Debt Relief Programs in Illinois |  CuraDebt Solutions and Answers

Is your debt affecting your life? Do you live in the Prairie State and need help? If so, CuraDebt has heard your woes and is here to help you conquer your financial burdens.

We know you need to find the right debt relief program that is reliable and easy to use. That’s why we created a debt relief program for the people of Illinois.

With CuraDebt, we provide you with all the tools and resources you need to be thriving in your difficult time. We’re here for you!

CuraDebt has been helping people with debt problems for decades. Our vast experience and licensed agents make us a one-stop shop for anyone who wants to get out of debt.

Founded in 1998, CuraDebt has helped hundreds of people reduce their financial stress through legal and ethical debt help. Eric Pemper, the company’s founder, started his nationwide expansion in 2000 to help millions of Americans with the same goal.

If you are looking for debt relief, look no further and contact CuraDebt today!

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  • Get your free savings estimate at CuraDebt or give us a call at 1-877-850-3328.
  • Review various options for debt relief at CuraDebt, to maximize your savings.
  • Not available to speak with a counselor? Check out our free online analysis here.

Debt Statistics – Illinois

Since the outbreak of covid19, Illinois has been one of the hardest-hit states in terms of its economy. The pandemic has caused widespread job loss and business closures, leading to a sharp increase in the number of people struggling with debt. Many are struggling to keep up with their mortgage payments, credit card payments, and other debts. Some are even resorting to using payday loans to try to make ends meet. The situation is particularly dire for low-income residents and minorities.

Illinois, with a population of 12,808,884, has the highest national foreclosure rate. Of the roughly 5.3 million homes, 2,788 have witnessed foreclosure. The surge of foreclosures has been particularly severe in counties such as Saint Clair, Henry, Cook, Johnson, and Rock Island. 

If you’re struggling with debt in Illinois, you’re not alone. The state has one of the highest rates of debt in the country. Fortunately, there are several debt relief programs available to help residents get back on track. 

Let’s take a look at some of the most popular debt relief programs in Illinois. We’ll also provide some tips on how to choose the right program for your needs. If you’re ready to get started on the path to financial freedom, read on!

Illinois Consumer Protection Laws

Illinois citizens are protected from abusive and harassing debt collectors under the Fair Debt Collection Practices Act (FDCPA). The FDCPA is a federal law that prioritizes consumer safety and ensures no one is harassed or ripped off their basic rights by debt collection companies. It protects consumers from illegal debt-collection tactics and provides limitations on what debt collectors can do when collecting certain types of debt.

The FDCPA is only applicable to the collection of debt obtained by a consumer mainly for personal, family, or household purposes. It is not applicable to the collection of corporate debt, business-related debt, or agricultural use.

If you have experienced disturbing phone calls from creditors, speak with a counselor at CuraDebt. At CuraDebt, our goal is to ensure you get your rights. We will be your advocate in defending you against illegal debt-collection tactics.

The Most Effective Debt Relief Options For You

Debt Settlement: What is it and How Does it work? 

Debt settlement is the procedure of negotiating with your creditors to pay less than the full amount that you owe, based on your available funds each month. 

Debt Settlement is also referred to as debt relief or debt adjustment, and it is typically managed by a third-party company, however, if necessary you can do it yourself. Debt settlement options are very helpful, but truly require guidance from a professional. Most importantly, people have been effectively using debt settlement programs for many years. 

At CuraDebt, we help to guide the relationship between the lenders and creditors for your debt. We are with you every step of the way and will educate you, communicate with you, and advocate on your behalf. If you are unable to pay the full amount, the professional expertise of CuraDebt can help to reduce some burden.

CuraDebt will use its decades of background and expertise to help you get the best possible debt terms. As you can see on our Google Reviews, our clients have incredible things to say about our team and our expertise!

To find the right debt relief program for your needs, it is important to speak with a qualified financial professional. CuraDebt can help you understand your options and find the best solution for your unique situation.

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With expert help and guidance from a company like CuraDebt, the path to success is much easier. The benefits of a sound debt settlement plan include: 

  • Get relief from devastating debts
  • Avoid bankruptcy 
  • Pay off your debt quickly
  • Lowering of interest rates

Factors Affecting Debt Settlement

The final saving after debt settlement lies on a lot of factors including:

  • Details about the outstanding debt
  • Current reason for requesting debt settlement (unexpected loss, unemployment termination, etc)
  • Current financial situation
  • Financial history
  • Work experience 
  • The age of the debt

Debt That is Included in Debt Settlement Programs in Illinois

  • Personal cards (credit cards)
  • Department store credit cards
  • Car repossession (repo)
  • Credit unions
  • Old accounts in the collection
  • Signature loans
  • Personal lines of credit
  • Private student loans
  • Car repossession (repo)
  • Medical and healthcare debt
  • All other types of unsecured debt (ask us if you are unsure!)

Debt That is Not Included In Debt Settlement Programs in Illinois

  • Car loans
  • Credit Union debts
  • Federal student loans
  • Home mortgages
  • Some other secured debts
  • Some Medical / Hospital bills

Debt That is Included in Tax Debt Relief in Illinois

  • State Taxes
  • Federal Taxes
  • Payable Taxes
  • Taxes from a spouse you feel you don’t owe
  • Interest
  • Penalties
  • Audit Tax Assessment
  • Other Types of Tax Debts

If you have incurred tax debts, CuraDebt will guide you in the right direction and assist you with these types of tax payments.

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Debt Included in Business Debt Relief Programs in Illinois

  • Business Expense Debt
  • Suppliers/Vendors
  • Various lines of credit
  • Merchant Cash Advance
  • Other types of loans, that are not secured by the property

CuraDebt understands the value of your business. CuraDebt will help your business with these types of debt.

What are the Different Options You Have for Debt Relief in Illinois?

Before giving up and getting stressed, check some of the options that can best suit you.

  1. Make Consecutive Monthly Minimum Payments 

Most major credit cards have an option to pay a monthly minimum. This is a very common option and is quite tempting

However, the most common issues with making minimum payments are:

  • You will pay more interest
  • You will continue to build on your debt and dig a deeper hole
  • Your credit score will be affected

There’s a reason credit card companies request monthly fees – they believe consumers can only handle fees for one month of living expenses!

After a few months, the accumulated fee will make it harder for you to get out of debt. Also, as the interest rate rises, getting debt-free will take far longer

In short, this option may seem tempting but it has long term repercussions!

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  1. Balance Transfer of Payments

Many love the idea of balancing transfers, initially. Quite simply, you take the card you have a high credit line on, open up a new credit card and transfer the balance from one credit card to a new one. This is typically done because people want to move the amount they owe to a credit card with a significantly lower interest rate and receive benefits such as cash-back rewards or points. 

Balance transfer credit card offers typically come with an interest-free introductory period of 6-18 months, and some can even be longer. If you breach the agreement with the cardholder, you can potentially revoke the introductory Annual Percentage Rate (APR) and cause penalty rates to be applied.

When you take on new loans, you have no previous payment history. This puts you in a tight spot to be consistent with payments. 

This may even give an illusion of fraud to lenders and lead to a worse situation. So, balance transfers aren’t a good option.

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  1. Illinois Non-Profit Credit Counseling Or Debt Management Programs (DMP)

DMP is actually very similar to Debt Settlement Programs, however DMPs are managed by non-profit credit counseling companies, whereas Debt Settlement Programs are for-profit.

In DMP, the non-profit organization aims to reduce your interest rates and accrued fees or lower your monthly payments by negotiating with your creditors. Unlike debt settlement, you still pay off the principal amount, so your credit score doesn’t take a hit. Credit counselors will work with you and teach you management skills to use towards handling your money and also create a budgeting plan.

DMPs typically won’t include your secured debts (such as auto loans, mortgages or home equity loans) and some types of unsecured loans (such as student loans). Guidance can be offered by credit counselors but you’ll usually have to handle those payments yourself.

Additionally, any credit cards that you include in the DMP, you will need to close which will ultimately decrease your access to credit throughout the month. Your creditors may also watch your credit reports and force you to stop using credit cards that aren’t part of the DMP, while you’re involved in the program.

Therefore, DMPs may not be the best option for you.

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  1. Illinois Unsecured Debt Consolidation Loan

An unsecured debt consolidation loan allows you to combine all of your debts into one single debt.  Instead of making the standard individual payments to multiple cards or lenders each month, you bundle them into just one payment from one lender. This is usually a lower interest rate than what you would see on one of your credit cards. Unsecured debts are personal debts with no physical collateral. Some examples of this would be medical bills, student loans or credit cards. 

Suppose you are given the option to pay just one loan instead of multiple loans and credit cards.

Wouldn’t it be easier for you to pay just one bill monthly, that’s also at a lower interest rate?

Consolidating debt is a good idea when debt payments are getting out of hand and you can no longer manage multiple payments. 

Unsecured debt consolidation comes with a lot of disadvantages

Debt Consolidation companies are mostly inconsiderate of your hardships and try to make money on your hardships. They employ high fees to take out a loan and are often more aggressive than your current debt collectors. 

With unfavorable conditions written in fine print, they can dodge customer concerns. These conditions entitle them to increase interest rates which leads to even worse debt.

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  1. Illinois Secured Debt Consolidation Loan

Secured loans for debt consolidation are loans backed by collateral such as a mortgage or auto loan.  If you own a home, a car, or other types of physical property, you can apply for a secured loan against it. 

This is highly risky since if you default on your payments due to any circumstances, the lender can repossess your property and sell it. That can leave you without a home or vehicle. 

However, if this is done with professional help like CuraDebt, you can get some room to breathe. With the lowest interest rates and highest savings, CuraDebt will come to your rescue. 

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  1. File for Bankruptcy

Often the last option for any person is to declaring bankruptcy. If your income is less than the median income of your state,  Chapter 7 bankruptcy will be applicable.

If your income is more than the median income of your state, but you still can not manage to pay back the debt, Chapter 13 bankruptcy will be applicable.

If your business is unable to repay its debt and is on the verge of insolvency, It will fall under Chapter 11 bankruptcy.

Bankruptcy is the last possible and least preferable solution. Before making any decision to declare bankruptcy, you should discuss it with a professional – where you understand the ramifications that may stay with you for decades. 

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Debt Relief Illinois FAQs

How long can a lender go after you to collect debt in Illinois?

The statute of limitations in Illinois is five years for unwritten debt agreements and open-ended agreements, and 10 years for written deals and promissory notes.

Do You Qualify for Debt Settlement in Illinois?

This program is specifically made for people going through hardships, like loss of income or unexpected expenses

Are you suffering from debt issues and having to pay minimum payments regularly? Are you still struggling under debt, which has grown beyond what you imagined?

To see if you qualify, speak with a counselor at CuraDebt. We will create an estimate of your cash flow to see if you qualify for this program. We will get you a free estimate of your savings on the debt relief program.

CuraDebt will work for you and make your debt settlement extremely cost-effective. With CuraDebt, we help you become debt-free 2-3x faster than normal!

How Much Does Debt Consolidation Cost?

There are many types of debt relief programs available in Illinois, each with different terms and conditions. The short answer is – it depends.

Everyone’s price truly does depend on their financial history, debt, and CuraDebt audit. While we cannot say an exact answer – we encourage you to to reach out to us and learn more about how we can help you. 

With unmatched service, CuraDebt gives you the best competitive rates. Most importantly, CuraDebt’s Debt Relief Program does not require an upfront fee and we provide you various options – letting you select which is best for you. 

What Makes CuraDebt One of the Best Debt Settlement Companies in Illinois

  • We’ve helped settle millions of dollars of debt 
  • CuraDebt is one of the oldest and most experienced companies.
  • We are IAPDA and BSI certified.
  • We provide free saving estimates and create a plan specifically modeled toward your needs.
  • No hidden charges. Honesty and integrity are what we stand for.
  • Our success rate is high because client satisfaction and happiness are the main mission at CuraDebt.
  • Over 1000+ reviews and a 5-star rating on Customer Lobby 
  • With a 4.9 star average on Shopper approved, we are the most trusted company by people across the USA.
  • 140+ Google reviews with an average of 4.8-star ratings
  • CuraDebt is a Good Standing Member of the Online Business Bureau, American Fair Credit Council, US Chamber of Commerce, and AFCC.
  • Getting our clients the best possible settlement with creditors is something we know how to do.
  • We help settle debts quickly. We’re incredibly efficient and cost-effective as well. Our top-notch customer service ensures to address any queries or concerns our clients may have.

With CuraDebt, you are in the right hands. With satisfied customers and zero complaints, we are confident that we are the best in our industry. We are more resourceful than any competitor in the market and help you at every step along the way.

Get Started for a Debt Relief Program in Illinois

If you are struggling to pay your debts, you may be able to get help through a debt relief program. Debt relief programs can provide you with assistance in negotiating with your creditors, consolidating your debts, or even eliminating some of your debt.

When you are considering a debt relief program, you should make sure that you understand all of the terms and conditions. You should also research the company to make sure that they are reputable and have a good track record.

If you decide to go ahead with a particular debt relief program, you will need to sign a contract. Make sure that you read over the contract carefully before you sign it. This will keep a record of what you are agreeing to and what the company’s obligations are to you.

There are a few different ways to apply for a debt relief program in Illinois. You can contact CuraDebt, who has been helping people and small businesses with debt solutions for over 20 years. We have the resources and vast experience you need to ensure that everything is handled properly. Our nationwide network of attorneys has the expertise in their field and can help you get the outcome you desire.

If you’re struggling with debt in Illinois, there are many relief programs available to help you get back on track. These programs can offer reduced interest rates, waived late fees, and other forms of assistance. 

If you’re not sure where to start, call 877-850-3328 for a free consultation now. At CuraDebt, we can help you understand your options and create a plan to get out of debt.

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