Funding his terminally ill sister's cancer treatment, Francisco Peinado got plundered by credit card debt and endless collection calls. However, a sympathetic debt relief program rescued the victim of unemployment and mountainous medical debt from becoming a casualty of medical bankruptcy, which based on a New York Times article, is growing.
(PRWEB) January 10, 2010 -- After the news from the Debt Free League financial adviser, Francisco Peinado basked in a bittersweet moment. He painfully reminisced of his sister's arduous bout with cancer. Yet, December 30, 2009 marked a remarkable accomplishment. He was debt-free.
Peinado, a new graduate of the National Debt Relief Stimulus Plan, initially joined the debt relief program somewhat skeptical. Unable to find the right solution to his debt, he had spent two torturous years gasping for air.
First, he lost his job of 15 years. The unforeseen event put his finances on the rocks. Whatever employment he found was unsuitable for his financial obligations.
For the past two years, he waited on tables as his income kept fluctuating.
Paying the bills grew tiresome. Although he paid on time, pleading with creditors to lower his interest rates wasn't working. They just slammed their doors, stating they couldn't help. His situation needed urgent attention.
Then, came the icing on the cake… He made the difficult decision to incur more debt by funding his terminally ill sister's cancer treatment. It dragged Peinado $21,819.19 deeper in credit card debt.
Like most bankruptcy filers, he was unable to pay the medical bills.
Illness or medical bills contributed to 62.1% of all bankruptcies in 2007, according to an American Journal of Medicine study.
A New York Times article also indicates the amount of personal bankruptcies due to illness, is growing. The actual growth remains a mystery since medical bills are frequently camouflaged as credit card debt.
Confronting the dilemma of rampant medical debt, the Obama administration pushed for reform to make health care more affordable. But, until a bill is passed, those with insurmountable medical debts will continue their pilgrimage into bankruptcy court.
After a phone consultation with a Debt Free league financial adviser, Peinado decided a different path.
He chose the debt settlement company's unique bankruptcy alternative, which helps consumers and small business owners throughout the country overcome severe financial hardships like his.
Peinado felt comfort from the San Diego-based organization's community involvement. Their personnel volunteered with aid during the 2007 San Diego wildfires, and are active participants with various charitable causes, such as the fight against AIDS, Leukemia, and domestic violence.
Excitedly, Peinado states "I was scared and hesitant to start with a debt settlement company. But, the friendly financial adviser gave me total confidence when stating: Debt Free League works in the spirit of FULL DISCLOSURE. Plus, their fees were the lowest I found. And the incredible savings on the debt settlement letters on their website were very impressive."
The company also offered Peinado the possibility of a much greater savings than credit counseling. Plus, they allowed him to enroll his medical bills.
The debt had been piling up since 2007 when his sister was diagnosed with uterine cancer.
Her financially and emotionally-draining illness changed his life.
Uterine cancer, also referred to as endometrial cancer, is the most common gynecological cancer in American women. 35,000 new cases are reported each year. The cancer, which grows in the muscular wall of the uterus, is curable with early detection.
However, doctors detected her cancer at a late stage. Abnormal cells had metastasized beyond her lymph glands into her fallopian tubes. Thereafter, cancerous growths invaded most of her body.
She eventually passed away, leaving Peinado independently fighting with substantial credit card debt and belligerent debt collectors.
Each day, Peinado mourns his sister's passing. But is hopeful that time will take away the pain. For now, he has no more worries about creditor harassment, or his debt.
"To date, my sister's death bears a heavy burden on me. But that's destiny. My real outrage was the heartless debt collectors and their collection calls. If it weren't for the National Debt Relief Stimulus Plan, the irritable stress would have pushed me into bankruptcy," declares Peinado.
He figured he'd get out of debt in the course of twenty eight months, as the program initially estimated. Yet, he jovially achieved financial freedom in 12 months.
Peinado adds, "Debt Free League helped me save $13,657! They are a total reality and are the best path to start a new stress-free life without debt or financial obligations."
Starting the 2010 New Year, the organization continued strong, aiding people to improve their financial misfortunes. For one client (whose name was omitted due to confidentiality), they were able to settle an $18,878.96 Chase Bank credit card balance for a debt total payoff of $2,831.84.
The 14 percent settlement represents a monumental achievement for the debt settlement industry, where the average client saves 50 percent.
The $16,047.12 the program saved can be a major life improvement for anyone living paycheck-to-paycheck. On the reverse, by continuing the minimum payment, a cardholder can be enslaved for many years, repaying as much as triple the original balance, over $56,000.
(Debt Free League client, Francisco Peinado gave permission to publish his story.)
About Debt Free League:
Debt Free League is the pioneer of the National Debt Relief Stimulus Plan. The debt settlement organization employs in-house, debt negotiation specialists. Their professional debt arbitrators help consumers and small business owners resolve financial hardships via negotiation of personal, medical, and business debt settlements. Free phone consultations are available by calling the company's hot line at (800) 213-9968. They also provide bilingual services through their Spanish affiliate, Libre de Deudas.
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