5. My opinion, I would say 5. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? SABAD: Absolutely. Charlotte: I have you at sabadsamatar2014@gmail.com. SABAD: Yes. Charlotte: How would you say that working with National Debt Relief has impact your life? SABAD: It’s impact everything the last two years. I don't think I would survive without them. Whatever happen right now, to me, especially when COVID happened, I'm like, “Thanks, God.” It was the right time for me. I think God opened a door, say, “There we go. This is your right door that I opened.” Charlotte: We’re recorded.

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