What types of debt will be eliminated?

Only unsecured debt is negotiable.  Beyond that what types of debt will be eliminated is up to the creditors and what they are willing to negotiate; however, there is a guarantee that secured debt will not be settled.  Our DebtEliminator101 trained professionals know how to convince the creditors to negotiate on all types of unsecured debt.

Unsecured debt is negotiable because there is nothing being held as collateral for a penalty if the debt goes unpaid or is settled.  Instead, interest is accumulated on the balance left to pay as an incentive to pay the bill.  Some examples of unsecured debt are as follows: medical bills, credit cards, department store cards, personal loans, student loans, and bounced checks.  There are a few more but these are the ones that are most common.

Secured debt, debt that is non-negotiable, is an amount of money borrowed for something specific that is also used as collateral.  If the debt amount goes unpaid, the object used for collateral could be retracted.  A home is a prime example of this.  Let’s say you want to buy a house but do not have the money for it.  You would then borrow money from the bank in order to get that house.  Along with this loan you would sign an agreement with the bank stating that if you do not pay on the balance owed over a certain period of time, the bank can legally take your house from you.  Secured debt includes mortgages and auto loans.

DebtEliminator101 along with other debt settlement companies cannot negotiate on any type of secured debt; however, unsecured debt is negotiable.  Unsecured debts are usually where the interest rates are the highest and hardest to pay off with the outrageously accumulated interest.  Creditors of unsecured debt are willing to negotiate as along as the appropriate steps are taken.  Remember that in order to receive the best figures possible you must freeze all excess spending and eliminate the use of credit cards.  DebtEliminator101 will help you set up a budget that fits your financial capabilities and keep you on track. 

For more information call 801-375-7505.