|Debt Reduction Plan
How the debt counselors come up with a debt reduction plan
When a person approaches a debt counselor, they help them to manage their funds so that they can make their payments on time and along with it make sure that the credit report has a good feedback. They will do a complete case study to ensure that nothing is missed out and they are able to come with a beneficial plan to help you meet your needs.
The debt counselor notes down the following details so that they can come up with a good debt reduction plan, they ask questions like:
1. A list of all the creditors
2. The total outstanding amount due
3. The monthly income of the person
4. The total expenses of the person
Once they gain all the information, then they:
1. Do a complete analysis of your debt:- Once they get all the information of all your debts, the debt counselor then sits down to analyze all your debts, they will even go ahead and check
• What your monthly payments are?
• What is the allocation of the payments you are making?
• Since how long you've had that loan.
• What are the interest rates?
• What type of interested it is.
• What sort of a loan you have.
2. Work out your budget: - Based on all the information that they get they work out a debt reduction plan in such a way that it can be easy for you to handle. They also try to see where they can reduce your expenses for an easy budget.
3. Draft a plan accordingly: - Once that is done, they will draft a debt reduction plan so that it will be easy for you to understand where and how you need to make the payments. This plan will go on till most of your debts are paid. When you are at this phase, it would not be recommended to add any other debts.
4. Start with the negotiation process: - After a couple of months, they will try to negotiate so that you can try to get a lower interest rate and they will see how they can reduce your payments for you.
5. Follow up with you: - They will keep in touch with you to make sure that things are fine and you are meeting up to the expectations.
This debt reduction plan will be customized to your requirements and according to what you can afford not just making the payment but also help you meet other expenses.
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