type of debt
Date: Tue, 04/08/2008 - 17:42
Hello. I was wondering what type of debts you can include in a debt settlement program. Thank you.
Although I don't know them all I do know that a debt settlement
Although I don't know them all I do know that a debt settlement program cannot help you with tax debts and maintanence payments such as backed allimony or child support payments. Usually they are limited to basic debts like home, auto, and unsecured loans, and lines of credit like credit cards.
Hi cheric608, You have raised a very important question. Its
Hi cheric608,
You have raised a very important question. Its very important that you learn the basics of debt settlement before you join any debt program.
You can categorize most of your debts as secured and unsecured and the debt settlement program can take care of most of these loans, leaving only few.
the following debts qualify under the category of unsecured loans:
- Medical bills
- Credit cards outstanding
- Personal loans
- Private unsecured student loans(Federal student loan is treated differently,though it too qualifies for a settlement program)
- Departmental store cards
- Bounced checks
The secured loans are those, which are secured by a collateral/asset, like- auto, home loans
All these loans may qualify for a settlement program. However, one has the freedom to include all or some of her debts to the program, but its wise to inform about all your unpaid debts to the credit counselors. If you need any further assistance feel free to shoot the queries to us.
