Free Debt Relief Analysis

It's Simple To Start

Gather Basic Information

Answer a couple of basic questions about your debt. Based on your location, debt amount and type of debt, we can recommend a path.

Financial Coaches

Your certified debt resolution specialist will show you how to pay off your debt and give you the motivation to get there.

Debt Free

Follow the payment plan you agree to with your certified specialist and you are on the way to being debt free in less time and for less money than if you did it on your own.

Questions? Call IMG 888-997-5113

Financial Glossary

Deciphering credit card statements, tax forms and other financial documents is not easy task. That\'s why we prepared a comprehensive glossary of financial terms. Before you make serious financial decisions or sign any contracts make sure you understand the terms.




Financial Terms




Amortization - Paying off your debt over time, payments covering principal and interest.

Acceleration Clause -  Gives the lender the right to demand the full amount due at anytime.

Arrears -  The monies you are behind on.

Bankruptcy Chapter 7 - is where you loose your possessions but your debt is cleared.

Bankruptcy Chapter 13 -  is where you keep your possessions and make payments to the court for your debt.

Beacon Score - Basically like your credit score but focuses on your late payments and defaults.

Buydown - A lump sum payment to reduce the loan time.

Charge-off - Also known as a write-off, a portion of debt that is erased.

Conditionalities - Part of the loan agreement that covers requirements other than the payments.

Consumer Credit Counseling Service
- A not-for-profit company that helps consumers get out of debt.

Credit insurance - Pays of your credit debt if you loose your job or become disabled or sick.

Debt consolidation loan - One loan that pays off all your other loans so you can pay your debt easier.

Debt Management Plan
-  A plan that allows you to live by a budget and still pay back creditors in a fashion that actually reduces your debt.

Debt Settlement - An agreement where your creditors agree to take less money than what you owe.

Debt-to-income ratio - How much you owe per month compared to how much you make per month.

Graduated Payment - A repayment plan where the payments are small at first then get bigger.

Negative Amortization - A repayment plan that when done, won\'t have paid off the entire balance.

Reaffirmation -  is a special payment plan with the court when you filed bankruptcy that allows you to keep a piece of property.

Re-age - Changing an account from delinquent to current without affecting the amounts due.

Renegotiable Rate - A loan that results in a negative amortization, that when the end of the loan comes, the part unpaid is due in one lump sum that is calculated at a different interest rate than the payments were.

Reschedule - Changing the length of the loan.

Security Interest - Basically your collateral you\'ve offered for the loan.

Wraparound - When you have one high interest loan and one low interest loan, you combine them into one loan with an interest in the middle.



 

Benefits of Debt Consolidation

  • Lower Interest Rates
  • Lower Monthly Payments
  • Eliminate Debt in Less Time
Learn About Debt Consolidation