Debt Elimination vs Debt Settlement

Other common solutions include the following:

Negotiation or debt settlement (on your own)
Cut and run - stick your head in the sand
Bad Credit Debt Consolidation
Consumer Credit Counseling

Each of these carries its own set of issues, pros and cons.

Negotiation or settlement

Typically, banks are reluctant to negotiate, preferring the method of being first in line to sue or receive funds in bankruptcy. One client attempted this and upon communicating with the bank, received a notice that their loan is now DUE IN FULL!! Some negotiation! Others have been given an interest break (as low as 0% APR, no change to current principal owed) BUT they must increase their current monthly payments, often double or more, in order to maintain this. Usually, the monthly minimum obligations are the problem in the first place causing them to seek assistance, thus this option does nothing but tease the debtor. If any reduction is received, it is often only 10%.

Cut and run… Stick your head in the sand…

This is possibly the worst thing you could do. For whatever reason, people often feel "if I close my eyes, the monsters disappear" when in reality they are stealing the ground from underneath you and you don't even realize it! You will receive the most credit damage and worst result via ignorance. Judgments will easily be obtained, wages and bank accounts may be garnished, and ultimately, it will take you 10+ years to ever get anywhere, including a possible forced bankruptcy. This is not what you want to do.

Consumer Credit Counseling

This method typically includes non-profit organizations that will assist you in understanding your debts, negotiating with creditors (on their terms) and put you on a budget and payment plan. These organizations often are sub-par in quality as they have little profit motive. They may negotiate down some interest rates but principal amounts tend to stick. Often, the payment plan is actually HIGHER than what you already could not afford! This is often requested by the creditor in order to lower the APR on the loans. In the end, these are quite ineffective and, if you are committed to solving your situation, you could often do better operating with little to no help at all. Most who participate in these programs end up looking for additional solutions after a few months, often resulting in some form of bankruptcy.

The Plan B Solution puts the ball in your court...

There are many options available to you; the key is to take action!! So many people will drive themselves into the ground waiting for a solution to appear out of thin air when they could be moving toward recovery in a position of power. What option works for you? If you want to be in control of your finances, your assets and find a solution favorable to you and your goals, the Plan B Solution is an answer. Fill out the form below and see what you need to get started!

Everything you will need to Eliminate Debt is in our Opt-in Letter.

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