NO MORE Mortgage Plan vs. Debt Settlement
There are very important differences between NO MORE Mortgage’s automated debt elimination plan and debt settlement. You should know about these differences and how they can affect your financial future.
Let’s look at the how each one comes into play in your quest to eliminate your debt and get back on track financially.
First of all, let’s ask why you may be considering debt settlement. This is the most important step as it tells you which path is best for you. Cash flow is our first comparison.
If you are cash flow negative, cannot cover your bills, and are headed towards losing your home, then you should talk to a bankruptcy attorney and ask about debt settlement and bankruptcy. In some cases, debt settlement is not going to help you and may hurt you more if you are headed into bankruptcy anyway. The attorney is a better place to start as many of the settlement “counselors” want to sign you up and may not be competent enough to give you the best advice.
If you can afford to pay your bills today, want to protect and improve your credit, and get on track to building a bigger and better retirement fund after becoming debt free, then read on and we’ll go over some other differences. Our program isn’t for someone who is cash flow negative. But we could do wonders for you if you are able to pay your bills today.
First, let’s go over why you hear so many ads today for debt settlement and how it is being touted as the “path to being debt free.” Debt Settlement is being advertised in much the same way the option arm mortgage was in years past. It has certain advantages for a small percentage of people, and is easy to sell. Through mass marketing and media advertising it is being offered to anyone who “qualifies” regardless of whether it’s a good choice for them.
Our next comparison is about the type of debt you can “eliminate.” Debt Settlement is typically targeted at someone with heavy credit card debt usually defined as “over $10,000.” Settlement companies target credit card debt because it is unsecured, so they can negotiate with the creditors. If it was secured debt, such as an auto, the creditor can simply take their asset (your car) back. So unsecured debt cannot help you with much of your debt that is secured, such as your home, your cars, and other physical property.
NO MORE Mortgage’s debt elimination plan is designed to help you with all of your debts, regardless of whether they are secured or unsecured. If it is a debt that is paid monthly, and can be paid off (unlike utility bills) our program could be ideal for you.
The next comparison has to do with your credit. Debt settlement can damage your credit harshly for at least 2 years and will likely continue to hurt you for much longer. The short term savings you may gain in settlement could easily cost you that and more over time as you will pay higher interest rates on any credit or lending you need after that. And that is if you can get credit after that for the first few years or more.
With our debt elimination program we don’t do any settlement nor do we contact your creditors. And our comprehensive debt analysis system generally accelerates the pay down of your debt by attacking revolving credit first, such as credit card debt. Revolving credit can make up 30-35% of your credit score. So as your revolving credit is being paid down your score is not only “not damaged,” but you could actually see your credit score improve faster than it would normally based on how you pay your bills today.
Our program does not harm your credit, and should improve it faster. Your credit score and history are used in determining not only whether to provide you with credit, but is often reviewed when considering someone for future employment and in other ways. Your credit score is becoming more important every year. You want to keep yours in the best shape possible.
Let’s compare where your money is going during the programs. With debt settlement, your money is collected and often held in an escrow account, where part of the money is being paid to the settlement company and the rest is held until there is enough to negotiate the first debt.
In our program your money is paid out directly to your creditors each month through our advanced bill pay system that does the work for you. Our system meets all of your obligations while making your payments according to your personalized analysis to save you the most time and money. We ensure on-time payments while working your plan for you. And your money is transferred and paid out to your creditors by a top rated financial institution that handles transfers for many of the country’s top banks.
We’ve helped thousands over the years to get on track to becoming debt free. This is a safe program that works, and does the work for you to ensure your success.
Contact us for a free CD that will further discuss our program; or better yet, call us and ask for a free debt analysis that will show you how much your debt will cost you and how long it will take to become debt free based on how you pay your bills today. It will compare and show you how much sooner you could be completely debt free and how much you could save if you choose to join the thousands that are already on this path.
Everyone should know how much their debt is going to really cost them and how long it will take to pay it off the way they are paying it today. Knowing where you really stand helps you make better decisions and can help you make better choices in your spending. Get your free analysis at no cost and with no obligation. That’s our gift to you for taking an important step and learning something 95% of your friends and family don’t know about their own finances.
You can fill in the form at the top left for a free CD or call us and get your free analysis at 1.800.598.1657
Your friends at NO MORE Mortgage
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Filed under No More Mortgage, debt elimination, nmm-blog by on Dec 3rd, 2009. 
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