For most financial institutions, you qualify for emergency debt relief if you owe more than $10,000 (US). Owing five figures is definitely a cause for alarm, but it's not hopeless. Many financial services offer emergency debt relief; not just a Jackson, Florida company called Emergency Debt Relief, Inc. which lost a customer fraud lawsuit recently.
It Doesn't Come Right Away
Emergency debt relief does not mean that you fill out a form or make one phone call and ZAP your bills are paid off. It's not that simple, but the end goal of getting your debts paid off is still the same. First of all, you need to get all your bills together in order for an emergency debt relief service to help you. You need to find out:
exactly how much you owe to who
exactly how much you make or how much you are worth in annual salary, stocks and property
exactly what your annual bills are (including you monthly bills)
This takes time to gather, but in doing so you will get set on the road to emergency debt relief. You will also know exactly how much money is available to you.
A Good Service
As you've probably determined, not all financial services offering emergency debt relief are legal or helpful. There are some things common to fraudsters that you need to be on the lookout for. Fraudsters will offer you a consolidation loan without taking a good look at your current finances. Fraudsters will ask you to falsify information. Fraudsters will also offer no money management courses to you. If you know they are non-profit debt management services, they should not ask you for donations.
A good service that offers emergency debt relief will take a two-pronged approach to help you out of your quandary. First off, they will get you into money management courses or classes so you can stay out of debt. They also will take time going over your current financial situation. They will give you several contact numbers and outline a long plan of attack.
Usually, they will pay off what you owe and then you pay off your debt to them. You won't have to pay the sky-high interest rates that credit cards or bank loans often charge. They will also contact collection agencies to let them know that you have hired their services with the intention of paying off their debt.
Related Articles
Debt Relief Settlement May Help Reduce Financial Pain
By: Benjamin Brook | 26/04/2008 | Finance
Depending on how much you owe, who you and how you have treated the company to which the money is owed, there is a chance you can negotiate a debt relief settlement that can save some money while ending your financial obligation.
The Truth Behind Debt Settlement
By: Guillermo Santomauro | 30/04/2008 | Debt Consolidation
This artivle highlights the facts on what debt settlement is and what it is not.
Tax Debt Relief Can Save Tax Payers Assets
By: Benjamin Brook | 19/05/2008 | Finance
While officials from the Internal Revenue Service are often vilified as evil people, those who have successfully worked with them and received tax debt relief will say their reputation has no basis in fact.
Avoid Debt by Using These Simple Methods
By: Gary Milton | 28/05/2008 | Finance
Often the best method to deal with debt is to avoid it entirely. Of course, prevention is not a very widely used approach as the sheer numbers of Americans in debt clearly testifies.
Lower Interest Rates May Offer Debt Relief
By: Clinton Maxwell | 12/01/2007 | Finance
A bad credit history has a way of keeping you from getting an unsecured low-interest credit card. Unsecured credit cards, it would seem, are simply reserved for those with good credit ratings, not those who have experienced the need for debt relief. Credit Cards provide a sense of...
Sleep Easier With A Debt Consolidation Loan
By: Joseph Kenny | 14/04/2008 | Debt Consolidation
American consumers are becoming a lot more educated in their buying habits. This change in awareness as brought equivalent changes in the loan market.
Christian Credit Counselors
By: Christian Credit Counselors | 24/09/2007 | Debt Consolidation
Christian Credit One, Inc. is a national, non-profit organization dedicated to helping consumers achieve financial wellness through counseling and education. Established in 1994, Christian Credit One has helped over two million individuals achieve financial security. Personalized and confidential consultations are available in person, by phone or online. Visit Christian Credit One or call 888-767-9155.
Are Secured Loans Best For Debt Consolidation?
By: Joseph Kenny | 07/03/2008 | Debt Consolidation
There are basically two kinds of loan, an unsecured loan such as a credit card, where the company who are giving you the credit, have no security such as against a car or house. Or a secured loan, in this case the company does have security in the form of, for example, a second mortgage on your house
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Toyota, Yaris a good vehicle?
By: screeeeeeename | 01-07-2008
Can anyone tell me what kind of vehicle (performance-wise) a Toyota, Yaris is?
I have been sued for a credit card debt but can ...
By: elizabeth | 25-06-2008
I have been sued for a credit card debt but can not appear in court does anyone know thw penalties for not going?
Loans Available: No Social Security Number Required, No Collateral, No Credit check Required, 100% Guaranteed!
By: hill | 14-06-2008
Greetings,I'm Mr. Bill Richards. I'm a certified, reputable, legitimate & an accredited private lender.I loan money out to individuals in need of financial assistance.Do you have a bad credit or you are in need of money to pay bills?I want to use this medium to inform you that i render reliable beneficiary assistance as I'll be glad to offer you a loan.Services Rendered include:*Car Loan*Refinance*Home Loan*Business Loan*Personal Loan*Debt Consolidation*International LoanNo social security and no credit check required, 100% Guaranteed.I Look forward allowing us to be of service to you.Kind Regards,Bill Richards[brichards.lender49@hotmail.com]
Getting rid of baby fat?
By: Leanna | 02-06-2008
how do you get rid of hanging stomach after having a baby?
Making mortgage accelerator work
By: yoander | 27-05-2008
I want to take advantage of the mortgage accelerator programs out there because I want to own my house free and clear in as little time as possible. However, I have no equity in my house. I have too much debt so I can't get another loan such as a heloc or personal loan. And from what I understand, without a second smaller loan, the system won't work. Am I just SOL?
We are trying to decide to go to Maine for our ...
By: Patty cake | 27-05-2008
We are trying to decide to go to Maine for our 12th year in a row camping vacation or not. The reason for this question is the high cost of fuel. It will cost us about $800.00 in fuel for the trip. We know that we can not afford it but, at the same time we don't want to miss our 12th year camping in Maine. This is a trip we just love and look forward to all year. Money is tight and the trip will put us into debt for the following year. What to do? Go for it or break the 12 year record? Patty Cake
Q&A Powered by:
Finance 
