Debt Relief Options

Debt relief involves the reorganization of debt in any shape or form so as to provide the indebted party with a measure of remedy, either fully or partially from the creditor or creditors. Debt relief can change the terms or amount of your debt giving you the opportunity to get a hold on your finances. Indicated below are the main purpose behind a debt relief.

Reasons to consider Debt Relief

  • Reducing the outstanding principal amount, you owe to your creditors
  • Lowering the interest rate on credit cards and other types of unsecured loans
  • Extending the term of a loan to reduce monthly payments

Types of debt

  • Secured Debt
  • Unsecured Debt


Unsecured Debt

Unsecured debts are debts which lack any collateral securing the creditor, lender or financers funds. Example of unsecured debts include credit cards, medical bills & utility bills. When a lender makes a loan with no asset held as collateral, it does so only on the faith in your ability and promise to repay the loan. If you fall behind on your payments, they generally cannot claim your assets for the debt

While on a default on the loan they can’t claim your assets as repayment for your debt, the lender may take other actions to get you to pay what you owe such as

  • Hiring a debt collector
  • Wage garnishment
  • Reporting of debt to credit bureaus affecting your credit score

Secured Debt

Secured debts are secured by an asset, such as a house or car. The asset serves as collateral for the debt (hence why it’s called a “secured” debt). Lenders place a lien on the asset, giving them the right to seize (e.g., repossess or foreclose)

We offer a debt relief program compromising of familiar debt relief strategies deigned to satisfy your unique situation

Below are the debt relief strategies that are employed

Debt Relief Options

The solutions we offer you have in relatively to your debt issues or disagreement with your creditors has been tested and proven to be financial efficient and effective. The members of our Debt relief and management department here at Bf solution group has ensured that all factors and facts of your individual situation are being taken into consideration before solutions are being offered. Bf Solutions group is highly equipped and knowledgeable to assist you through your financial issues. Here are 4 main solutions, we offer also guiding you through your decision making ensuring you are making the right choice regarding your unique situation

Minimum Payments

Minimum credit card payments allow you to pay the least amount possible, month-by-month. minimum payment is usually calculated as a percentage of your total debt plus any fees, such as interest, that have been added to your balance. Minimum card payments are considered good for the short-term debts, in the long run, they simply not advisable because On the surface, minimum card payments can seem like an affordable idea, but in the long term, minimum card payments are extremely costly. Minimum payments are needed to keep the debt current are small compared to the balances. Yet, as your balances reach the credit card limit your credit score declines. A lower credit score could result in the credit card company lowering your credit limit and/or raising the rate, making it harder to pay off the debt.

Can I Make Multiple Credit Card Payments in One Month?

One way to pay more than the minimum payment is to make multiple credit card payments in one month. After making the minimum payment on time, any additional payments will help decrease your balance even faster. And that can also reduce the interest charged over time.

How Can I Lower My Credit Card Minimum Payment?

There are a few ways to help lower your credit card minimum payment. You might try making fewer purchases with your card until your balance decreases. A lower balance could mean less interest charged, which can lead to lower minimum payments.

You could also try to make payments that are more than the minimum amount. Paying more than the minimum amount can help reduce your balance sooner and lead to lower payments over time.

These approaches can also lower your credit utilization ratio, which may help improve your credit score

Does my Monthly Minimums remain the same from Month to Month?

NO, monthly minimums change for month-to-month factors affecting the changes are.

Missing a Minimum Payment or Paying Less Than the Minimum Payment: paying less than the minimum amount required or missing of payment entirely, even by a day it is very common for you to be charged a late fee which will be added to what you owe that will be calculated to achieve the minimum payment.

Additionally, missed payments can also impact your credit score especially if you’re late by more than 30 days.

Paying More Than the Minimum Payment?

Paying more than the minimum payment can help you cover the interest charged while also decreasing the total balance on your card. Paying more than the minimum amount also helps limit the interest you’ll owe over time. And the less interest charged, the lower your minimum payments could be.

Paying Only the Minimum Payment?

pay the minimum amount and make fewer purchases with your card, you might be able to pay down the balance on the card. The minimum payment required may help keep your account in good standing. And you typically won’t face any late fees or penalties. But if you don’t pay your account balance in full every month, you will be charged interest.

Debt Consolidation

Debt consolidation is a financial strategy, and a debt relief program involving the combination of several debts mostly unsecured —payday loans, credit cards, medical bills—into one monthly bill with the purpose of lowering the interest rates. Debt consolidation lowers interest rates, on multiple debts of the same kind rolling them into a single payment with the purpose of mitigating the interest rate and possible the amount in debt. A successful plan will reduce your monthly payment to an affordable rate and eliminate debt within a reasonable amount of time.

Our debt consolidation strategies

Credit Card Balance Transfer

Credit card balance transfers involves shifting credit card debts from one or many cards to another with a lower interest rate. Balance transfer offers only apply to credit card debt. When considering a balance transfer you should take into account the total amount of debt, you’re carrying on all cards, calculate how much you can pay toward the total debt during the low-APR window and then how much you will pay in interest after the rate reverts to a higher APR.

Consolidation loans / Personal loans

are effective tools used to mitigate debts Consisting of using loans to finance a combined multiple debt into a single debt payment. Example Let’s say you have $8,000 in credit card debt and owe $5,000 in medical bills. With a debt consolidation loan, you could pay off those balances with a single loan of $13,000, featuring only one monthly payment amount and one monthly due date. A single loan could make your finances easier to manage

Instead of numerous payments, you would have just one recurring monthly payment. Consolidating your debt with a personal loan in most cases will be advised and considered a better option. Click below to know more about the various loan offers available to you.

Our thoughts on when debt consolidation is a good idea

Your total debt excluding mortgage doesn’t exceed 40% of your gross income

Your credit is good enough to qualify for a 0% credit card or low-interest debt consolidation loan
Your cash flow consistently covers payments toward your debt

Multiple indebted accounts with similar interest rates

Our method of approach towards Consolidation

The first step towards making debt consolidation possible will be identifying the various sources of the indebted account. calculating the total amount used to finance your account with your creditor’s monthly or the total amount you’re in off followed by the estimation of the average interest charged on each account by your creditors. The results of the estimation and inquires will be providing a baseline for a number of comparisons.

Followed by a review of budget, income and expense, certain necessity expenses will be taken into account such as (food housing, utilities and transportation) finding out how much available funds is left to finance the principal and interest rates? The information yielded by the inquiries into the income and spending ratio gives a clear idea of the financing that will be needed to satisfy the debts additionally. You will be enrolled into a debt counselling program with feasible plans formulated preventing you from running up debt again

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What kind of options do you have for debt consolidation for a bad credit?

As most lenders and creditors deem individuals with a bad credit risky thus making securing loan out of reach or more expensive but with our consolidation program, we give individuals a benefit of doubt offering a second chance to make amends with their finances. Visit our various loan options so you can have an idea of the various options you may have access to if you’re a looking to consolidate your debts with a bad credit.

Does This Affect My Credit?

During a debt consolidation program hard pulls will be carried out on your various accounts to have an idea of what to expect with your account and situation unfortunately these pulls will have a mild effect compared to bankruptcy. If you are already behind on your bills, your credit score will already be lower so the effects of our program may not be as severe. You have to decide if it’s better to resolve your debt now at a lower cost and then rebuild your credit

Can I Get Sued by My Creditors?

There is always a possibility that any creditor can sue you. However, lawsuits are expensive and creditors try to avoid them. We aim to complete the program as quickly and efficiently as possible to avoid any lawsuits.

What kind of debt can I consolidate?

Most forms of unsecured debt can be included in our Program.

Can My Credit Rating Be Repaired by Enrolling in the Debt Consolidation Program?

Credit repairs can’t be accomplished at one go as credit damages are attain progressively similar situation applies to repairs by staying on our Program, you effectively restructure your debt causing your credit rating to progressively improve.

Is Debt Consolidation a Loan?

No. Debt Consolidation is not a loan; it is a debt relief program, which could involve loan. The main idea of debt consolidation is to either mitigate interest and principal debt cost.