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! There are no legitimate debt elimination services. There are no kinds of legal debt elimination services that can wipe out or simply eliminate the debt. It is not possible to eliminate a debt per se.
Debt Elimination Scams
Be aware that there are various debt elimination scams. Most debt elimination scams center around the idea that you were lent money illegally, and that given the right approach, your debt can be completely eliminated.
The scam perpetrator looks to collect a large upfront fee from you and may talk about a debt elimination system and loopholes in the law. Such debt elimination scam often involves bogus but authentic looking documentation that you may be required to purchase.
There are scam debt elimination online services with slick websites designed to steal your sensitive information, if not your money in the first instance. ANY kind of service offering total debt elimination online or otherwise is a scam.
The only way to get rid of debt is to pay off debt or have some qualified debt discharged. There is no such thing as a debt elimination company.
Elimination Debt Scams Versus Other Scams
The elimination debt scam focuses on the notion of "elimination"; debt elimination companies are therefore 100% bogus. Do not confuse debt elimination companies with settlement, reduction or negotiation services.
Whilst there are fraudulent and unscrupulous operators in the Debt Settlement/Reduction/Negotiation business - There ARE genuine, legal and worthy service operators.
Similarly, there are fraudulent organizations operating in the Debt Management/"Credit Counseling" arena, in addition to the majority of genuine services offering help and real debt elimination advice about how to pay off debt and budget.
Debt Elimination Advice
Debt elimination services offer to get your debt eliminated at a stroke. We have noted that such debt elimination services are scams by definition. There are services that can help get your debt paid off faster and cheaper.
This website is dedicated to exploring all the approaches to dealing with consumer debt. Any decision to use an outside service should be made carefully.
Next we summarize outside services excluding bankruptcy and free debt elimination strategies that can help reduce the cost burden of your debt and lead you to the debt free goal. Free debt elimination strategies involve techniques to repayments and steps that you can take to pay off debt faster, cheaper and better manage your budget.
1. Debt Elimination Loan. A debt elimination loan or Debt Consolidation Loan can help reduce the cost of debt in terms of monthly repayments and or total cost. Debt is not eliminated, it is 'transferred' to a new lender. Again, "elimination" only comes once debt is finally paid off.
2. A Debt Management Plan works towards the elimination of unsecured debts like credit card balances. If successful, debt is finally eliminated with your last payment into a program.
3. Debt elimination reduction. Unsecured debts may be reduced through a debt elimination reduction service known as Debt Settlement Where successful these services may achieve a partial forgiveness of debt or elimination of part of the original debt balance.
If following successful negotiations a creditor agrees to accept a reduced balance in full settlement, the debt is said to be legally discharged. Settlement services may therefore help to "eliminate" part of a debt (only) in the form of debt discharge. These services have many associated problems, are not a quick fix or an appropriate path to ultimate debt elimination in many cases.
Free Debt Elimination
There are methods and alternatives for dealing with consumer debts that do not require the use of a third party service provider. Card consolidation may help towards the elimination of credit card debt. Personal repayment techniques such as Snowball and Avalanche can help you prioritize repayments so as to reduce the overall cost. There are alternative ways to acquire funds for debt elimination that do not involve taking out a loan. Debt elimination may be achieved by paying off the debt entirely using proceeds from the sale or liquidation of assets and items including savings and investments. Ultimately, all services and approaches require a personal debt elimination commitment. Services may help to cut costs but do not consider the causation behind your debt. Almost any successful debt elimination strategy calls for a budget overhaul designed to cut down expenditure and release monies to be put towards increased repayments.