There are very few types of debts that can not be enrolled into a debt settlement program. Debts that are classified as secured debts will not qualify. A secured debt is any type of debt that has collateral assigned to the credit card or loan agreement. Secured debts do not qualify for a debt settlement program because the creditor will typically seize the collateral and heavy penalties will be assessed to the consumer to recovery the collateral. If the collateral has already been reposed by the lien holder or credit grantor and they are coming after you for a deficiency balance, we can enroll this debt as there is no longer collateral.
It is best for you to consult a Debt Specialist so they may review your financial situation and advise you of which debts are considered secured and unsecured. In general, secured debts include auto payments, mortgage payments, student loans, taxes, jewelry accounts, and any type of real estate. In the event that the collateral has already been seized such as an auto repossession, this debt is no longer considered secured and will qualify for debt settlement.
Almost all unsecured debts qualify for a Debt Settlement Program. Unsecured debts qualify because the creditor can not seize any of your property that was purchased with your loan or credit agreement. Unsecured debt is any loan or debt that has no tangible assets or property attached to it. The most common types of unsecured debt are credit cards, department store cards, medical bills, collection accounts, and utility bills.
Just because the creditor can not seize your property does not mean they can not do anything to you though. That is why it is very important to have FH Financial help you with your debt problems before they get any worse than they already are. It is very easy to get the help you need, Start by clicking here and completing a free consultation.
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