subject: Debt Relief Solutions For 2010 - Are You Eligible For Debt Settlement? [print this page] Counting on debt relief solutions for 2010 to get rid of your unsecured debt? Well, that is the best thing to be done as far as the financial condition of the economy is considered. It is better that you get out of your loans fast before things get worse. There are several things that you can do to eliminate your unsecured loans. For example, you can go for bankruptcy filing or you can go for relief solutions like the methods of debt management or debt consolidation or the best that you can do is that you can opt for debt settlement.
If you go for bankruptcy, you will have to first qualify for the same. Once you qualify and successfully file for bankruptcy, you will lose your credibility and will not be able to get any further credit for the next 7 to 10 years which follow. If you go for options like debt management or consolidation, you will have to pay the debt in full and it will take years to get out of debt. So, the best option that is available is to go for debt settlement. However, there are certain eligibility criteria for the method of debt settlement. So, if you want to know whether you are eligible for the method or not, see if you are satisfying the following conditions or not:
The unsecured loan that you have must be at least $10,000. The loan amount cannot be less than this amount. It can be greater than this. This is because of the fact that this amount has been set as the benchmark by the government. So, if your debt amount is by any chance less than $10k, you are not eligible for settlement.
The next criterion that you need to fulfill is to make sure that the loan is consolidated in one place. In case the debt is scattered with a number of creditors, make sure that you consolidate the same and bring the same to one place. There are two separate reasons for this. First, this will make sure that the loan amount never falls short of $10k mark and second, it will reduce the time required for settlement process as well as the cost will be minimized.
Finally, you must be able to prove that you are in financial hardship. The process works better in case you are unemployed because it them becomes easier to prove that you are in financial trouble.
Thus, if you fulfill these three conditions, you are eligible for debt settlement!
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement.
Debt Relief Solutions For 2010 - Are You Eligible For Debt Settlement?
