After an unexpected loss, dealing with any outstanding debt can be a tall order. Once finances take the wrong turn, many people may consider filing for bankruptcy. However, before taking such steps, consider engaging a debt settlement company. These establishments negotiate with your lenders to reduce your outstanding debt.
In this article, we shall take a close look at one legitimate organization available: Premier Debt Help. This Premier Debt Help reviews writing is intended for readers who wish to retire by the age of 37.
What Is Premier Debt Help
According to Premier Debt Help reviews, the firm is an effective debt settlement company. The firm negotiates with your lenders to lower the amount of money that you owe them at a fee. Additionally, the company is well renowned across the country, with good ratings from Better Business Bureau and other numerous Premier Debt Help reviews and testimonials.
- Savings off your debt: 50 percent
- Service fees: Contingent on the amount of debt
- Minimum debt: 10000 US dollars
- Typical turnaround: 36 months
- Cancellation fees: None
- Types of debt accepted: personal loans, credit cards, medical bills, lines of credit, business debts. Most secured loans do not qualify.
How it Works
Premier Debt Help performs a soft credit pull once you initiate the application process in order to verify your outstanding debt balance and authenticate your creditors. A soft credit pull will not impact your credit score in any way.
Debt Settlement Process
Once you start working with Premier Debt Help, you are required to open a savings account. Thereafter, as opposed to paying your creditors, you are obligated to deposit a monthly installment to this separate savings account. Once you stop making payments to your lenders, you start accruing late fees and interest, your credit score suffers significantly and you become delinquent.
Premier Debt Help determines the installments, which is usually lower than the monthly installments required to service the client’s unsecured debt. Success in this program is dependent on the customer’s commitment towards adhering to making payments in that separate savings account opened earlier. The Federal Deposit Insurance Corp insurers the savings account.
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Premier Debt Help then talks to individual lenders on the client’s behalf. The company attempts to convince the creditors to take less than the total debt still outstanding. Given that you are not making payments to the creditor anymore, the lender may consider getting a reduced amount as opposed to getting no payment at all.
Once Premier Debt Help and your lender reach an agreement, the creditor is paid from the savings account you opened earlier. The payment is made either as a lump sum or as installed payments depending on the agreement. The initial settlement is usually made within six months.
Premier Debt Help does not charge consultation fees, and the company does not request any payments unless your debt is settled accordingly. The debt relief organization does not charge any upfront fees because, in 2010, the Federal Trade Commission made it illegal for debt relief companies to charge fees upfront.
Benefits of Using Premier Debt Help
- 100 percent money back guarantee
Once you see that Premier Debt Help is not settling your credit, you can cancel without paying heavy fines.
- Low minimums required to enroll
The company requires only 10000 US dollars in debt to qualify. This is quite low as compared to other debt relief services.
- Good Premier Debt Help Reviews
The company is well renowned and highly rated by Premier Debt Help reviews in as far as customer service is concerned. Both professionals and users consider the company to be top-notch and effective.
What Are the Risks?
- Damages your overall credit score
Debt settlement services should be used as a last resort. This is because debt relief is a grave issue that can severely hurt your credit score. To maintain your credit score, consider debt consolidation.
- Not offered in all states
Premier Debt Help is not available in all states across the United States. It operates in 48 states only.
- Not all debt qualifies for relief
This is a universal drawback for all debt relief companies. Secured loans do not need debt relief since your creditor will simply take possession of the collateral.
- Low debt reduction
Premier Debt Help does not save as much money as other debt relief companies
- Forgiven debt might be considered to be taxable
Forgiven debt above 600 dollars might be considered to be taxable income. The creditors might decide to send a 1099-C form to the IRS and to you via the mail. One exception, however, can be applied if you are insolvent at the time your creditor settles with the relief company.
- Interest fees accrue
Once you enroll into a debt relief program, your accounts will be considered delinquent which will result in late fees and additional interest charges.
- No relief for secured loans
Debt relief companies can only offer suggestions but do not help in relieving secured debts.
The type of settlement you decide to use will affect how quickly you will get out of debt.
Consider a five-year loan that accrues an 11 percent interest rate annually. You will be liable to making monthly payments of 325 US dollars monthly to settle it. The settlement includes the 15000 US dollars principal along with a forecasted 4500 US dollars’ worth of interest. All in all, you will have to pay around 19500 US dollars.
Settling for a five-year plan will ensure that you feel a bit better. You will have a forecasted 9 percent interest rate, paying 3750 US dollars in interest and 312 US dollars per month to make a total of 18750 US dollars.
Speak with a debt settlement professional through their Toll-Free number: 877-235 – 3878. Current clients can reach the company during normal working hours. Additionally, you can also access your online profile via the company’s website.
- Email: email@example.com
- Address: 4400 Route 9 South – Suite 2100 Freehold, NJ 07728
How to sign up
Consider initiating the debt relief process by making a call or by visiting their site and signing up.
- To sign up, visit the Premier Debt Help official website and select the amount of debt you hope to settle.
- Enter your contact information.
- See if you qualify for debt settlement.
Debt relief can hurt your credit score, and it is not the best path to use unless you plan to stay out of debt in the future. However, if bankruptcy is your only other possibility, Premier Debt Help can legitimately help you get your finances back on track. According to Premier Debt Help reviews, the company is effective and legit.
Please share any Premier Debt Help reviews that you may come across, past experiences, thoughts, and questions regarding the company.