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government debt relief program, Do they exist?
Yes, government debt relief programs do exist. However, federal loan relief programs are only available for student loans.
Federal student loan relief programs are available at StudentLoans.Gov.
The key to getting low monthly payments and the maximum amount of loan forgiveness is to qualify for an income-driven repayment plan.
The Pay As You Go plan is a popular federal program that offers low monthly payments and loan forgiveness.
The lower an individual’s income and the larger their family size, the lower their consolidated monthly payments.
Students are required to re-certify pay as they go each year and all income-based repayment plans, so if an individual’s income changes, so can their payments.
AFSLR Certified Student Loan Specialist, Wesley Hendrickson, said; “Don’t forget to re-certify or else you may lose your eligibility for loan forgiveness, and your payments could skyrocket. This is the most common mistake I see students make. Next thing you know, your wages are garnished.” Will happen, and the credit score is shot.”
For Credit Card Relief, Government Programs Don’t Exist, There are credit card relief options available through third-party companies. Make sure the company you choose is IAPDA certified and highly rated by the Better Business Bureau.
A person can also work directly with their credit card company, but the savings will be minimal compared to what a person can make from a debt relief program. Your credit card company may temporarily reduce your payments and interest, but it will only be temporary.
Most debt relief companies across the country provide debt settlement services, but this program comes with negative consequences.
A person’s credit score can get negatively affected and credit card lawsuits can happen during the debt settlement program. In only 2% of all cases, credit card companies will sue an individual during the debt settlement program. While this isn’t a huge percentage of lawsuits, it is something you need to be careful about and be prepared for.
Before joining a debt settlement program, be sure to understand all of the potential negative consequences. Do your research and make sure the company helping you is transparent and has a reputable reputation.
How Credit Verification Works
Credit verification can allow an individual stop paying off debt legally And walk away from debt without paying a single penny to the debt collection company and only paying the debt relief company’s fees.
Debt Relief Programs That Improve Your Credit Score
No debt relief program will improve your credit score unless you get a debt relief loan to pay off your credit cards.
As all the schemes can have an adverse effect on the credit score; Credit verification comes with credit repair, the objective of which is to get the loan and by the end of the program the negative points attached to the credit report of the customers are completely removed.
Rick Sorrentino, IAPDA Accredited Counselor, advises consumers; “If you can afford to pay at least the minimum monthly payment, try to find another way to resolve your debt other than using debt settlement or credit verification. Use these programs only as a last resort. must be done, so as to save a person from filing bankruptcy.”
Consumers can call 866-376-9846 and speak with an IAPDA Certified Counselor to learn about their credit card relief options.
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