Any bankruptcy alternative requires sacrifice, discipline, and budgeting if you’re going it alone. However, you might benefit from professional help such as Fast Track’s Debt Settlement Program. If you are really motivated and willing to do all you can to get out of debt, it is possible to do it yourself but not without hard work and some real sacrifice.
To see exactly where you stand, you must first gather your financial documents and write down the balances you owe on all your loans, except your student or mortgage loans, with the monthly payment due for each of them. Make a note of the APR on all loans. Contact the credit card companies; tell them you’re trying hard to pay rather than file for bankruptcy and ask if they can lower your rates. At the same time, try to obtain some zero-APR balance transfers for your highest cards. Use those only to pay off old debt. If you are already behind on your mortgage, ask the bank or whoever holds your mortgage if they can modify your payments for a while.
Now set up your monthly budget; that is, write down your income after taxes and subtract your regular, necessary expenses such as mortgage or rent, payments on government loans, utilities, and groceries. Calculate how much you will have left to pay down your debts. If it’s not enough, think of ways to trim your expenses by temporarily cutting out all expenditures that are not truly necessary. If you can free up some cash this way, use it to pay down the credit card(s) with the highest balance(s) and APR.
If your calculations show that you cannot make much of a dent in your debt, it’s time to take a hard look at any other options. This may mean a second, part-time job, selling everything you don’t need, recyclables, and a new source of income that’s receiving some publicity lately—renting out equipment or tools you don’t use all the time by the day. All this income should be reserved for payments on your debts.
While you are doing all this, you are probably aware that there is professional help available that relieves you of the details of taking all the above actions as they pertain to contacts with creditors. Especially if you are looking for a bankruptcy alternative, it makes sense to contact Fast Track and see what can be done to settle your debts with their help.
The Fast Track program offers ethical and dedicated debt settlement service to assist you. Fast Track’s specialists will contact your creditors and negotiate with them. When we start your plan we establish an affordable monthly payment which is deposited in a settlement account in your name. Once you have the required funds in your settlement account, we will contact your creditors and make settlement offers. We will continue to work with them until all debts in the plan have been settled. FastTrack’s goal is to settle all debts in the plan for 40%-60% of what you owe.
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RESULTS MAY VARY BASED ON ABILITY TO SAVE FUNDS AND
COMPLETION OF ALL PROGRAM TERMS. PROGRAM DOES NOT ASSUME
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