How to Access Free Debt Relief

Sarah Edwards | October 19, 2022

Sarah Edwards
Legal Expert
Sarah Edwards, BS

Sarah Edwards is a professional researcher and writer specializing in legal content. An Emerson College alumna, she holds a Bachelor of Science in Communication from the prestigious Boston institution.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Getting relieved of debt is like^^

Summary: Struggling with debt? SoloSuit can help you learn about debt relief programs that will work best for you and your family.

If you're drowning in debt, you may be wondering how you can get your head above water and stay there. You're not alone. Millions of people in the United States and around the world are currently wrestling with debt. In this article, SoloSuit will help you weigh your options for debt relief.

As inflation has soared over the past year, many have struggled to meet their basic living expenses including rent, food, and transportation. In the middle of all that, paying down credit cards can seem like an afterthought, especially when you're taking on additional debt to meet your monthly expenses.

To cope with your debt, you may consider programs that claim to offer free debt relief. However, keep in mind that there are no true free debt relief programs. Ads that talk about settling debts for a fraction of the cost are not, in reality, free. You'll always have to pay someone who negotiates debt settlements on your behalf.

So what can you do? While you may not be able to rely on someone else to make you debt-free for free, there are several ways you can go about eliminating the money you owe. Let's explore the options.

Try to become better with your finances

Managing your budget can be difficult. We're all faced with unexpected expenses from time to time. Getting a complete picture of your finances can help you develop better spending habits.

Add up your regular income and prepare a list of your typical monthly expenses. Your expenses should include rent, food, transportation, credit cards, and any other regular payments you make. Take a look at your entertainment costs as well.

If you find that you're spending on items you don't really need, try to cut down on them each month. Put the money that you save toward paying down debt. To pay off your debt faster, minimize your regular expenses.

Perhaps you could take the bus or train instead of driving your car or downsize your living arrangements until you pay off certain items. You could reduce your food expenses by preparing more dishes at home.

Do you know about the snowball method?

One method for paying down debt is known as the snowball effect. It involves making the minimum payments on all of your credit cards, with the exception of one. Pay the largest amount you can on that one card's balance each month. Once that debt is fully repaid, apply the same method to another card.

For example, assume that you owe three credit card companies $1,000 each. Your minimum payment for each card is $50, and you have $300 each month that you can put toward repayment. You pay $50 each on two of the cards, while the remaining $200 goes to the third. After five months, you've paid off one credit card.

After that card is repaid, you move on to the next. You send $50 to one lender, and the remaining $250 you have available to the second lender. The second card is paid off within three months.

Finally, you move on to the last credit card and apply all of the money you have available on a monthly basis. Once finished, you're free of credit card!

Do you qualify for loan consolidation?

Loan consolidation is an option for those who have decent credit and can obtain a loan to pay down high-interest credit card debt. Once you get the loan, you pay off all of your creditors in one clean sweep and then make payments to the loan consolidation lender.

This process simplifies the payment process, as you'll only need to pay one lender every month.

Loan consolidation can also result in less interest on your debt. Some loans may be as low as 0% for a certain period of time. If you can make all or most of the payments within that window, you can significantly reduce the amount of interest you have to fork over.

Some individuals may consider taking out a home equity loan. While this option can be useful, keep in mind that you could be risking your home if you fail to pay back the loan. It's always better to try to resolve debts without reducing your assets.

Debt settlement may be an option

For those who don't have good credit and aren't able to meet their regular bills in a timely manner, debt settlement may be a fit. In a debt settlement program, you agree to let the program manager settle your debts on your behalf. They do so for a fee, which is usually a percentage of the overall debt owed.

The fee charged by debt settlement companies may be up to 25% in some cases. During the program, you make regular payments to the company, which holds the money on your behalf and pays your debts off once they have negotiated with the original creditor. Debt settlement companies can usually pay off your debts within three years.

When other options fail, bankruptcy may be your best bet

Bankruptcy is the final alternative to debt relief. There are two main types of bankruptcy for individuals: Chapter 7 and Chapter 13.

The rules for a Chapter 7 bankruptcy require people to have no more than a certain amount of income and limited assets. Under a Chapter 13 bankruptcy, people must agree to pay back certain debts, but others may be forgiven. In exchange, they can keep certain property and assets.

Keep in mind that filing for bankruptcy will destroy your credit for up to ten years. After your debts are discharged, you may be able to take out small loans, but it will take a significant amount of time to build your credit back up.

SoloSuit helps people who have been sued for debt

SoloSuit is an online program that helps people who have been sued for debt. Figuring out how to properly respond to a debt lawsuit can be intimidating, stressful, and exhausting. SoloSuit helps consumers create a formal, written Answer to debt lawsuits in 15 minutes or less. Just answer a few questions online, and SoloSuit will provide you with a response that you can download as a PDF and file with the court.

If you've recently been sued for debt, learn more about our products to get the help you need.

What is SoloSuit?

SoloSuit makes it easy to respond to a debt collection lawsuit.

How it works: SoloSuit is a step-by-step web-app that asks you all the necessary questions to complete your answer. Upon completion, you can either print the completed forms and mail in the hard copies to the courts or you can pay SoloSuit to file it for you and to have an attorney review the document.

Respond with SoloSuit

"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James

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>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit: A Student Solution To Give Utah Debtors A Fighting Chance

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

Debt collector guides

Are you being contacted by a debt collector? We’re making guides on how to resolve debt with each one.

Arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

Bankruptcy

Bankruptcy is a great way to legally resolve debt, but it's usually best to consider it as a last resort. Here are some bankruptcy guides to help you decide which debt resolution option is best for you.

Check your case status

Don’t have time to go to your local courthouse to check the status of your case? We’ve created state guides on how to check the status of your case throughout the US, complete with online search tools and court directories.

Credit

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt, along with other credit-related resources.

Debt collection FAQs

Find answers to some of our the most commonly-asked questions about debt collection below.

Debt collection documents and templates

If you're dealing with debt, these documents and templates will help you respond, protect your rights, negotiate, and resolve your debts.

Debt relief

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt settlement

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created state guides on debt settlement. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

Eviction

Facing an eviction? The following guides will help you navigate your situation with confidence.

Federal debt collection laws

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

Legal aid

Helping people find access to justice is at the heart of Solo's misison. If you're dealing with a legal debt issue, the following guides will help you through it.

Medical debt

Having a health challenge is stressful, but dealing with medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

Personal finance

Learn how to manage your finances and overcome crushing debt. Check out our personal finance guides below.

State debt collection laws

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

Statute of limitations on debt

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote guides on each state’s statutes and more.

Stop collection calls

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

Wage garnishment

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in your state, plus other wage garnishment resources.

The Debt Hotline

Hosted by Team Solo, The Debt Hotline breaks down debt and personal finance topics with help from attorneys, financial experts, and industry pros. We respond to real questions to help you navigate debt with knowledge and courage.

Other debt resources


It only takes 15 minutes.

And 50% of our customers' cases have been dismissed in the past.


"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather



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