Debt Settlement in New Hampshire
Which Type of Debt Relief is Right for Me?
Here are brief descriptions of 5 debt relief strategies that commonly utilized in New Hampshire.
1. Pay Only the Minimum Every Month
Making minimum payments may feel like some progress is being made toward paying down a debt, but minimum payment structures are designed to keep you in debt longer and paying more in the long run. Choosing to pay only the minimum every month is often the worst strategy for getting back to even, and it should be avoided whenever possible.
2. Enrolling in New Hampshire Credit Counseling or Debt Management
Credit counseling involves working with an agency to organize your repayment plan & reduce the interest rates being applied to debts. These types of debt management programs are often offered for free, so be wary of any company attempting to charge you for this type of service.
The downside is that you still end up paying back 100% of the debt and any interest that has accrued in addition to these programs typically taking 3-5 years to complete. The advantage is that you could potentially reduce your interest rates for free.
3. Debt Consolidation in New Hampshire
With debt consolidation, you take out a larger, low-interest loan and use that money to pay off your higher-interest unsecured loans. This leaves you making a single monthly payment that is – in theory – lower than what you were paying for all your credit card and other unsecured loans.
4. New Hampshire Debt Settlement or Debt Negotiation
Debt settlement is a process of negotiating with creditors to reduce the interest rate and the principal balance of the owed debt. This differs from debt counseling or debt consolidation in that the debt balance can be reduced in addition to the interest rates, making settlement a generally faster and less expensive option than either.
5. Declaring Bankruptcy in New Hampshire
For individuals who continuously find themselves in trouble with debt and have creditors that are no longer willing to negotiate a settlement deal, bankruptcy may be an inevitable outcome. A formal declaration of bankruptcy clears the debtor of some or all of their unsecured debts and the creditor collection process is brought to a halt, but the debtor’s ability to borrow is significantly damaged for years to come.
Figure Out Which Form of Debt Relief is the Best for You
Do you have a legitimate financial hardship condition?
A majority of debt problems in New Hampshire are caused by medical issues, divorce/separation, or a sudden loss in income. Each of these are legitimate financial hardships that can happen to anyone through no fault of their own, but any single one of them can wreak major havoc on your household budget. If you’ve found yourself buried in debt due to a hardship circumstance and would prefer to work out an alternative to bankruptcy, then Debt Settlement in New Hampshire could provide the solution you’re looking for.
Are you committed to getting out from under your debt?
Debt Settlement is not a “free lunch” system for people who want to avoid paying their bills. It is an aggressive approach to debt relief, and it can present an occasional challenge. Your level of commitment in sticking with the plan, even when the going gets a little tough, is often what determines success.
For those who are willing to see it through until completion, a debt settlement program can get you out of the red at a lower cost & faster pace than any other debt relief option in New Hampshire.
Is most of your unsecured debt from credit cards?
Most forms of unsecured debt can be reduced through settlement negotiations such as financing contracts, repossession deficiencies, lines of credit, department store cards, signature loans, miscellaneous bills, and more. The largest reductions in principal balance tend to come from credit card debts; so, if most of your debt load consists of credit card debt, then debt settlement may be a great match for your financial situation.
Learn About the Settlement Process
How Does Debt Settlement Work in New Hampshire?
Debt Settlement is a process of negotiating with creditors to arrange payment for less than the balance owed (principal) on unsecured debt accounts. This is different from simply reducing the interest rate as with Debt Consolidation and Credit Counseling, which do not reduce the total balance of the debt. By negotiating away up to 60% of the balance owed, Debt Settlement can provide a much faster route back to financial freedom when compared to other forms of debt relief available in New Hampshire.
The settlement process is effective because most creditors are willing to accept a reduced payment to close out a balance rather than losing the entire debt if the debtor files for bankruptcy.
You can include the following types of debt in a New Era Debt Settlement Program:
- Defaulted, private student loans
- Department store cards
- Credit cards
- Signature loans
- Personal lines of credit
- Old repossessions
- Other unsecured debts
- Old judgments
The following types of debt do not qualify:
- Credit Union debts
- Car loans
- Home mortgages
- Federal student loans
- Other secured debts
- Medical / Hospital bills
New Hampshire Debt Settlement Services by City
- Manchester Debt Settlement
- Nashua Debt Settlement
- Concord Debt Settlement
- Derry Debt Settlement
- Rochester Debt Settlement
- Salem Debt Settlement
- Merrimack Debt Settlement
- Hudson Debt Settlement
- Londonderry Debt Settlement
- Keene Debt Settlement
Be sure to check with your New Hampshire debt counselor for more information as this is not an exhaustive list.
Can I Trust New Era to Handle my Settlement?
By asking these 14 important questions of a potential settlement firm, you can pick the good companies apart from the bad ones much more easily. It’s also a good idea to look into a company’s average rating and complaint history the Better Business Bureau (BBB) to see what the experiences of other New Hampshirans have been like using their settlement services.
At New Era, we’ve been helping New Hampshire consumers become debt-free since 1999 and have settled over $275,000,000 in debt in that time. Our team of debt negotiators has worked with thousands of clients from states all around the country. Check out our Testimonials page to learn more about what it’s like to work with one of the best in the industry.
What Makes New Era Debt Solutions Different?
No Fees Charged Upfront. Debt settlement is not a service that can be charged for upfront. Period. This is not only the most ethical way to do business in the settlement industry – as per an FTC ruling effective October 27, 2010, it’s also the only legal way to charge fees. Any company trying to charge you upfront fees for settlement is acting unlawfully.
- No hidden “add-on” fees. Some debt settlement companies try to pull in extra profit by charging administrative fees, signing fees, consultation fees, and various other excuses to get around the fee laws of our industry. Good guy debt settlement companies, such as New Era, only charge a settlement fee which is not requested until after the debt is settled.
- All-in-one service. Some “debt settlement” companies are only sales groups that sell or pass off their settlement accounts to a third party to handle the negotiations process. This means that your financial data is being passed around between multiple third parties and the salesperson you originally spoke to may have little to no control, or interest in, how well your settlement actually goes. It’s important to look for a settlement team that will handle your program in-house from start to finish, such as New Era.
- Experience. When the sub-prime mortgage industry crashed in the late 2000s, many mortgage industry professionals jumped ship and opened up debt settlement firms. These younger settlement companies do not have the experience or the established relationships that lead to the best deals in settlement. Look for a veteran settlement company that has been around long enough to amass a solid history of successful settlements in Hawaii. For example, New Era has been providing settlement services since 1999 and our team of debt experts has settled more than $275,000,000 in our 20+ years in the industry.
Get Your Finances Back on Track with Hawaii Debt Settlement
New Era negotiators have years of experience landing awesome deals in New Hampshire, but the offers don’t last forever. The most successful debt settlement clients are those who ready and willing to get started immediately.
See how much time and money you can save with a FREE debt analysis from New Era Debt Solutions. Contact us today to get started.