Hoping to pay off your debt without going bankrupt? Seeking the help of a reputable Altamonte Springs debt settlement agency may be worth looking into. Our aim is to get you in touch with a debt settlement company in Altamonte Springs that will:
- Make a deal with your creditors.
- Get an official agreement for debt elimination.
- Create a plan to pay off your debt in 24 to 48 months.
On top of that: there are no commitments, and no fees.
Finding a Debt Settlement Firm: Altamonte Springs, FL
Legally, Altamonte Springs debt settlement firms must divulge certain details before you get started, for instance how much the fees are for their assistance, how long their system will take, and how much risk is involved.
Be certain that your Altamonte Springs, FL debt settlement service is legitimate. Research the following:
- How many years have they been in operation?
- How much debt have they settled?
- How much are their fees?
- What is their rate of success?
- Are they licensed in Florida?
Debt Settlement Disadvantages in Altamonte Springs (FL)
Though debt settlement may result in dramatic debt forgiveness, it dramatically decreases your FICO scores, so you have to be 100% certain that it’s a good option to reduce your debt.
In a debt settlement, you up and stop making payments to your creditors. As an alternative, you save money in a savings account until you’ve got a sufficient amount to pay the settlement worked out by your Altamonte Springs debt settlement company. For the time being, your credit rating gets worse and worse. Naturally, declaring bankruptcy would ruin your credit scores as well. In accordance with fairly recent FTC regulations, your savings, or “special purpose” account has to:
- Be FDIC-insured.
- Provide you with unfettered withdrawals.
- Not charge you for withdrawing funds.
FL Statute of Limitations for Credit Card Debt
As a resident of Altamonte Springs, this is what to consider as regards the statute of limitations on debt:
- Statute of Limitations: 5 years
- State Statute: 95.1
- More Information: www.flsenate.gov/Laws/Statutes/2010/95.11
Suitable Altamonte Springs debt settlement prospects owe at least $10,000 in debt, are facing bankruptcy, and cannot afford to make the minimums on their credit lines on a monthly basis.
If you meet these criteria, don’t fret – 5,681 Altamonte Springs residents are trying to repay at least $10,000 of credit card debt.
Your credit experts will be interested in your debt to income ratio.
Let’s imagine you earn $1,745 on a monthly basis, the Altamonte Springs average. If you spend less than $628 for credit cards, loans, and mortgage/rent, you’ve got an optimal debt load of 36%). If you are forking out $646 to $733, which is 37-42%, you should scale back how much you’re spending. If you spend $750 to $873, which is 43-50%, you are on the verge of financial collapse, and if you spend more than $890, you are hurting badly and really should obtain professional debt help asap.
Whether you choose to settle or consolidate your debt, you should enjoy a single payment per month. However, the parallels terminate there. Nearly all debt management plans offer up lower rates on your credit cards. However, there is zero reduction of total debt. You continue to pay back your credit card issuers every month as part of credit counseling, which means your credit score isn’t impacted nearly as much as it is during a debt settlement. On the other hand, debt consolidation generally takes longer and in the long run you’re going to pay off every cent you owe.
Click here to find out more about debt consolidation in Altamonte Springs.
No debt relief specialists in Altamonte Springs should charge a fee at signup. Any legitimate debt settlement agency in Altamonte Springs, FL, will only bill you after a credit card is settled. Most debt relief solutions typically involve regular monthly payments. Generally, settlement companies charge a percentage of the balance you want settled, often about 15%. Though you should not need to pay until they actually negotiate with your creditors.
Debt Settlement Firms in Altamonte Springs, FL
- A American Credit and Debt Counseling Service, 983 E Altamonte Dr, 32701
- Futuretech Financial, 405 Douglas Ave, #1855c, 32714