Like the relaxing atmosphere of Hawaii, the debt consolidation loan programs they are also a relief to Hawaiian debtors. There are two main categories of debt consolidation, that is debt consolidation loan and debt consolidation programs.
Debt consolidation loan
A debt consolidation loan in Hawaii requires that you have a collateral, as without the collateral, no loan can be provided to you.However, if after getting the loan against the collateral, you cannot pay the debts then the loan may be confiscated.
Debt consolidation program
A debt consolidation program is easier than a consolidation loan. You simply have to join a company offering this service and avoid loosing any of your assets. The companies will help you pay off all your loans effectively and in return all you have to do is repay the company, based on monthly basis. To be able to select the best of the companies, that could suit your need, it is important that you decide the monthly payment amount before hand. If you think their charges are in league with your income, then join it, otherwise your going to end up more on debts, than actually recovering from it.
Free debt counseling
Hawaii debt companies also provide you with free counseling regarding your debts and financial problems. You will be guided to choose whatever path you find is suitable for your benefit and also for paying off your debts effectively.Debt and credit counseling, is very critical when it comes to financial dealings as it plays the role of an effective guide and helps you in determining, what path should be obtained.
The Statute of Limitations (SOL) on all oral agreements, written contracts, promissory notes and open ended accounts is 6 years.
In case of any harassment by creditors/collection agencies, you can contact the Attorney General of Hawaii at the address given:
Department of the Attorney General
425 Queen Street
Honolulu, Hawaii 96813
Telephone – 808-586-1500
Fax – 808-586-1239