Are you one of those people who are running more than one debt?
Well, getting a credit facility has become easy nowadays. However, its timely payment and lack of funds are tough that give rise to numerous debt issues. For such a scenario, you either look for a debt consolidation loan that can help you bring all your debts under one umbrella, making it easy to track and resolve quickly.
However, if you already have debt consolidation, it's tough to manage them. Here negotiating with the lender/banks is the only alternative you are left with. Interestingly, how can you negotiate with them?
Debt relief companies are the right team to connect with and help you in omitting your debt-related stress.
Debt relief companies have become a common need to help owners resolve unsecured debt issues and take them to the settlement stage. In short, working with a debt relief company will help you come out of the debt and live a debt-free life.
It's wrong to say that debt relief companies only help you in debt settlement. INstead, they are also effective in debt management. It will help you pay your debts in a smart way that will help you reduce the interest rate and minimize the internet payable. It's important to note that there isn’t a guarantee that the lender/bank will settle with the debt relief company.
Before we discuss some of the famous debt relief companies, let's take a look at what debt relief is.
What is Debt Relief?
Debt relief is tracking all your debts and aligning them to provide an easy-to-manage debt. It also helps you manage or even settle fully/partially. With the help you debt relief, you can get any of the below listed benefits:
How does Debt Relief work?
More often, debt relief is considered to avoid bankruptcy. There are scenarios when the borrower is stuck between financial crises causing the risk of defaulting on the ongoing loan accounts. In short, the financial activities are causing a credit risk to the borrower.
In either way, debt relief will help you get a better option to safeguard your credit alongside clearing the debts.
Debt consolidation is the common form of debt relief where your entire loan accounts are closed with the help of a single consolidation loan. It streamlines your monthly EMI and even extends its duration to minimize your monetary burden.
The steps followed by debt relief companies include:
Evaluate Eligibility: With a detailed AI-driven algorithm, your debt is analyzed alongside your eligibility.
Create Program: Next step includes creating an effective program based on your financial goals and existing budget.
Negotiate with Creditors: The debt relief companies negotiate with the creditors to get the maximum possible savings on the principle, interest rate, or tenure.
Get Debt Freedom: It's time to experience the benefits of debt free life.
Without any further delay, let’s check out the top debt relief companies in India:
FREED is one of the best debt relief platforms where you can get your debt handled by the country's top financing experts. When paying EMI for high-interest loans, most people prefer paying the minimum loan amount. It strongly impacts your overall debt, resulting in high-interest rates and add-on financing charges.
FREED claim to help you reduce your outstanding by up to 50 percent. Working with Freed also helps you stay connected with the creditors and negotiate for any.
What are the Benefits of Working with FREED?
Monthly Cost: You start your program with a monthly commitment as low as INR 649.
Program cost: You pay 10% fee of your enrolled debt when we negotiate and settle with your creditor. You don’t pay until we perform.
What’s Included in FREED Monthly Subscription?
Another name in the list of debt relief companies is SingleDebt. SingleDebt gives you a Debt Management Plan that helps you manage all your creditors under one roof. It also helps you make an affordable payment plan to make the payment easy and clear your path towards a debt-free life.
It will streamline your budget with the EMIs and help you distribute the income within creditors without affecting your ongoing expenses and savings.
Benefits of Working with SingleDebt:
How can SingleDebt Help?
The SingleDebt provides no plan/package. You can reach them to find the best plan suitable for your needs.
LoanSettlement is an IIT-IIM alumni venture focused on negotiating with the lenders and bringing down your debt. The company has more than 30 years of professional services offered to customers across the country.
Key Benefits of Working with LoanSettlement:
Services Offered by LoanSettlement:
The LoanSettlement plan discloses no plan/package. However, you can call them to discuss your debts and adequate requirements.
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