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Debt Relief (Debt Settlement) allows you to negotiate with the lender to close the loan for a lower total outstanding amount. When you realize that you are unable to repay your loans, you can strike a deal with the lender to repay less than what is owed so that you can pay off the loan and come out of it.
Debt Consolidation is a process where you combine multiple loans into a single loan. This process allows you to consolidate all your loans into one single loan with a single interest scheme.
What Is The Difference Between Debt Relief And Debt Consolidation?
Debt Relief | Debt Consolidation |
Negotiate for a lower total outstanding and repay it in a pre-agreed timeframe | Combine all your loans into one single loan with a lower rate of interest and attractive repayment tenure |
Late payments and non-payment records may hurt your credit score | Helps improving your credit utilization ratio and thus your credit score |
Nil charges when you initiate it on your own and negotiate with the lender | Various charges and fees included similar to a new loan |
You can settle debts for less than what you actually owe and escape collection proceedings, such as creditor lawsuits. | Depending on the length of the restructured loan term, you could end up paying more in total interest over time than what you originally owed |
Which should I choose?
Debt relief/settlement works best with credit card/loan outstanding. When you have a huge outstanding credit balance and are mired with interests, you should talk to your credit card company and go for debt relief so that you can pay off the loan and close it down.
You could opt for debt consolidation when you have multiple loan types and you want to consolidate them all into one. For example, if you have a personal loan, car loan and education loan and want to consolidate them into one, debt consolidation works best for you.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
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You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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