Have a specific debt that you are not sure how to deal with? Plain Debt can examine your problem and give you a personalized analysis and generate a professional response for you in seconds. To use our simple program just answer the questions here and submit your results. You will be instantly given an insight into what options you might have for dealing with the debt and even get a free sample response you can send to the creditor. After using the tool, be sure to contact us with the contents of the analysis and we can answer any questions or help you plan the right course of action to help you reach your financial goals. In some instances, you may need further professional help to manage or resolve the debt. We can help you decide whether to handle the debt resolution yourself, whether we can help you with the debt, or we can match you with another service to help you resolve the debt. Either way, this tool gives you a quick and free way to start the path to achieving your financial goals and we will be there to assist you.
From Drowning in Debt to reaching your Financial Goals
Almost everyone faces financial problems and most people can’t find a solution.
Debt in the United States is an epidemic. 75% of Americans consider say money is their biggest stressor, 60 million Americans will have a debt in collections this year and Americans will file around one million bankruptcies this year. Debt even impacts your relationships and health. Disagreements over finances is the second leading cause of divorce and 80% of medical expenditures are stress related.
If personal finance is the biggest problem most people face, why can’t we solve it? Debt resolution is a difficult problem because there is not a single solution. There are a lot of options to get control of personal debt and reach your financial goals. Debt resolution options often include using the services of a budgeting program, debt resolution service, debt management company, filing for bankruptcy, negotiating one or more debts, litigating a debt in court, applying for forbearance or hardship programs. Unfortunately, choosing the wrong option will often leave you in a worse position than doing nothing at all.
Plain Debt analyzes your personal situation and helps you pick the right option for you. Plain Debt can even create professional letters you can use to protect yourself from unscrupulous creditors or advise a debt collector when a debt is not collectible.
Try out one of our free tools or contact us to stop struggling with debt and start to achieve your financial goals.
Can’t I just deal with my creditors myself?
When faced with a financial condition that is deteriorating for any reason, many creditors are willing to work with you IF they understand your situation. Two of the biggest reasons for bankruptcy filings are medical conditions and divorce. Both of these situations are serious situations that most creditors will understand. Also, creditors should understand that if you have a bona fide issue that is preventing you from paying your debt, then making an agreement to work with you ensures that they retain you as a client, build better customer relations, and that they will be paid either partially or over a longer period of time. By contrast, if a creditor is unwilling to discuss your situation with you, your account will likely be turned over to a collection agency and the creditor typically receives little or no payment for the debt they own. Sometimes you should discuss your situation with your creditor and sometimes not. A few simple rules are that (1) you should never agree to play more than the original debt, (2) you should never agree to pay more than you are capable of paying, and (3) you should discontinue the discussion with the creditor if it appears that they are unwilling to help you and are instead trying to obtain information for later use in a collections lawsuit.
Creditors do not want your debt to go to collections. They often can only collect pennies on the dollar from whatever the collection agency collects. Collection agencies are often unsuccessful in collecting debts, so creditors further understand they may not collect anything from a debt that has been turned over to a collections agency.
Negotiating your debt with a creditor can be a complex scenario and you may wish to retain the help of a professional such as an attorney to help with the negotiations. An attorney should be skilled in determining whether the creditor is willing to negotiate with you or not.
In reality, it is in both the best interest of the debtor and the creditor to work out an arrangement that works for both parties. This can help to prevent the customer from falling into debt that is difficult to recover from and ensures that the creditor can recover a maximum amount on the debt that is owed.
This article contains material of general interest and should not be construed as legal or financial advice or a legal opinion on any specific facts or circumstances. This content may not be relied upon as personal, legal, or financial advice. This article does not include legal advice and does not create an attorney-client relationship. If you need legal advice, please contact an attorney directly.