Debt Consolidation, Debt administration & Debt mediation

Debt Consolidations #

  • Debt consolidation means taking out a new big loan to pay off a number of liabilities and consumer debts, generally unsecured ones. In effect, multiple debts are combined into a single, larger piece of debt, usually with a high-interest rate, with a period terms 3 -5 years.

Debt administration #

  • Debt Administration is a process that is intended to help restructure the debt obligations of consumers who cannot pay their debts, have judgments or do not qualify for Debt Counseling. A repayment plan that is affordable to the consumer is developed and made an order of Court.

Debt mediations #

  • Debt mediation is a process that is intended to help consumers who are experiencing a cash flow problem that might only last a few months. An alternative arrangement affordable to the consumer and acceptable to the creditor is made on the consumer’s behalf.
  • In case the client chooses one or more accounts to be negotiated or reduced.
  • The client can still use their credit facility
  • Clients can make new debts and are always in danger of becoming over-indebted¬†

Powered by BetterDocs


Your email address will not be published. Required fields are marked *