When you have debt big debt problems, sometimes it helps to have an adviser to help you get your finances back on track. Nonprofit debt assistance programs offer several levels of help ranging from teaching and advice to direct debt settlement negotiation with your creditors. Keep in mind that services vary from one company to another and even nonprofits may charge fees.
Teaching and Counseling
The most common assistance nonprofit debt-help companies provide is teaching and counseling. Help includes things such as educational workshops on balancing your checkbook and written material that teaches you how to keep track of your bills and payments.
Budget Planning
Nonprofit debt counselors can help you set up a personal and household budget that meets your needs while addressing your outstanding debts. Even if you've tried to create or stick to a budget in the past and failed, the budget counselors can often help you understand why your previous budgets didn't work and offer tips on how to make productive changes.
Debt Management
If you are unable to discipline yourself to pay your debts on time, some debt assistance programs offer debt management services. You deposit money into an account and the management company takes care of getting payments out to each of your creditors in the right amount and on the right date.
Settlement and Negotiation
Some debt assistance companies offer debt settlement and negotiation services to help reduce the overall debt you owe or reduce the amount of money you pay toward your debt each month. A debt counselor may contact each of your creditors directly and attempt to negotiate new repayment terms on your outstanding debt. The counselor may attempt to persuade your creditors to reduce your outstanding debt balance or try to negotiate lower monthly payments.
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