Debt Relief Grants For People With A Disability

Living with a handicapped or a disabled person takes a toll on the life and the finances of the person. With the sharp escalation of expenses,life becomes a difficult journey. It is because of this reason the amount of debt is increasing day by day as it is taking much of the expenses for the family members to take care of such an unfortunate person.

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The US Government understands the problem of these low-income groups and hence it has introduced federal debt relief grants for disabled. These grants are being distributed all across the country through different nonprofit organizations,local and state authorities,church and community agencies.

There are various benefits which government has introduced for the disabled citizens. The eligibility criteria vary from different factors such as date of disability,age of the person and level of income.

Debt settlement is a new method to debt relief for disabled. Under this program,a client can find a midway to come to terms with the creditor by reducing the amount which they owe and extending its timeline to pay off. Some of the benefits that the disabled people can get pertaining to debt relief are:

Lawful protection

In normal circumstances if a person defaults in paying off debts,the creditor can sue the person and get it settled through court. But in case of disabled,a creditor cannot do so. The creditor can still get it settled but cannot garnish it from social security,disability benefits or pensions.

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Government grants

There are many government grants pertaining to debt relief for disabled. Under Americans with Disability Act (ADA),candidates with both mental and physical disabilities are included. With Equal Employment Opportunity Commission there is a list of conditions that are applied for different kind of disabilities viz. deafness,blindness,mental retardation,autism,cancer,epilepsy,cerebral palsy,HIV and also schizophrenia.

There are even utility payments for the disabled to pay their regular bills and necessities of life. This way the unfortunate people can meet their daily payments and live a normal life.

There are telecommunications payments for the disabled which help them to maintain a consistent communication with the outer world. Under Communications Act of 1934,all the telecommunication companies ensure equivalent services for consumer with disabilities.

Alongside multiple technical provisions are being given and also protection is being given to those who exercise ADA rights from any kind of coercion and retaliation.

Debt relief grants for disabledare also one of those benefits which are being given to the handicapped and underprivileged mass. There are many local and state authorities which are disbursing payments to the families of these unfortunate people to meet their debts and credit card loans saving them from any kind of legal hassles.

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Four Existing Options To Help People Get Debt Relief

Of all the problems possible in a marriage,finances cause the most marital discord. Many singles consider finances to be their most worrisome issue. Many times this is due to a heavy debt burden. Several options exist to help people get debt relief from their unsecured debts. (Unsecured debt is not linked with a physical asset. Therefore,credit cards and medical bills are unsecured debts; a car loan or a mortgage are secured debts.)

One option for debt relief is bankruptcy. While unsecured debts are indeed discharged,the long-lasting black mark on your credit report (up to ten years) makes bankruptcy less than ideal as a form of debt relief. Further,changing bankruptcy laws will make it more difficult to file. Bankruptcy should only be a last resort. It is not a quick fix.

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Another option is debt consolidation. Debt consolidation combines your existing loans into one loan. While this does away with late fees and over-the-limit fees,very little is done to reduce the amount of debt or to renegotiate interest rates. Further,this uses something as collateral,such as your house. If you still have trouble paying,you could lose your house to foreclosure.

A third option of debt relief is debt settlement. The debt settlement company negotiates with credit card companies to agree to settle for a lesser amount owed,often pennies on the dollar,of both the interest and the principle. A debt settlement company also acts as the middleman between the debtor and the credit card companies,eliminating phone calls that border on harassment. A downside to debt settlement is that many debt settlement companies advise you to stop paying your monthly bills altogether in order to force credit card companies into settlement. While this may work for some credit cards,others may be just as likely to take you to court for non-payment,and debt settlement companies take no responsibility for such action.

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A fourth option for debt relief is through credit counseling services. This is similar to debt consolidation in that you pay only one bill to the counseling service. They in turn take over all your debt payments. The benefit of this is that any communication with the creditors is handled by the counseling service. The downside is that credit counseling services work primarily for the credit card companies. While they may work for a reduction of interest,they probably won’t work for a reduction of principle.

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No matter which option you choose for debt relief,all are better than doing nothing and falling further and further behind. Check out all your options before making a decision.

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