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on Sunday, August 29th, 2010 at 9:41 am and is filed under Debt Consolidation.
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If you fall behind on your payments, you have certain rights in regard to how collection companies treat you. I’ve included a link that explains your rights under the Fair Debt Collection Practices Act.
But, unless you seek bankruptcy protection, you can be sued for non-payment of the debt, and your accounts and wages are subject to garnishment. I’ve included a link explaining your rights in bankruptcy.
Another option is to go to an NFCC (National Foundation for Consumer Credit Counseling) accredited agency and enroll in a debt management plan. Your creditors have to agree to this, but often they will because it is to their advantage if you are able to pay some or all of the debt. If you are accepted into a debt management plan, your creditors may also agree to reduce some of your interest charges, late fees, and/or possibly forgive some of your outstanding debt. I’ve included a link to the NFCC website.
If you fall behind on your payments, you have certain rights in regard to how collection companies treat you. I’ve included a link that explains your rights under the Fair Debt Collection Practices Act.
But, unless you seek bankruptcy protection, you can be sued for non-payment of the debt, and your accounts and wages are subject to garnishment. I’ve included a link explaining your rights in bankruptcy.
Another option is to go to an NFCC (National Foundation for Consumer Credit Counseling) accredited agency and enroll in a debt management plan. Your creditors have to agree to this, but often they will because it is to their advantage if you are able to pay some or all of the debt. If you are accepted into a debt management plan, your creditors may also agree to reduce some of your interest charges, late fees, and/or possibly forgive some of your outstanding debt. I’ve included a link to the NFCC website.
I would add: try Dave Ramsey’s advice.
Just Google his name.