Debt relief is just what it sounds like a potential path to getting out from under serious debt if paying it off the normal way isnt realistic. Rather than filing for bankruptcy, debt relief gives consumers an opportunity to pay off some of their debt rather than all of it.
The reason why some lenders are willing to accept a partial payment is because borrowers who attempt debt relief have already fallen behind on one or more payments, which indicates to lenders they may be at risk of defaulting altogether. Rather than allowing this default to happen and receiving no payment, lenders may agree to take a percentage of the total balance as long as its paid off in a timely manner.
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It is possible to try to reach a debt…
Read the full article at: https://www.digitalmarketnews.com/how-to-qualify-for-debt-relief/