Who Qualifies for Debt Relief?
Debt relief programs look at more than just your balance. Here are the key factors that determine whether you qualify and whether it's the right fit.
In This Article
The Core Qualification Factors
Debt relief companies typically evaluate:
- Total unsecured debt — usually $5,000+
- Type of debt — mostly credit cards, medical bills, personal loans
- Financial hardship — a real or anticipated inability to keep up with payments
- Ability to save — whether you can consistently set aside a monthly deposit
Do You Need to Already Be Behind on Payments?
No — many people enroll while still current, especially if they can see they won't be able to keep up much longer. However, the negotiation process generally works better once accounts have missed several payments, since that's what motivates creditors to negotiate.
Types of Debt That Typically Qualify
- Credit card debt
- Medical debt
- Personal loans
- Store and retail credit cards
- Some private student loans
- Collection accounts and charge-offs
Types of Debt That Usually Don't Qualify
- Mortgages and other secured real estate debt
- Auto loans (secured by the vehicle)
- Federal student loans
- Tax debt owed to the IRS
- Child support or alimony obligations
Income and Employment Considerations
You don't need a high income to qualify, but you do need enough disposable income to make consistent monthly deposits into your dedicated savings account. Programs will typically ask about your income and expenses to help set a realistic deposit amount.
Is There a Credit Score Requirement?
No minimum credit score is required — in fact, debt settlement is designed for people whose credit may already be declining due to financial hardship. It's fundamentally different from a loan approval process.
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