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How Much Does A Debt Relief Service Cost (20000,30000,40000,50000)


The latest applicant has asked some really good questions about debt service relief and the associated costs. Debt relief service costs are real and they are charged by the companies that will help you with your debt solution. How much they cost really depends on just how much debt you have and what option or options you eventually decide on as solutions to your debt problems.

We always like to first learn how much debt the customer has and what it is costing him or her today. The customer should know this as well. Unfortunately this applicant only told us that they had credit card debt. Credit card debt is usually in the 20% range for most bank credit cards and 30% for store based credit cards. For example on forty thousand dollars of credit card debt, this client might be paying as much as $8000 a year in interest charges alone. Compared to a 7% loan, that charges interest on the declining balance this is very expensive. Remember that store credit card debt has even higher charges.

Debt releif service costs can include the following, again depending on the solution that is selected. There are transfer fees to transfer the debt to a new loan, hopefully at lower interest rates. There may also be registration fees and miscellaneous processing fees. There may also be an  annual management fee for as long as the company is managing your debt. There will be also an interest charge on the outstanding debt which should be much lower than the rate that was paid on the credit cards, unless your credit rating indicates that you are a high risk client. In this case fees and interest rates my be higher to reflect the high risk that comes with a bad credit rating.

As a consumer who is in this kind of situation, they need to compare the costs they are currently paying along with the monthly payments to the total fees and monthly payments they would pay under a debt relief situation. This comparison should tell them which is the better solution. Neither solution is going to be very good, however you are selecting the best one available given your situation.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Home/Mortgage Loan Amount :: $40,000

Home Loan Application and Processing Speed (when do you need the funds):: I think that I need a solution really quickly because the debt that I owe is incurring a lot of late fee penalties.

Do you currently have a mortgage? :: no, I rent an apartment in a highrise

Bank Name and Branch :: Wells Fargo, Gene Autry

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

Zip ::92262

What is your employment field? :: I am a property manager for a local condominium

Employment Position :: Property manager

When are you paid? (monthly/weekly/biweekly):: biweekly

Your credit rating to be – excellent, fair, or bad? :: not very good probably, but I am not sure what it is really

How did you find us? :: Looking for debt relief service solutions and costs online

How are you paid? (direct deposit/paper check):: direct deposit to my checking account

Gross Amount Per Paycheck ::$ 1846

Do you agree to have this information published online, without your PRIVATE information of course? :: sure, I am desperate and I do not want to lose my job

Extra information here please (some detail):: I have gotten myself into a real problem and I am really not sure where to turn. I have somehow accumulated a lot of credit card debt and now it is beginning to cost me a lot of money in monthly payments and also interest charges. I make payments every month and yet I cannot seem to reduce the amount that I owe. I finally did smarten up and stopped charging to my cards, but I cannot seem to reduce the balance. I am looking for debt relief and wondering how much do debt relief services cost? Would I just be making the problem worse or would one of these companies really help me?

Note to Lender :: I have three credit cards and they each have a large credit limit on them. Unfortunately I have charged them all up to the maximum. One card has a ten thousand limit on it while the other two have fifteen thousand dollar limits on them. I wish the credit card companies had never increased the limits so much. They start off with low limits when you first get the card and then they increase the limits as you use them. Next thing you know they have really high limits and you have charged them to the full amount. Who can pay off ten thousand dollars in a month let alone two other cards at fifteen thousand each?

I need a debt solution or at least debt relief so that I can get it under control. I work as a property manager and do not make the kind of money to pay these kinds of amounts off quickly, so I know that it will take a few years before I can get out of this problem I have created for myself.

What will the monthly payments be? What will the fees be? And is this a better debt  solution than just continuing to make the monthly payments on the credit cards?

 

Category: Home Mortgage Loan APR 7% APR 7% APR 7%
Loan Principal $20,000 $30,000 $40,000
Payment Schedule Monthly Monthly Monthly
Length of Term 5 5 5
Amount to be paid $23,557.67 $35,336.50 $47,115.33
Total interest paid $3,557.67 $5,336.50 $7,115.33
Paid per installment $387.25 $580.87 $774.50

 

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5 Pre-apps

  1. Karen wrote:

    i would like to consolidate my credit card debt. i have been out of work for 5 months but i just got on unemployment. i am married and he has a good job but doesn’t want to pay my debt.

  2. Chris wrote:

    My name is Chris and I am in need of an unsecured loan to consolidate my credit card and installment loan debt. I was on your web site and read a story about a woman that had run up her credit card accounts and personal loans due to a gambling problem. I can’t find the post, but she contacted a private lender in Sacramento and received a $50,000 unsecured loan. Her income was not high as I believe she worked for a Dairy Queen store.

    Can you direct me to the Sacramento private lender who approved her loan? I want to contact them directly to discuss my situation. Also, I can’t find any lenders contacts and phone numbers on your web site. Can you direct me to the section that has a list of reputable lenders that can help me secure a loan. I can be reached at (removed for privacy) or your can contact me via email at (removed for privacy)

  3. mark wrote:

    Need to borrow 40000 low interest employed over a year live in ladson s.c. lived at residents 9 years monthly payments no higher payments than 700$ a month 6 year loan need it now ASAP looking and waiting in desperate time been out of work for injury need to fix bills and move and car needs work

  4. Ronald wrote:

    Hello looking for help to consolidate my bills.cedit to low to get a loan.I been making payments on time but need help. Paying out to much and my son going to college this fall. I make good money and iam always at work Reliable … 50000 personal loan willing to work out terms ,I can pay 1000 a month + 12000 each year at income tax time until full payment has been made . Please look look at my payment history to consider thanks ronald

  5. Ron wrote:

    Hi, I’m interested in a $40,000.00 loan. My last check my credit rating is 695-705.
    I have credit card debt with some other 3-year loans I’m paying a ton of interest on these accounts. it only makes sense to consolidate these. Please consider my request.

    Thank you,

    Ron