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If you're experiencing financial hardship and cannot pay your bills in Oklahoma, ignoring the bills and creditor calls/letters won't help you. The best thing to do is to explore the various options to manage your bills and get better control over your finances. One way you can pay down your debt is by going for an Oklahoma debt consolidation program.

How does Oklahoma debt consolidation work?

Consolidation is all about merging your multiple bill payments into one manageable monthly payment at a low interest rate. You can consolidate bills by getting professional help or by doing it on your own.

When you seek professional help to consolidate your bills, you'll come across 2 options - an Oklahoma debt consolidation program or a personal consolidation loan. Here's a brief description of how each option works:

 Consolidation program:

If you have multiple bills, going for a consolidation program makes sense, because it'll save you time and money. What you do is, enroll with an Oklahoma consolidation company and let a consolidator negotiate with your creditors to have your interest rates, late fees, and over-limit charges lowered.

Instead of paying multiple bills to individual creditors, you'll only have to make one payment to your consolidator every month. This amount will be distributed amongst your individual creditors, so, you'll pay off multiple accounts like credit cards, personal loans, auto loans, and payday loans. With Oklahoma debt consolidation, you can repay your bills and get rid of creditor harassment without having to file for bankruptcy.

 Personal consolidation loan:

If you want to get rid of bills with a single payment, you should take out an Oklahoma debt consolidation loan. It is essential to have good credit and a steady income if you want to qualify for the loan.

How do you select the right consolidation service?

Follow the steps below in order to choose the best consolidation company:

  •  Compare Oklahoma consolidation companies, their programs and fees.
  •  Check how reputable the company is, and what accreditations it has.
  •  Go through the client testimonials provided by the company.
  •  Find online reviews/complaints against the company.
State of Oklahoma (OK)
state of Oklahoma map, USA

 Avg credit card debt: $5,378
Delinquency rate on (credit card): 1.78%

 Mortgage debt: $126,198
Delinquency rate on (Mortgage): 2.54%

 Auto loan debt: $21,310
Delinquency rate on (Auto loan): 1.74%

 Unsecured personal loan debt: $9,551
Delinquency rate on
(Unsecured personal loan): 6.74%

Payday loan laws >>

 
 

Which is better - An Oklahoma debt consolidation program or a loan?

An Oklahoma consolidation program is better for those who can continue with monthly payments on their bills if their interest rates are reduced. A consolidation program will help you pay off your bills within 4-6 years. A consolidation loan takes a long time to repay and you'll end up paying more in interest over the life of the loan. Moreover, there are lenders who may charge hidden fees, which will cause you to pay more than what you're charged with an Oklahoma consolidation program. Therefore, considering the total interest and the costs, a consolidation program may be better than an Oklahoma consolidation loan.

Are Tulsa debt consolidation programs somewhat different?

Consolidation programs in Tulsa work the same as any other Oklahoma debt consolidation program. However, not all consolidators are able to negotiate a reduction or waiver of late fees and other penalty charges. It depends upon what your creditors or collection agencies are willing to accept.

What is Oklahoma debt settlement all about?

Oklahoma debt relief companies offer settlement programs where negotiators communicate with creditors to have your outstanding balance reduced. Therefore, you can be assured that you'll be able to get rid of bills by paying much less than you owe.

However, when you enroll in an Oklahoma debt settlement program, you need to save money for a lump sum settlement payment while the settlement company negotiates with your creditors.

Because you end up paying less than what you originally owed, your credit score will decrease. However, with proper budgeting and financial advice provided by the Oklahoma debt settlement company, your credit score will improve with time. Learn how to repair credit after settlement.

 

Case study

Scenario: My case is weird and I'd be surprised to know of one who has come across a situation like this. Because of personal obligations, I had to relocate to Europe 7 years back and had put up my home at Oklahoma on rent.
My income here in Europe isn't enough to cover all the extra costs (like exchange rate) plus my debts I had back in US. Even my rental income doesn't meet the mortgage and condo fees. As a result, I'm unable to send enough money to cover all my expenses.
I've always made on-time payment, but this may not continue for long, as I can hardly pay up the minimum balances at the moment. Should I file for bankruptcy? Have a nice day. Thanks.
Solution:

You can certainly file bankruptcy, provided most of your assets are here in OK. Work with an Oklahoma bankruptcy attorney to file for the most suitable type of bankruptcy (BK).
Per the basic BK venue rule, mentioned in 28 U.S.C. section 1408 of the Bankruptcy Code, says that a BK case can commence in your district of residence/domicile or principal place of business in the US, or principal assets in the same. As you're the subject of the case, your asset should be located at least 180 days before the commencement of your BK case.
Should you file for bankruptcy or not will depend on your total disposable income, assets you own, & the exemptions you could enjoy in OK. A bankruptcy attorney can be the most effective person to deal with your case. Other than that, you can consult other meaningful ways to shed your debt burden; some of them are debt settlement or consolidation. Based on an analysis of your present financial condition, a debt expert can help you take advantage of the apt debt relief option for you.
Moreover, you can have your mortgage loan refinanced to lower the interest rate on it. As a result, your monthly mortgage payment amount may become affordable for you. However, you need to find out the break even point of the refinanced loan, and it should save you at least 3-5% of the current mortgage payment.

How much
you can save
in Oklahoma

 

FAQ on Oklahoma and Tulsa debt consolidation

Can pdl collectors get me arrested in Tulsa, Oklahoma for fraud or theft because I couldn't pay back the loans? How do I get rid of this payday loan problem?
Ans: No creditor can get you arrested for debt anywhere in the US. Arrest for debt has been illegal in the US since the 1830s. If you are having difficulties with payday loans in Tulsa, Oklahoma, you should first find out if the lenders are licensed to lend in Oklahoma, then find a Tulsa debt consolidation program or loan that will help you. Learn more...
I am receiving several calls each day from a collection agency regarding 3 credit card bills and a voluntary repossession of my car in Tulsa. I fell behind on the credit cards and auto loan because I've been laid off and it's not possible to keep up with payments using my spouse's income. The credit card issuer has been adding late charges and over-limit fees each month they've sent the bill. Is there a way out other than filing chapter 7 Bankruptcy? The collection agency seems to have filed liens against my personal property and I'm afraid they'll take away my home as well. Can Chapter 7 save my property from being taken away by the CA?
Ans: If the collection agency has gotten a judgment lien placed on your property, it is too late for a Tulsa debt consolidation company to help you with those obligations. Because the creditor now has a judgment guaranteeing them to a certain amount of money, they have no reason to accept less. If you were not properly notified of the suit against you, you need to consult an Oklahoma attorney and see if it is possible to have the lien released.
According to the Federal Bankruptcy code, a judgment lien cannot be discharged during Chapter 7 or 13 Bankruptcy. The best solution is to contact the creditors with liens and discuss a payment plan. Then contact a reputable consolidation company and get advice about consolidating the rest of your bills. Learn more...
I pulled my credit report and found around 3 medical bills that are 6-7 years old in collection. I was in my teens when the bills were incurred. I was under the assumption that the medical bills were paid off by my parents. But they haven't paid off the bills. The CA is now threatening to file a lawsuit. What should I do? I'm in Oklahoma.
Ans: Until you turn 18 years of age, your parents are legally responsible for necessary expenses like medical bills. If you are covered by your parent's medical insurance while you are in college, then it is the insurance company's responsibility to pay the bill and your parent's responsibility to pay the deductible.
You should first validate and verify the debts before you pay them. If the creditor provides you with the proper information to validate the debt, then enroll in an Oklahoma debt consolidation program to repay them. Find out more...