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Home Page > Business > Business Opportunities > Facts About Unsecured Debt Consolidation Set Straight

Facts About Unsecured Debt Consolidation Set Straight

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Posted: Jun 01, 2010 |Comments: 0
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Unsecured debt consolidation loan is typically not a preferred choice among people seeking debt relief. The main reason behind this is the misconception that the charges are extremely high. Most people resort to unsecured debt consolidation when they do not have their house or other property to place as security. However, there are several advantages of this type of consolidation for which it can be a better alternative to secured type of dent consolidation.

The foremost advantage of unsecured debt consolidation is that the borrower’s property or home is not placed as security. So, creditors and service providers cannot make any claims on the debtor’s assets. In case the borrower defaults on any payments, servicers will be ready to renegotiate on the agreement. If the consolidation was secured type, they can simply seize the collateral property, which can be quite detrimental for the borrower.

With Unsecured loan for debt consolidation, the service providers do not have to undertake a property evaluation or inspection. So, the process of getting debt consolidation service will be faster. And a few days or weeks saved can prove quite beneficial as interest on the unpaid debts are already rising at exponential rate. A good credit history can aid in availing lower rates on unsecured consolidation. For people with bad credit, the services will be available, but accompanied with a tad higher rates.

Service providers work with the borrowers to eliminate their debts. Individuals who decide to consolidate unsecured debt have taken the first step to debt free life. Debt consolidation service providers negotiate with the creditors to bring down the outstanding balance by as much as 50 percent. They persuade the creditors to excuse penalties and late fees. They also bargain over the interest rates, and lower them as much as possible. With the overall debt amount reduced, the monthly installment made by the debtor will be effectively used in clearing off the debt, and not just the built up interest.

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The procedure for unsecured debt consolidation is pretty straightforward. Once the debtor signs up for services of a certain debt consolidation company, they open an ESCROW account for the client. The monthly installment has to be made into this account only. The Debt Consolidation Company distributes it to the creditors. The debtor should include all small and big unsecured debts in the course. Do not leave out small debts. Inclusion in the consolidation will not make a big difference. However, trying to pay them off separately can prove very costly.

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The procedure for unsecured debt consolidation is pretty straightforward. Once the debtor signs up for services of a certain debt consolidation company, they open an ESCROW account for the client. The monthly installment has to be made into this account only. The Debt Consolidation Company distributes it to the creditors. The debtor should include all small and big unsecured debts in the course. Do not leave out small debts. Inclusion in the consolidation will not make a big difference. However, trying to pay them off separately can prove very costly.

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