is debt relief similar to debt cancellation?
the best asked: urgent quick
Kristen
Tags: Debt Cancellation, Debt Relief
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on Friday, January 2nd, 2009 at 11:30 am and is filed under Personal Finance.
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January 4th, 2009 at 12:29 pm
Probablee kansel part av the debt. Huever yu oe munee tu want tu get sumthang.
January 5th, 2009 at 10:00 am
Doesn’t have to be but can be. Debt relief can be a delay in payment or a lowered payment or a complete forgiveness of the debt.
January 5th, 2009 at 8:39 pm
NO.
Debt relief is a nice way of putting the fact that “to help you” they are going to increase your total payments. They are not cancelling the debt or reducing the amount owed.
Suppose you are paying £100/month.
By reducing the amount to £50/month you are getting a good deal. WRONG! you will be paying for more than twice as long so your interest charges will be dramatically increasing and they will also probably apply an “administration charge” to cover the help changes which you will be told you don’t need to pay (as they will add to the totalo bill so you pay more interest on it)!
Be wary - VERY WARY - of anything like this. The Finance Company do not care one jot about you! The longer they can defer the debt the more money they make!
AS for everything to be written down with total charges and if you do not understand ANYTHING as for it be explained in simple English!