Do you know the three most popular debt settlement frequently asked questions regarding debt? If not, read on to get your questions answered.
Many people have a variety of questions about debt settlement. It is very important to get all your questions answered about debt settlement before you consider this method for eliminating your debt. Below are three of the most popular debt settlement questions that are asked regarding debt.
FAQ #1 - When considering debt settlement, what type of debt can be settled using this method?
Answer – The type of debt that can be settled using debt settlement are unsecured credit cards, medical bills, payday loans, personal loans, store cards, and bounced checks. Sometimes student loans can be negotiated and settled if they are not issued by the Federal Government. Most unsecured debt can be settled using debt settlement.
FAQ #2 – In debt settlement, most unsecured debt can be settled, but what makes a debt unsecured?
Answer – Unsecured debt is a debt that has not been attached to something in case of default. Meaning you do not have a lien against something of collateral to secure the debt in the event of non-payment.
FAQ #3 – What classifies a debt as being secure?
Answer – A secured debt is a debt that has some of value attached to it. For example, a house loan is an example of a secured debt because if you default on payments on your home the bank or lending company has the right to take the house and property back in exchange for your non-payment. The reason secured debt can not be used in debt settlement is because the company that loaned you the money has a binding contract to take some of value back from you if you fail to make the payments that were scheduled.
And if you would like more information about debt settlement and a free chapter of our “Finacial Solutions” Workbook along with three worksheets just go to http://www.remfinancialsolutions.com/ and sign up for our free newsletter. You will also receive helpful budgeting tips along with money saving ideas.
By: Mark Erickson – Financial Advisor with REM Financial Solutions
Many people have a variety of questions about debt settlement. It is very important to get all your questions answered about debt settlement before you consider this method for eliminating your debt. Below are three of the most popular debt settlement questions that are asked regarding debt.
FAQ #1 - When considering debt settlement, what type of debt can be settled using this method?
Answer – The type of debt that can be settled using debt settlement are unsecured credit cards, medical bills, payday loans, personal loans, store cards, and bounced checks. Sometimes student loans can be negotiated and settled if they are not issued by the Federal Government. Most unsecured debt can be settled using debt settlement.
FAQ #2 – In debt settlement, most unsecured debt can be settled, but what makes a debt unsecured?
Answer – Unsecured debt is a debt that has not been attached to something in case of default. Meaning you do not have a lien against something of collateral to secure the debt in the event of non-payment.
FAQ #3 – What classifies a debt as being secure?
Answer – A secured debt is a debt that has some of value attached to it. For example, a house loan is an example of a secured debt because if you default on payments on your home the bank or lending company has the right to take the house and property back in exchange for your non-payment. The reason secured debt can not be used in debt settlement is because the company that loaned you the money has a binding contract to take some of value back from you if you fail to make the payments that were scheduled.
And if you would like more information about debt settlement and a free chapter of our “Finacial Solutions” Workbook along with three worksheets just go to http://www.remfinancialsolutions.com/ and sign up for our free newsletter. You will also receive helpful budgeting tips along with money saving ideas.
By: Mark Erickson – Financial Advisor with REM Financial Solutions
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