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Choosing the best Debt solution
from:When you have mountains of debt piling up and you have debt collectors waiting at your doorstep, it is time to get off the couch and find a debt solution that will work for you. The right debt solution can help you reduce your debt.
Of course the best debt solution is always self discipline. It’s about controlling your spending habits. It’s also about monitoring your debts, paying on time and paying at least the minimum fee. If you think about it, this debt solution is entirely cost-free. You only have yourself to answer for, not companies, no agencies.
However, there is a certain point where debts get so massive that they can no longer be handled by you alone. This is the time where it would be helpful to look to other people for debt solutions. This is the part that may get confusing and overwhelming. With all the available options, how do you choose the debt solution that will work for you? Of course, the key is to do some research. Before you do that, here is an overview of possible debt solutions. This will help give you an idea of what kind of debt solution is applicable to your situation.
Debt Consolidation – Debt consolidation can be a good debt solution for people who are facing multiple debts. In debt consolidation, you approach a loan company or a financing company and you inquire about consolidating your debt. Basically, this involves taking out a new loan. All your current debts will be transferred to that new loan. You no longer have to contact each individual creditor. Through debt consolidation, you simply have to pay that single debt consolidation loan and all your other debts will be settled. Since debt consolidation involves large amounts of money, creditors need a guarantee that you will honor the terms of the loan. This usually means pledging your house or your car as collateral. So if you fail to make payments, you may lose your home.
Negotiating with credit companies – In the case of credit card debt, it would be advisable to talk to your credit card company and inquire about lowering your interest rates and about waiving certain fees and penalties. This is a viable debt solution for people who have multiple credit cards.
Debt Settlement – If you can no longer afford payments to your creditors, you can contact a debt settlement company. You will stop paying your creditor and instead, you will send money to the debt settlement company. The debt settlement company will wait until your account is charged off. Once this happens, the creditor will be more flexible since it’s better to get a smaller amount rather than dismiss the account altogether. The debt settlement company steps in and does the negotiation for you. While this may be a feasible debt solution, it can be very risky. There are a lot of scammers who claim they can help with debt settlement. Also, processing fees and monthly payments may be costly.
Debt Recovery Tribunal Banks News
Banking: Prashant Joshi - Business Standard
Banking: Prashant Joshi Business Standard The bank has the right to recover the funds by taking over possession of the property under the SARFAESI Act. The person who provided the security can approach the Debt Recovery Tribunal for temporary relief. The other option is to pursue the matter in ... |
TDSAT restrains Etisalat from taking telecom gear at RInfra - Economic Times
TDSAT restrains Etisalat from taking telecom gear at RInfra Economic Times One Viom Network has already taken Etislat DB before the Delhi High Court and Standard Chartered Bank, which is a secured creditor, has approached the Debt Recovery Tribunal. Moreover, an application for winding up has also been filed at the Bombay ... |
TDSAT reserves order in Rs 1200-crore RInfra-Etisalat DB case - Economic Times
TDSAT reserves order in Rs 1200-crore RInfra-Etisalat DB case Economic Times The counsel appearing for Standard Chartered Bank contended that Etisalat's matter is already taken before the Debt Recovery Tribunal (DRT). He contended that RInfra can not ask the secured creditors of Etisalat DB to sit out. |
Second rung of India Inc struggles with FCCB redemption - Business Today
 Business Today | Second rung of India Inc struggles with FCCB redemption Business Today On average, a bank can take between one to three years to crystallise recovery," says Shanti Ekambaram, President of Wholesale Banking at Kotak Mahindra Bank. The law permits banks to take legal recourse for recovery through debt recovery tribunals ... |
Jeweller says CBI shielding culprits - Deccan Chronicle
Jeweller says CBI shielding culprits Deccan Chronicle I obtained the copies of the alleged documents from the Debt Recovery Tribunal and sent them to the forensic experts in 'Truth Labs' and Mr SL Lohia, a retired forensic expert who confirmed that signatures on the application forms were forged,” he said ... |