Debt consolidation program by the banks require people to have high credit score, low debt servicing ratio and sometimes, a co-signor. This is the best program for debtors to go for. (You can learn about it on another article I’ve written – Why should I settle my outstanding debts with the creditors? (provide link))
However, if a person cannot qualify for a debt consolidation loan at low interest rate, then how would they be able to qualify for more loans? The creditor has already found the debtor too risky, so the earlier the debtor realises that they have to get rid of his debts, the better for him. If you’re in a similar situation, this is where 4Pilliars Debt Consolidation Program will help you in getting rid of that debt swiftly.
How does the process work?
Once you get in touch with 4Pillars, you can sit down with our financial expert, Pradeep, discuss and identity the best suitable option and then, the plan begins!
The plan is to get rid of the debt for as low as possible. Generally, it is close to about 15-25 cents of the total debt. We then work with our lending agency to apply for a loan to pay off this reduced debt. Through this debt consolidation program, 4Pillars and Pradeep will, on your behalf, payout the reduced debt agreed by the creditors. The payout will come from the funds approved by the lender.
Now, the next step is to make the monthly payments on this loan and also work with 4Pillars credit rebuilding program.
Where before the debtor was paying huge interest on the debts, the new payments are fixed and reduced which makes them get out of debt sooner. They can throw some portion of the tax refunds, bonus or any extra funds on the principal of this debt. There is no penalty in paying it off sooner.
Advantages of the debt consolidation loan from 4Pillars.
- The loan pays off the already reduced debt owed to other creditors, and now there is one reduced payment.
- It provides lowest impact on your credit rating compared to other debt reduction plans.
- It helps the bad remarks on your credit report to be removed in the shortest time possible.
- This loan is registered on the credit report which will help in rebuilding your credit score.
- It is a win-win situation for all the parties involved.
Taking multiple loans and credit cards, having debt pilling up and worse, making minimum payments which is not getting the debtor anywhere. This is where 4Pillars’ debt consolidation program really helps ease things up and relieves you of that pressing debt. If you got any questions, give us a call at 780-665-3767and we’ll help you out.