a1beachfreak asked:


I’ve had a really good paying job for five years. I didn’t think I’d be faced with an inability to pay my bills, but I just found out my plant will be closing in May. I don’t doubt I’ll find another job, but one making the kind of money I need is doubtful. I don’t want to file bankruptcy, but some kind of a helping hand would be great. I don’t want to be scammed…..I want to be helped! Any ideas about legitimate debt reduction?

Norma

Kris Koonar asked:


The US government through government-assisted programs provides debt relief for farm owners by restructuring farm loans/debts including writing off agricultural debts partly or fully. Federal agriculture credit policies are geared towards maintaining the agricultural production sector, characterized mainly by small-scale family farms.

In pursuance of its policies, the US Department of Agriculture through its agency The Farmers Home Administration (FmHA) provides financial assistance to farmers who are unable to obtain commercial loans at reasonable terms and interest rates. The FmHA lends financial assistance to farmers through direct loans and loans guaranteed under the Consolidated Rural Farm and Development Act, in short known as the Con Act.

Direct loans are fully funded by the government and guaranteed loans are given through commercial lenders guaranteed up to 90% by the government. For obtaining a guaranteed loan, the lender must issue a certificate stating that it will not make the loan available to the farmer/farm owner without a guarantee. The interest on FmHA loans is subsidized as the loan is given at rates that are below the cost of borrowing. Commercial lenders are paid by the FmHA for lending money on farm loans at rates below their cost of borrowing.

The government wants to help debt-ridden farmers to stay in the business and so offers various options of debt relief. When a borrower is unable to repay his loan, the FmHA restructures the loan allowing the borrower to repay the loan at a lower rate of interest with an extended repayment schedule. As a last resort, the farmer’s debt is written off to the extent of the loan in excess of the value of his collateral. For example, if his farmland, machinery etc pledged as collateral is valued at $200,000 with his outstanding debt standing at $475,000, then the FmHA can write off $275,000. If the farmer is able to show that he can make a profit while repaying the balance $200,000, then the FmHA will help him to stay in business by providing fresh loans.

According to a December 1992 report of the United States General Accounting Office (GAO) of the Comptroller General of the United States, the FmHA portfolio in June 1992 comprised of about $16 billion in direct loans and $4.5 billion in guaranteed loans. The report says that in recent times the FmHA provided approx. $7.6 billion against debt relief for delinquent farm loan borrowers. During the previous three to four years, FmHA payout to commercial lenders was to the tune of some $200,000 as coverage for guaranteed loans. In the same period, it reduced farm debts by about $1.2 billion and wrote off another $1.9 billion under the debt servicing provisions of the Agricultural Credit Act of 1987. Another $4.5 billion were written off to settle direct loan obligations of borrowers who were no longer engaged in farming.

When a farm loan borrower’s overall debt burden consists of various other debts like credit card dues, personal loans, home loans along with his farm loan, working with a debt consolidation and credit management company would be the best way to manage his debt situation through a suitable debt consolidation plan. These companies provide excellent debt counseling service and have specialist advisers on their panel who are trained to create suitable debt reduction plans and negotiate with lenders on behalf of the borrower. This way they help to reduce the borrower’s monthly payments to bring them within manageable limits by securing smaller installments and lower rates of interest. Regular and timely repayments also help to improve credit ratings.



Frank

veedawg asked:


I received a letter notifying me of this status and the opportunity to consolidate outstanding balances for a low monthly payment plan, however, I am a bit suspicious due to the late predatory practices of such major institutions.

Marcia

Raymond G asked:


I am using a debt relief company and have fallen behind on payments. I’d like to try another solution

Jay

Bryan Burbank asked:


It is easy to have too much credit card debt and with the price of everything going up except your income you can spend more than you make. There are some solutions that can help you get rid of the debt that you have so you can get on to a more relaxing debt free life. You should always try to have no debt if possible because having too much credit card debt can cause stress and anxiety and also can cost you a lot of money in interest. You can get a Government Grant to help yo eliminate your debt or maybe a debt consolidation loan is what you need.

Find Free : Debt Relief Today

First getting a Government Grant to eliminate your debt is not really that hard to do but it is very important that you find the grant that you can qualify for. Many people do not know that there is grant money that is available to them and they miss out on this great opportunity to pay off there debts. You need to be in control of your financial future and you need to start today.

Get a Free Money : Government Grant Now

Also a debt consolidation loan is another great tool to consolidate your debt into one low monthly payment. It is much easier to manage your debt when you do not have to worry about multiple payments each month. Also you can save a large amount of money on interest payments because the loan will be at a lower rate than the credit cards you currently have.

Remember that you need to take control of your financial life now and there are many debt relief items that can help you do just that.



Leonard

Devora Witts asked:


Getting debt relief is sometimes too complicated. Even after consolidating your debt through a debt consolidation agency you may end up with monthly payments too difficult to afford that won’t leave space for unexpected expenses. However, by combining Debt Consolidation with Mortgage Refinancing you can achieve debt relief to an unbelievable extent.

The usual means for reducing debt exposure is contacting a consolidation agency or negotiating debt yourself. Debt consolidation implies contacting lenders and agreeing with them new repayment programs with lower monthly payments. This result can be achieved either by reducing the amount of money charged on interests or by extending the repayment schedules.

Debt Consolidation

The procedure is simple enough: Either you or the agent assigned to your case by the consolidation agency contacts each of your creditors and tries to convince them of the advantages they will get if they agree to lower your monthly payments. Sometimes in order to obtain their money sooner the lenders agree to a cut on the overall debt including capital and interests. In many cases debt consolidation agencies have obtained up to a 65% reduction of the debtor’s outstanding loans and credit card balances.

Once the negotiation process is completed; your debt expenses will be greatly reduced. However, sometimes the procedure is not enough and you may not be able to afford the monthly payments. At this stage, some debt consolidation agencies offer a debt consolidation loan with a longer repayment program. You just pay this single monthly installment to them and they take care of your loan payments and bills.

The problem is that in certain situations there is too much debt that is non-negotiable. Typically, federal student loans and some private student loan programs, home loans, home equity loans and any other form of secured loan is too hard to negotiate because the lender is comfortable knowing that he can legally claim your property in case you fail to repay the loan.

Refinancing

One would think that refinancing would only solve the problem with your home loan, but truth is that by taking advantage of cash out refinance loans you can request a higher loan amount than the amount of your current mortgage’s remaining debt and use that extra money to cancel other non-negotiable debt.

This procedure will not reduce your debt but will reduce your income/spending ratio because by refinancing you’ll be able to spread your debt into a longer repayment program reducing the amount of your monthly payments. Since by applying for a cash-out refinance loan you’ll get actual cash, you can use it for prepaying outstanding debt, but be careful to repay those loans that don’t have prepayment penalties first; that way you’ll save even more money.

The only difficulty that this method presents is that you need to have enough equity on your home in order to obtain a cash-out refinance loan. If a home equity loan is part of the debt you need to repay, chances are that you won’t be able to use this system. However, there are some lenders offering up to 135% financing at slightly higher rates. If there is no other choice, you can resort to them.



Gabriel

David Brown asked:


Repaying debts is tougher than applying for and getting a debt. You can get a debt easily for your financial problems and solve them away but what happens when it is about repaying them? Do not you ever think that the real problem actually begins then? To solve your problems after taking such debts, that is, for solving your debt repayment problems the debt relief solution programs are being implemented. If you try it then surely some fruitful results will be achieved by you.

There are several debt solution agencies in America which are being found either in the loan market or in the online lending sites. For approaching these financial experts you will sometimes have to pay a few charge or sometime they provide free of cost services. The most important thing that you have to practice while approaching these is that you have to be honest in informing them about your financial status. After knowing everything about you only, they will be able to suggest the best remedy for the excessive debts.

As a good solution you can go for the debt consolidation loans. These can be taken up by any based on their current status and it proves to be quite helpful in paying debts off. For availing these loans the borrower would have to carry more than two unpaid debts and the repayable amount should be at least £5,000. Then only you will be able to get it and then merge the multiple debts into one single debt. Similarly, the rate of interests too will become one and it will be easier for you to repay.

According to another solution you can hire a debt negotiator who will talk and negotiate with your creditor regarding the repayment. He then tries to lessen the payable amount and makes the repayment burden less for you. As he is the mediator he will do everything between you and the lender.

Apart from these debt relief solution programs you can maintain a budget too which will control your unnecessary expenses. This way you will be able to save money



Claudia

ROMEPOWER asked:


What homeowners qualifies for this Law?
What kind mortgages?
Year of foreclosure? 2007 and beyond?
1st and 2nd Mortgages?
How this relate to the Deficient Judment law in Arizona?

Barbara

D Green asked:


Okay so I was told I had to go to college otherwise I’d be poor the rest of the my life…..soooo what did I do, I went to college!!!
I have about 44,000 in private laons which they charged me interest of 7,000 throughout the last 4 years.
Plus i have a about 15,000 that I am paying back to my school with government loans. This is ridiculous….I feel like my life is over. Come to find out, I find that I could have went to BYU with an accounting degree, and pretty much garanteed myself a job for only about 1900 a semester!

What the heck! How do l get help paying off this debt. I wish I had parents that knew what they were doing when it came to money cuz i didn’t know anything back then….
I have 12,000 in the bank…so I am going to take that and pay off one of my loans….my dad said he’d pay off one for 4,000 right now…. so hopefully I can get my monthly payment down to 350 a month….
Should I consolidate? I wish I could reduce the debt. HEELLLP ME!!

Dawn

Bapo asked:


I am currently seeking debt relief through these debt arbitrators. I would like to know from people who have gone through this process to find out which company is the most respectable.

Rita