Negotiating your credit card debt should only be entrusted to an established Homestead debt settlement service. Let us match you with a debt settlement consultant – this minute – that’s best-suited for your needs. There are absolutely no commitments, and it’s free.
Locating a Debt Settlement Firm in Homestead (FL)
For legal reasons, Homestead debt settlement firms must give you certain information prior to signing on:
- Compensation: charges must be fully described.
- Duration: they have to inform you when they are going to contact the credit card companies, along with how much money you must have saved.
- Risks: they must tell you about the adverse implications for your credit scores
Always make sure that your Homestead, FL debt settlement firm is legitimate by researching how many years they have been settling debt, how many clients they’ve managed, what their success rate has been, what their prices are, and whether they’re certified to do business in Florida.
Debt settlement programs have some substantial benefits:
- Debt Reduced by 20-60%
- Huge Interest Savings
- Short 3-5 Year Timeline
- Convenient Repayment Scheme
- Alternative to Declaring Bankruptcy
However, it’s an extreme process that comes with several risks and sacrifices.
Before you commit to debt settlement, there are some things you must know. For example, your creditors may decline to negotiate. In addition, debt negotiation can hurt your credit rating. Ultimately, what you owe will not be completely paid back. Because debt consolidation will involve trying to repay what you owe on a monthly basis, collector calls can be expected to be reduced. This isn’t the case when it comes to debt settlement. The first settlement won’t take place for 180 days, and during that time your debt will continue to mount. Debt that’s forgiven can be taxed.
As a resident of Homestead, you need to understand the Florida statute of limitations on debt:
- Statute of Limitations: 5 years
- State Law: 95.1
- Further Information: www.flsenate.gov/Laws/Statutes/2010/95.11
How can you tell if debt settlement is a good option?
- Are you contemplating bankruptcy?
- Do you have at least $10,000 in debt?
- Are you willing to accept bad credit scores?
If you are one of these individuals, it’s not just you. We estimate that 10,212 of Homestead’s 103,092 residents are trying to repay this much debt.
If your debt-to-income ratio is 50% or more, then debt settlement or consolidation is needed.
Suppose you make $2,033 each and every month, the Homestead average. If you spend less than $732 on credit cards, rent, and any kind of loans, this is an optimal load of debt of 36%). If you are forking over $752 to $854 (37-42%), you should decrease your expenses. If are spending $874 to $1,017 (43-50%), you are on the brink of financial collapse, and if are spending more than $1,037, you’re in financial jeopardy and should meet with a debt expert.
Settling your debts and consolidating them are two separate strategies. Almost all debt management programs result in more affordable interest levels for your credit cards and/or payday loans, but zero reduction of the balance due.
You repay your creditors on a monthly basis under credit counseling; thus your credit score isn’t affected nearly as dramatically as it is during a debt settlement. On the other hand, credit counseling generally takes longer and at the end you’ll pay your debt in full. For additional information, click here: credit counseling in Homestead, FL.
Fee Structures for Debt Settlement
No debt settlement specialists in Homestead are permitted to charge a fee upfront. Any good debt settlement agency in Homestead, FL, will only charge you once each account is paid off. Most debt relief options generally call for flat fees.
Generally, settlement firms will charge you approximately 14-18 percent of the balance due – this is a big chunk of change! In most cases, they’re prohibited by law from charging you until an account has been paid off.
Chances are you’ll stumble upon law firms that provide debt settlement assistance for their clients. The payment structure for debt settlement attorneys in Homestead, FL, tends to be distinct. In addition to that, they will also take a percentage of the debt they settle. Precisely how much? Often a third. This is ordinarily more costly than the flat rate charged by a debt settlement firm.
Remember that this lawyer will be unable to give you legal advice they are licensed in the state of Florida.
- In God We Trust Credit Services, 1974 SE 23rd Ter, 33035