Debt elimination is finally here!
Debt elimination is finally here!
Welcome
Advice Financial Corp has been helping people with Financial Advice and Eliminating Debt since May 30, 2001. We are proud to be partnering with MPowering America to further expand and better serve our clients needs. In this unprecedented time we will be focusing on helping our clients with DEBT ELIMINATION!
Learn your options to becoming debt free!
Ignore & Avoid
If you decide to do nothing, you will not receive any relief from the debt, or the harassment from your creditors. Your fees and interest can keep accruing, your account collection calls and threats can intensify. Over time the risk of a lawsuit increases, along with the possibility of wage garnishment. Ultimately, bank accounts can be levied, and liens may be placed on your property. Avoidance only intensifies the unavoidable consequences. Take a step to get some help. Many millions of people struggle with debt issues; you are not alone, and there is no need to feel ashamed or embarrassed. A simple phone call or email is how you can start to make a change. We are here to answer your questions and help you find the solution you need to turn your finances around. Contact Mark today; we look forward to hearing from you.
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Procrastination won’t contribute to your potential!
Filing for Bankruptcy
There are few benefits to filing for bankruptcy. A bankruptcy filing can follow you on your credit reports for up to 10 years and can keep you from obtaining a new mortgage for two to three years. It may also prevent you from being able to open a checking or savings account or prevent access to your current accounts for a period of time. Most people try to file for Chapter 7 relief, which allows you to eliminate all or most of your debt; but ONLY if you qualify.
Depending on the amount of income you earn, qualifying for a Chapter 7 bankruptcy filing may be difficult. Frequently, the Judge may reclassify the filing as Chapter 13, which basically means the court is going to acquire your income, give you back an allowance, and use the rest of your money to pay off your creditors. It is not uncommon for a Chapter 13 filing to stay in effect for five years, with the court supervising what you spend during that time. Although this is an appropriate option at times, you should explore all options available to you before simply filing for bankruptcy.
If you are committed to filing bankruptcy as a means to achieve debt relief, we urge you to consult with a bankruptcy attorney for sound legal advice before you take action.
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Debt will steal your opportunities!
Debt Consolidation
Debt consolidation is an option where you pick a reputable bank or mortgage company, and they roll your debt into your home mortgage or a consolidation loan (If this option is available to you). This process will eliminate collection calls, may lower your monthly payments, and may reduce your interest rates. However, it may end up costing you more over time. There are costs to refinancing, and it is harder to get approved in today’s market, particularly if you are delinquent on your debt or your debt to income ratios are too high. Don’t forget, if you refinance all your debts into your home, you are not getting rid of the debt. Instead, you are moving it from one type of debt into another, and you will pay on it for the next 15 to 30 years, which can equal tens of thousands of dollars in interest paid.
If you are seeking debt relief, select a method that will eliminate the debt, not necessarily move it from one place to another with the cost of a refinance or consolidation loan. Consider using MPowering America to assist you in choosing the debt elimination strategy that is right for you based on your unique situation.
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FINANCIAL FREEDOM IS THE ELIMINATION OF DEBT!
Debt Assumption
Debt Assumption works much differently than other debt-relief options. Debt Assumption offsets your debt, helps protect against lawsuits, and restores your credit without the possibility of tax liability. This program uses a proprietary process that has been proven highly successful for thousands of clients over the past 14 years. If you qualify, there quite a few benefits that other methods do not provide. As with any debt relief program, there are guidelines that must be followed, so not everyone will qualify for Debt Assumption.
With Debt Assumption, you can enroll all or as many of your unsecured debts as you choose. Unsecured credit cards, signature loans, medical bills, as well as business bank loans that you signed personally. Under Debt Assumption, even private student loans can be offset. It does not matter if, or how long, you have been delinquent, even closed accounts and third-party collections are accepted. The program can last from 12 to 36 months, and if lawsuits occur, you will be assisted in most circumstances through attorneys or arbitration proceedings. Your credit will be damaged during the process, but credit restoration is included in the service. Feel free to contact us with your questions; the more you know, the more informed your decision will be.
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Take control of your finances!
Debt Validation
With Debt Validation, credit restoration usually begins as soon as you enroll your unsecured debt accounts. The validation process starts when the creditors you owe, sell the debt to third-party collection agencies, or begin collection practices. The Debt Validation firm then begins the process of requesting proof that the debt is, in fact, yours. If the collection company cannot prove the debt is yours, or validate the debt, the debt is forgiven. The process is 36 months, and the payments can be less based on how many accounts are enrolled. Depending on the outcome of the program, some or all of the debts forgiven could be taxable as ordinary income. However, your tax professional would be best at advising you on this matter.
Debt Validation is a successful method for removing debt. Keep in mind, removal of that debt requires your accounts being sold to third-party collection agencies. This will have a negative effect on your credit health. With this option, your credit will be in a restoration process during the entire program. Any collection calls that you may receive are dealt with during the validation process. Feel free to contact us with your questions; the more you know, the more informed your decision will be.
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If you stay focused on your dream, you can own your future.
Debt Settlement
Debt Settlement is a known option that people use across the country. There are two types of debt settlement companies; attorney based and non- attorney based. In most instances it is best to use a settlement process that is backed or operated under the guidance and support of lawyers. With settlement, you will start a special-purpose savings or third-party escrow account. You will make monthly payments into that account that only you have control over. As these deposits are accumulated, your creditors will be contacted by the settlement companies negotiator. Each debt is negotiated or “settled” with your permission, the money you have been saving is used to pay off the agreed to debt balance.
During the time you are saving your funds, your credit report will be damaged, and your score will drop. This is common and to be expected. With settlement, there is always a chance of lawsuits and collection company calls and letters. With an attorney based settlement firm, any lawsuits will be handled on your behalf along with assistance for collection calls and/or letters. If you are not using an attorney based settlement company, you will be on your own for the lawsuits and often times the collection calls.
Attorney-based settlement companies do not collect any fees upfront. With this method, you stay in control of your money, you approve or deny the settlement(s) agreements. Last but not least, be aware that forgiven debt can equal taxable income. The amount of debt that is forgiven may be treated as income, which means you will have to pay tax on that amount (this can be true to the extent of insolvency). Make sure you work with a reputable firm and your tax professional to be prepared. Feel free to contact us with your questions; the more you know, the more informed your decision will be.
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Tips for Faster Financial Recovery Post-Pandemic
COVID-19 Impact on Debt
The COVID-19 pandemic has already impacted the global economy, and it is likely that businesses and individuals will feel the effects of this impact for a long time to come.
While taking care of your physical and mental health has been of paramount importance during the pandemic, it is now time to consider what the "new normal" in the post-pandemic era is going to be like.
It's time to make readjustments to any existing financial plan and prepare for the impact on your personal finances so you can bounce back in no time. Here are a few tips to ensure faster economic recovery post-pandemic.
Ask for help
The pandemic has created a situation wherein people feel like they have to do everything on their own, in isolation from those they love and those that have the expertise. However, this is a false notion that is aggravated by lockdown isolation. There is always help to be found – all you need to do is ask.
If you are still struggling financially, do not be scared to reach out to your landlord for some more time to pay rent or to your lenders for a longer grace period on loan payments. Reach out to people in the community with help pertaining to jobs.
At Advice Financial Corp and MPowering America, our financial experts understand that a slight ding on your credit score is all but an expected repercussion after this pandemic.
Get in touch with a debt counselors who can walk you through various debt relief and elimination options. While it is normal to feel afraid, there is no need to feel alone as COVID-19 has unleashed a financial crisis on everybody, even those who are wealthy or in control of their finances. Now is the time to act, so you can be well on your way to faster financial recovery post-pandemic.
Know where you stand
Before you choose to stand firm, it is essential to know exactly where you are standing. If you haven't taken any steps to take control of your finances during COVID-19, there is no need to fret. Start today by creating an income-expenses priority list, which will help you identify how much money is coming in and how much you are bleeding out.
Redo this list so you can focus on clearing debts and reducing unnecessary outgoing expenditure.
If ever there was a time to be frugal, it is now. The more money you manage to save, the better your chances of recovering fast in the post-pandemic era. We know this is not a feasible option for everyone, as everyone has been impacted differently. If you'd like to discuss what options are available to you, CLICK HERE, fill in the information in the popup box and let us help.
Grow your emergency fund
In an ideal world, an emergency fund should contain approximately three to six months of expenditure. If you do not have that much put aside, it is a good idea to do so.
If you already do, add some more to your rainy-day fund, it will help you to steer clear of borrowing unnecessarily.
Keep the "end of grace" periods in mind
With so much happening around you, forgetting due dates is understandable. If faster financial recovery is your goal, it is vital for you not to miss future due dates on payments.
After taking note of all your income and expenses, be sure to write down details of any grace periods you have signed up for with your creditors.
Most companies and even the government have offered grace periods, so you can delay payments without it affecting your credit scores. As lockdowns begin to end, keep the end dates of all these grace periods in mind, so you do not accidentally forget to pay your student loan, mortgage, car payment, credit cards, etc.
Create a new budget
You can no longer rely on older financial plans. Post-pandemic, your financial plan has to take into account changes to your working hours and, therefore, the money you bring in, as well as other potential expenses. For example, if the number of hours you can work has reduced post-CoVID-19, your budget has to reflect this drop so you can visualize the effect it will have on your expenses.
Expect the unexpected
You may have had your life planned to the "T" in the past, but COVID-19 is a game-changer. Take some time to think of potential unexpected expenses that might come up and derail your financial recovery.
If you banked on your child's school to take care of her while you work, factor in that schools still might not be functioning as normal for some time to come.
This means you need to account for payments for childcare, which you may never have needed to do before. While many Americans are able to homeschool their kids, not everyone works in a career that will allow them to work from home and continue to do so.
When it comes to planning during a pandemic, we know to expect the unexpected, and the same applies for during the recovery period.