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HomeBlog Debt ConsolidationDIY Debt Consolidation
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DIY Debt Consolidation

July 24, 2012 by National Debt Relief

Couple using umbrella as shelter from debtsHave you ever heard the term debt consolidation? If you’re heavily in debt, chances are you’ve heard the term maybe in conjunction with a loan–that is a debt consolidation loan. However, it is possible to do debt consolidation yourself and without taking on new debt.

Here’s what to do

The first step in DIY debt consolidation is to prepare a list of your debts and arrange them in the order of priority or those you feel are the most urgent.

Next, calculate what you can afford to pay. Here you will need to list your income including your wages and any other forms of income. You will use this number to calculate the total amount you could afford to pay per month on all your bills.

If there’s a collection agency involved

Decide who you want to pay first and make sure that those creditors still have your debt as they may have sold it to a collection agency (CA). If you find that any of your debts have been sold to CAs, you will need to ask them to validate your debts before you begin paying. You should use a debt validation letter to do this.

Negotiate

The fifth step is to contact your creditors and negotiate with them to reduce your interest rates and the payments on your debts that have very high interest rates. You will need to keep a running total of how much you’ve agreed to pay each of your creditors. This is to make sure your total monthly payment won’t exceed what you can afford to pay. Also be sure to ask your creditors to wave any late fees.

Consolidate credit card debt

If some of your credit cards have small balances, you can consolidate them into another credit card using balance transfer. There are cards available today called zero balance transfer cards. If you choose one of them, you can transfer your balances from other cards and pay no interest for six to 18 months. You’ll have to continue paying against your balance owed but your payment will definitely be lower. When your “grace period” runs out, you’ll be paying much less interest because you’re making a single payment on a card with a lower interest rate.

If you can’t do DIY debt consolidation

If you’re seriously over your head in debt, you may not be able to do debt consolidation yourself. In this case, you could apply for a debt consolidation loan. If you have an asset such as your house, an automobile or vacation home that you can use as collateral, you should be able to get what’s called a secured loan. If not, you’ll have to try for a personal loan or unsecured loan. These generally carry higher interest rates than secured loans because the lender is taking more of a risk.

The “Catch-22”

The problem with a debt consolidation loan is that the more you need one, the more difficult it may be to get one. There is an old saying that banks only want to lend money to people who don’t need it. While this isn’t absolutely true, it is a fact that financial institutions are very hesitant about lending money to people who are already deeply in debt. If you do have trouble getting a decent loan then debt settlement might be a better option.

We’ve helped hundreds of families

Here at National Debt Relief we have helped hundreds of families get out of debt in 24 to 48 months and live happier, less stressful lives. Go to our homepage, fill out the free debt analysis form you’ll find there, and see for yourself what we could do to help you enjoy relief from your debts.

Do you qualify for debt consolidation?

National Debt Relief
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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"National Debt Relief is like a headhunter. Until you sign up..."

Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/24/2021 Charlotte: Before I begin, I have to let you know that our call may be recorded. Can you tell me, how did you first hear about our National Debt Relief? JOAN: Oh, I don't know. I don't remember. I don't know how I heard about it. Charlotte: What made you decide to work with them? JOAN: Well, obviously, I needed to consolidate my debt. Charlotte: Tell me about the service program that they provided you with. JOAN: Well, I'm not done. But for me, it’s costly. What I did not like about it was that they add on. They say it's going to be X amount of dollars. But then what they do is they say, “Oh, well, we found another creditor that you need to…” So that'll be at a different part of the month and I don't like staggered bills. If I'm gonna pay a bill, whether it's to the phone company, the insurance company, whatever it might be, I want to pay that bill once a month. That's the only drawback. Charlotte: So let me get this. Normally, they are collecting the bills upfront. And then they work to get them paid off at a different rate. So everything wasn't collected all at once, if that's what I'm hearing correctly. JOAN: No, no, no. Every month, money is taken out of your account. And they pay X amount of dollars. Like let's say you owe $5,000 with Citibank, $500 in Credit One, whatever. They work out a deal with them and then they say, “Well, you have to pay $350 a month.” And they'll pay $20 a month towards -- they give you like around about how long it's going to take. Two years, two and a half years. And then they work it out that way. Charlotte: Now, what did you think about your negotiator? JOAN: I don't know. I just called up. It's a completely different department. So when you call up to sign up, it's very different. I don't remember that. It's just that they collected all the information. It was easy for me. I didn't have to go through and find whatever bills I wanted to put in the debt relief. They did that. Charlotte: So say you have questions or concerns. How did you get your questions or concerns addressed? JOAN: I would just ask and they answered it. They're very helpful like that. They'll answer any questions you have. And if they don’t know, they will find out. Charlotte: So was there not a particular person that you spoke with? JOAN: No, you don’t have one person that you deal with that just handles your account. Once you do – they’re like headhunters. Until you sign up, you're going to have that one person and even other people calling. Once your name is out there, they're going to keep calling you. So, once you sign up, then it's whoever answers the phone. It’s customer service. Charlotte: How comfortable did you feel working with National Debt Relief through this process? JOAN: I felt very comfortable, very safe. I was not worried about anything. Charlotte: Is there anything about this process that you would have liked to seen handled differently? JOAN: Yes. The way the payments come out. I'd rather have them one instead of … Charlotte: Everywhere. JOAN: Right. Well, not everywhere. For the most part, the bulk of them were. But then if there's one here, one there, they don't just extend it to another payment. And then the payments change, like the payment amount. You could pay $20 for six months, and then all of a sudden, it's $80 for the next three months, so you really don't know. Charlotte: So if you have to rate this experience on a scale of one to five, five is you’d recommend to friends, one you're pretty dissatisfied… JOAN: No. I would definitely recommend it to a friend. Charlotte: How would you say working with National Debt Relief has impact your life? JOAN: Well, it did help until I hit a speed bump. I'm in the middle of a divorce and my husband closed our checking account, of course. But so far, as a matter of fact, that's why I thought you were calling. I have to postpone the next month, so hopefully, they'll be able to postpone it, because I've been postponing it for a few months. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? Because you did give us some really good feedback. JOAN: Yes, but not using my name. Charlotte: Okay, I will make it anonymous for you. I will also send over a link so that you can have it as a record for yourself at jdola20@yahoo.com. JOAN: Yes, but do not put that public. Charlotte: Oh, no, no, no. That doesn't go public. Definitely. How would you say working with National Debt Relief has impact your life. JOAN: Well, really, it would have helped if I could have stayed on the program. Charlotte: We’re recorded.

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