Having a lot of student debt isn’t fun. That’s why we’re continuing to make our student loan payments while we experience this year abroad. And we’re looking ahead at 2018 when we return to the states and drafting a game-plan to get out of student loans as quickly as possible. At the moment, we’re paying close to 1 grand in loans monthly. Just imagine what else we could be using that money towards if we didn’t owe anything. But there isn’t any time to complain. We’ve mentioned previously how we saw our student loans as an investment into our future, and it’s definitely paid off! The question now is; how fast can we get out of it to keep as much of our income?
Throughout the past couple of months, we’ve been trying to find tools and resources out there that can get us out of debt quicker. We’ve mentioned some like Qapital that allow you to easily and almost entertainingly put more money aside towards your financial goals. We’ve also talked about SoFi and LendKey, two reputable companies that can help you refinance your student loans. But the truth is, refinancing is mostly a great option for people that have a good credit score. So what about those that don’t? What about those that almost tarnished their credit history when sinking into a ton of debt? Those are the people we’ve been thinking about recently. We couldn’t imagine being in that situation, where almost no financial institution wants to take you in because of how bad your credit score is. It’s almost a recipe for ongoing financial hardship.
If you’re in debt and don’t have that good of a credit score, don’t lose hope. We may have found just what you’re looking for in our days of research: National Debt Relief (Click the banner to check them out)
Who is National Debt Relief?
National Debt Relief is a highly accredited company that specializes in reducing your debt with the least possible payment amount and term. They do so through an approach called debt-settlement and negotiated settlements for thousands of creditors. They also go beyond debt reduction to offer financial consultations and education to clients. As a whole, National Debt Relief positions itself as a positive alternative to consolidating debt or declaring bankruptcy.
How do they work?
Their debt settlement program covers the majority of unsecured debts such as credit card debt, as well as some more secured debt. By unsecured, they’re referring to the riskiest debt that has volatile interest rates and could exponentially increase what you owe in the long-term. You can also see it as the debt you want to eliminate ASAP.
Here’s a full overview of the type of debt they can settle:
Credit Cards, Personal Loans and Lines of Credit, Medical Bills, Collections and Repossessions, Business Debts and Certain Student Debts.
Here’s what they CANNOT settle:
Lawsuits, IRS Debt and Back Taxes, Utility Bills, Auto Loans, Government Loans, Mortgage or Home Loans, Other Secured Debts.
As mentioned, their goal is to negotiate a lower amount of debt, payment term, and interest with the institutions you owe. As part of that, they seek to get you out of debt within 24-48 months! Not sure what that means to you, but it seems much better than the standard repayment terms we see out there going even beyond 10 years!
No Upfront Cost
That’s correct. We were a bit skeptical when learning about this company. We figured they were just trying to lure us in with an optimistic goal and then charge us a bunch of money upfront. Well, we then realized one of the reasons they’re highly rated and accredited; no upfront cost.
There’s pretty much nothing to lose in getting in touch with this organization. You can let them know your situation and they’ll try to figure out which exact plan works best for you, given their debt-settlement strategy. Then they will try to settle your debt to the most favorable amount, interest, and term.
Once they settle a reduced debt with your creditor, you can either approve or disapprove. If you’re onboard with the plan and want to proceed, that’s when they would make money. Their fees vary by the state you’re in and normally range between 18-25% of your enrolled debt. They explain how this fee is reasonable given how much more you could end up paying in volatile interest rates and as your debt rolls from one year to another (beyond National Debt Relief’s 1-2 year debt-free goal).
That sums up what we know so far about National Debt Relief, and we like what we saw. A quick side note, using their services DOESN’T tank your credit score even lower. So no need to be concerned about that.
If you’re ready to get started and no cost and see how they can help you, now could be a great time! Click the banner below to find out if this would be a good fit for you!
Please note that we have not settled any debt with them and therefore don’t have full details on the process. We assume that not all people are approved for their debt-settlement plans, so don’t get your hopes too high.
Another quick side note from one of our readers: “Many people do not know that when you settle a debt for less than owed, that goes on as income. Let’s say you make $40,000/year and owe Chase Bank $5,000 in credit card debt and Chase settles for $3,000. That $2,000 savings gets added to your income so now you are at $43,000/year. You have to pay taxes on the whole $43,000 which means you could find yourself owing the IRS money come tax time.” We wanted to make sure to include this comment directly in the post so that you all see this as well! It is definitely something to take into consideration if you’re looking into National Debt Relief.
Wishing you all the best in your journey to being debt-free!