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Need Debt Relief Program That Helps More Than It Hurts?


This client is in need of a debt relief program that in his words helps more than it hurts. In other words he is looking for a lower interest rate loan with a reasonable term that allows him to consolidate his credit card debt into one low interest loan with one monthly payment. He has six credit cards and has an overall balance of $20,000 on all of his credit cards. If he does not obtain debt relief soon, he will be paying over 21% in interest on the balance of each card which totals $20,000.

This client owns his own store and according to his application is doing just fine. They openly admit that they manage the stores cash flow situation much better than they do their own personal finances. This is actually not that uncommon for many people who find themselves needing some form of debt relief from multiple credit card debt situations.

As it turns out this client would have an excellent credit rating if it were not for his multiple credit cards and outstanding debt on these cards. He has an excellent record of always paying his bills on time and has a relatively small mortgage. Owning too many credit cards can ruin many consumers credit rating simply because they are exposed to a lot of potential debt that carries a high interest rate with large monthly payments if the balances are not paid in time.

We anticipate that this client should qualify for debt relief in the form of a relatively low interest rate loan. If he does cancel several credit card accounts this will improve his credit rating as well although it will take some time for his credit rating to reflect the lower number of credit cards.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Debt Relief Loan Amount :: $20,000

Debt Relief Loan Application and Processing Speed (when do you need the funds):: We would like to have the loan approved in the next two weeks so that we can repay our credit card balances in full by the next statement due date

Do you currently have a mortgage? :: yes, it has a 25 year term with 23 years remaining

Bank Name and Branch :: El Paseso Bank, El Paseo

What City/Town, State and County do you live in? :: Palm Desert, California

Zip ::92260

What is your employment field? :: Own a small retail shop on El Paseo

Employment Position :: Owner / operator

When are you paid? (monthly/weekly/biweekly):: I try to pay myself every two weeks depending on cash flow at the store

Your credit rating to be – excellent, fair, or bad? :: fair as far as I am aware, although I do have a number of credit cards, that are max’d out, which is the problem I am trying to fix in terms of debt relief.

How did you find us? :: Looking for a debt relief program that helps more than it hurts

How are you paid? (direct deposit/paper check):: Direct deposit from the stores accounts

Gross Amount Per Paycheck ::$2,500

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure as long as the stores name is not mentioned or my name.  I do not want to let anyone know that we need debt relief help

Extra information here please (some detail):: We need a debt relief program that helps more than it hurts so that we can get ourselves out of the current financial fix that we are in. We have  six credit cards and most of them are charged up to the maximum. We need to get rid of some of these credit cards and we need to be able to pay down some of the debt that we have. We are having a temporary cash flow problem which is going to cost us a great deal due to the high interest rates on the cards that we have.

Note to Lender :: We run a small retail store that does very well in the well to do neighborhood of El Paseo in Palm Desert, California. Unfortunately we did not manage our personal cash flow situation very well and are now running short of money. We charged too much to the credit cards. Our stores cash flow is in good shape and we do not want to jeopardize it in any way. This is our life blood as far as our finances are concern and our lively hood.

We are looking for a debt relief program that helps us more than it hurts us. By this we mean we are looking for a lower interest rate loan, which allows us to dispose of the credit card balances and we only make one monthly payment that is lower than what we are paying now.  We are also willing to close at least four of the credit card accounts so that we are not tempted to do this sort of thing again. We feel that it is important to keep at least two cards to handle emergency expenses from time to time and for convenience.

Do you think your company can help with a debt relief program?

 

Category: Debt Relief Loan APR 5% APR 6% APR 8%
Loan Principal $20,000 $20,000 $20,000
Payment Schedule Monthly Monthly Monthly
Length of Term 3 5 8
Amount to be paid $21,541.38 $23,049.43 $26,465.90
Total interest paid $1,541.38 $3,049.43 $6,465.90
Paid per installment $590.17 $378.89 $271.91
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