For residents of Hollywood, debt settlement is perhaps the most drastic debt relief solution at a consumer’s disposal.
At FL Debt Consolidation, we can put you in touch with a debt settlement agency in Hollywood, FL who works with people in Hollywood. Isn’t it time to get out of debt?
Please don’t trust your debt settlement to some dishonest agency. Virtually any legitimate debt negotiator will provide you with a good bit of specifics prior to signing on:
- Compensation: all fees must be carefully explained.
- Timeline: they must tell you when they are going to reach out to the credit card providers, and the funds you must have saved.
- Dangers: they have to tell you about the unfavorable consequences for your credit scores
Always make sure that your Hollywood, FL debt settlement company is legitimate by finding out the following:
- How long have they been operational?
- How many negotiations have they handled?
- How much do they charge?
- How successful have they been?
- Are they licensed to negotiate debts in Florida?
There are specific indicators of services that are dishonest. For instance, if any debt settlement company in Hollywood tries to charge advance fees, run, as this is not okay!
Debt settlement programs offer a few big benefits:
- Only Pay 40-80% of Original Amount Owed
- Huge Interest Savings
- Quick 3-5 Year Timeline
- Flexible Repayment System
- Substitute for Bankruptcy
However, you should talk to a qualified debt expert before moving forward.
Debt settlement, is it the right choice? Find out today!
To leverage the biggest reduction in debt they can, your debt settlement firm will probably ask you to stop repaying your credit card companies. Your money will be deposited into a savings account. After you have enough money to pay the negotiated amount, the money you owe will be paid off. For the time being, your credit rating will get worse and worse. Needless to say, declaring yourself bankrupt would crush your credit score as well. According to quite recent FTC policies, this savings, or “special purpose” account has to:
- Be at an FDIC-insured bank.
- Give you unfettered withdrawals.
- Not charge you for removing funds.
In Florida, credit card providers have 5 years to take legal action for credit debt you owe them.
Who Should Look into Debt Negotiation in Hollywood (FL)
In order to meet the criteria for a credit card debt settlement program in Hollywood, FL, you typically have to have:
- $10,000 in Credit Debt
- $300 a Month to Spend
If you are one of these individuals, you’re not alone – 46,175 Hollywood residents are living with this much debt.
Debt vs Income in Hollywood, FL
Along with how much you owe in total, you should figure out your debt to income ratio.
Say you make $3,106 every month, which is the Hollywood average. If have to pay less than $1,118 for credit cards, rent/mortgage, and loans, you’ve got an optimal debt load (36%). If you are forking out $1,149 to $1,305, which is 37-42%, you may want to reduce your spending. If are shelling out $1,336 to $1,553, which is 43-50%, you are on the verge of serious debt troubles, and if are forking over more than $1,584, you are in financial jeopardy and should seek out professional debt help as soon as possible.
Are you trying to decide between credit card settlement and consolidation?
While debt settlement results in a reduction in what you owe, consolidation does not.
You pay your credit card companies month after month during credit counseling, so your credit score is not affected nearly as much as it is after debt negotiations. On the other hand, debt consolidation generally takes longer and in time you’re going to pay back 100% of what you owe.
For additional details, click here: debt consolidation in Hollywood.
While debt management plans have basic monthly fees of $25 to 40, debt settlement costs are typically applied after each credit card is paid off.
For the most part, settlement firms charge a percentage of the balance you want settled, often up to 15%. Though you won’t need to pay until after they go ahead and settle your debt.
- The Credit Council, 3389 Sheridan St, #307, 33021
- A American Debt Counseling, 2009 Harrison St, 33020
- Consumer Credit Counseling, 2521 Raleigh St, 33020
- 123 Credit & Debt Counseling, 6880 Miramar Pky, 33023
- Gonzalez, Iliana BSM – 2020 Management Group, PA, , 33160
- Ortiz, Joe CEO – First Coast Receivables, LLC, 1515 Grant St, 33020
- NWCDR Credit Counseling & Debt Consolidation, 2455 Hollywood Blvd, #213, 33020
- Solid Ground Financial, 6600 Taft St, 33024
- Consumer Credit Counseling, , 33160
- Innovative Debt Solutions, 510 S Dixie Hwy, 33020