LYCOS RETRIEVER 
Debt Relief: Creditors
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Debt Consolidation – With this type of debt relief program, all your loans are merged into just one loan. You’re then only required by the company to make one payment every month for all of your loans. Because debts are less troublesome and easier to manage that way, debt consolidation loans have ... become known as debt management loans. If the stress of being in constant contact with your creditors is your most pressing worry, this type of debt relief program is the optimal solution for you.
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Debt relief plans are intended to help you if you're delinquent or having difficulty making your regular minimum payments and are designed to offer a good alternative to filing bankruptcy. Since creditors have a financial interest in recovering the money they've loaned, many are willing to provide benefits and make contributions to help fund the plans. These benefits typically take effect after you've made three timely and consecutive payments on the plan.
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The United States provides debt relief through the Paris Club of creditor nations tosupport economic reform in African countries. About one-third of Sub-Saharan Africa'slong-term debt is owed to Paris Club and other bilateral creditors. The United States hascommitted to forgive $250 million in official non-concessional debt owed by 10 Africancountries under the Paris Club "Naples" terms. Outside the Paris Club, theUnited States has forgiven more than $1.2 billion in official bilateral debt owed by 20 ofAfrica's poorest countries, including Senegal and Uganda. Under the President'sPartnership for Economic Growth and Opportunity in Africa, the Administration is seekingappropriations to extinguish remaining bilateral concessional debt owed by Africancountries that undertake aggressive efforts to reform their economies and open theirmarkets.
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Debt relief from participating creditors becomes irrevocable at the completion point. At the decision point, the country agrees on a short list of completion point triggers, upon which the country will “graduate” from the HIPC Initiative. These include a continued track record of satisfactory performance on an IMF program and the implementation for at least one year of the PRS. Some triggers may relate to progress in social areas such as health and education, while others may relate to improving governance or fighting corruption to give donors sufficient confidence that debt relief assistance will be well-used.
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A debt relief program can take one of many forms. You may desire to hire a debt professional to negotiate your plan to repay what you owe when you discover you can no longer pay the minimum payments required by your creditors. You may choose to deal with your creditors directly by use of debt relief programs. Choosing your plan of attack is the first step toward ridding yourself of the burden of debt you have created by poor planning or poor spending habits.
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A second option for self help debt relief is for the debtor to contact their creditors and work out a payment plan. If creditors are contacted early, they may be willing to work directly with the debtor to establish an amicable payment plan. This option will not be open to the debtor after a debt is turned over to a collection agency.
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