Debt assistance and financial relief is more important now than ever before in our history. In Pueblo County alone, thousands of people are finding it more challenging and difficult to meet their financial obligations every year. Are you struggling every month paying your bills? If so, it might be time to look for some help, but that won’t happen unless you ask. Debt management programs (consolidation and/or settlement) are two options that help a lot of people get out of debt faster. These organizations won’t help you if you don’t want to pay your bills, but they could help you if you are missing payments, consistently making late payments or if you have experienced a change in your monthly income due to circumstances beyond your control.
Many organizations offer these services, but you must be able to prove that you don’t have enough income every month to pay your bills. If you are receiving calls from creditors (or their collections department), talk with them openly about your situation and explore all options available to you. If you decide to sign up with a debt management organization, notify your creditors as soon as possible and this should stop the collection calls. You will need to provide the name of the organization you are working with and give the creditors their contact information.
If you decide to do this, you will receive a schedule of proposed monthly payments, including all required information such as the interest rates and any settlement offers being made to your creditors. You will be notified if the creditors accept or deny your offer within a few weeks, and if they agree to help you, you will need to make at least three months of consecutive payments early or on time. Once you have done this, most creditors will begin to list your account(s) as current with credit reporting agencies.
Pueblo Cooperative Care Center is providing these informational links for reference purposes only. You need to contact a tax professional for tax advice and to learn more about debt management. You need to contact a lawyer if you are considering bankruptcy options. Pueblo Cooperative Care Center does not endorse any debt management service and we do not make recommendations. We make no promise of financial relief from secured debts or unsecured debts, and we are not responsible or liable for a decision to enroll in debt management or settlement program.
Click on the links below to learn more: