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    Welcome to www.ooraa.org

     

     
      
       

     Debt Settlement

    Debt settlement, also known as debt arbitration and debt negotiation, is a process that reduces your debt amount, thus enabling you to get out of debt faster.Debt settlement is an excellent option for you to get out of debt; it reduces your debt amount, which will allow you to pay a considerably lesser amount.

     When Debt Settlement is Necessary

    Debt settlement is a debt relief option that you can take when:

    • Your account is been transferred to a collection agency
    • Creditors have threatened to sue you for debt
    • You are at least 3 months behind on your payments

    Timeline for Debt Settlement

    There is no specific amount of time that it takes to completely settle and get rid of your debt, however, depending on your personal situation, it typically takes 2-5 years.

    Why Creditors Settle Debts

    If a consumer fails to pay off their debts in a timely manner, the creditors sell the debt to a collection agency.  Settling debt is a more feasible way to handle it than selling it to an agency, for this reason they are usually very willing to partake in the debt settlement process.

     

    How Debt Settlement Works ?

     

    Step1

    Fill ” Check How much can you SAVE? form “ or Call toll free at (888)888-9914 Mon - Fri 8:00 am - 9:00 pm EST and Sat 9:00 am - 8:00 pm EST for a free telephone consultation with one of our Debt Settlement experts.When you will call us the consultant will determine your financial condition and will analyze if our debt settlement program is good for you, and if you qualify.

    Step 2

    If the consultant finds out that a debt Negotiation/Settlement program is the only solution for you to get out of unseured debt, he/she will send you the documents to sign. The consultant will also provide you with details on the fees required and a power of attorney form which will allow him to talk to your creditors on your behalf.

    Step 3

    When you receive the documents, the consultant will again contact you to answer any questions before you sign the docs. Once you sign and return the documents to the consultant, He/She will contact your creditors and inform them that you have retained us to represent you.If you continue to receive calls from the creditors you can direct them to us.

    Step 4

    Our experienced debt negotiators will start negotiations with all your creditors to obtain a settlement. Our average settlements range from 35% to 60% of the total debt.We will keep you updated on your progress and will let you know when we believe we have a good settlement offer in hand.

    Step 5

    When you agree to a settlement, and have the funds available, the settlement will be made on your behalf with your creditor.You will then disburse funds from your debt settlement account and mail the final settlement payment.

    When your debts are settled you can experience the peace of mind which is worth every penny you pay to professional settlement company.You can live the stress free life.Free of harassing creditors calls and letters .

    Unsecured Debts

    Secured Debts

    Debts We CAN Settle

    Debts We CAN’T Settle

    Credit Cards

    Mortgages

    Department Store Cards

    Auto Loans

    Medical Bills

    Government Loans

    Collections or Repossessions

    Student Loans

    Business Debts

    Car Loans

    IRS Debt or Back Taxes

    Home Loans

    Personal Loans

    Other Secured Debts

    Types Of Debts :

    1.Unsecured Debts

    2.Secured Debts

    Unsecured Debts:Can Be Settled

    Unsecured debt is very different from secured debt. With this type of debt, you agree to pay back the loan with no actual assets on the line that can be used as collateral. There are a few different kinds of unsecured debt, however credit cards and personal loans are the most widespread types.
    Unsecured Debts includes

    1. Credit Cards
    2. Personal Loans
    3. Department Store Cards
    4. Unpaid Medical Bills
    5. Collections or Repossessions
    6. Business Debts
    7. IRS Debt or Back Taxes

    Secured Debts:Can’t Be Settled

    Secured Debt is the result of the inability to pay bills that relate to an asset; this asset is used as collateral.  For example, debt from a mortgage or car loan would qualify as secured debt, because the lender can just repossess the property if you fail to pay.

    Secured Debts includes

    1. Mortgages
    2. Home Loans
    3. Auto Loans
    4. Government Loans
    5. Student Loans

    Secured and Unsecured Debt: Is There a Big Difference?

    There is a huge difference in secured debts and unsecured debts.  It is imperative for you to understand how these two types of debt differ from each other, and what debt relief procedures need to be taken for each.  If you are currently dealing with financial setbacks, it is extremely important for you to know the steps to become debt free for both secured and unsecured debts.

    Secured Debt

    Secured Debt is the result of the inability to pay bills that relate to an asset; this asset is used as collateral.  For example, debt from a mortgage or car loan would qualify as secured debt, because the lender can just repossess the property if you fail to pay.

    Secured Debt Loan Lenders

    Furthermore, due to the fact that lenders have the power to take the asset if the bills are not paid, secured debt usually has a relatively low interest rate.  The bank or lender knows that if they give you a loan, they will not lose a lot of money because they can just take back the property if you do not pay off your debt.

    Unsecured Debt to Secured Debt

    While credit card debt is usually a type of unsecured debt, there are instances when it can be considered secured debt.  When people need to rebuild their credit, they sometimes use a secured credit card to do so.  This works by the person putting a certain amount of cash on the card, and the amount they put up serves as a line of credit.  The person will have the ability to charge the card up to the amount they initially put up, and that cash serves as collateral for the secured credit card loan.

    Prioritize Your Debts

    Many people have both secured and unsecured debts they need to pay, however, the secured debts should most definitely be paid first.  Lenders have the power to just take back the property associated with your secured loan; therefore, although it is extremely important for you to repay your current unsecured debts, secured debts should be the priority.

    Unsecured Debt

    Unsecured debt is very different from secured debt.  With this type of debt, you agree to pay back the loan with no actual assets on the line that can be used as collateral.  There are a few different kinds of unsecured debt, however credit cards and personal loans are the most widespread types.

    Unsecured Debts Chancy for Lenders

    Unsecured loans are definitely risky for the lenders because if you fail to pay back your debt, they may have a hard time getting the money that is owed to them.  This also explains why unsecured loans have higher interest rates than secured loans.  As aforementioned, it is imperative to pay down secured debt first, however it is also vey important to get rid of unsecured debts. Unsecured debt lenders can get a legal judgment against the debtor if necessary.  There is the possibility that they will not succeed in this, but if they do, a lien could be put on your home.  This is not very common because it is tremendously difficult for lenders of unsecured debt to get their money back by making you sell your assets.

    What Type of Debt is Student Loan Debt?

    The government usually secures student loan debt; the government assures the lenders that they will be paid, thereby imposing strict student loan laws.  Even if the debtor files for bankruptcy, they will not have the ability to discharge their student loans.  For this reason, it is imperative that you pay off the debt of your student loans, preferably before your unsecured debts.

    Why Have Both?

    It is actually in your best interest to take out unsecured loans and secured loans; granted of course you know the steps to become debt free and have the ability to pay off debt with ease.  Paying off both of these kinds of debt will improve your credit score tremendously; therefore it is of the utmost importance that you understand the difference between the two.

    Ooraa.org is a matching service helping you find a program that meets your specific needs.Debt settlement consultants facilitate debt settlement programs for consumers who are overwhelmed with massive debt or who are considering bankruptcy as a last option. This process is also known as debt negotiation and debt settlement consultants are experienced in this aggressive, and often successful, process for debt management and reduction
    Creditors are often willing to accept less than the original balance through debt settlement because they probably realize that some money received is better than no money received if the debtor chooses to file for bankruptcy protection. Creditors probably know that they are far more likely to receive payment of any level by allowing for a lower total payment. Debt consultants and credit counselors often develop relationships with creditors and can use this connection to the consumer’s advantage as well.

    After debt is settled by a debt settlement plan, the creditor typically sends out a letter saying that the obligation was paid and informs the big three credit bureaus about the fulfilled obligation. This could help to repair any damaged credit scores and thus allows the debtor to begin to rebuild their financial health. Debt settlement consultants are experienced in helping with this process by educating the consumer about money matters so that the cycle is not repeated. While this option is a smart one for some people, there are drawbacks and an experienced debt relief consultant can help you find out if this is the right choice for your unique situation.

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