For people in Lady Lake, debt settlement is an increasingly popular solution. We can find you a debt settlement expert who can:
- Negotiate with your credit card companies.
- Obtain a written contract for debt reduction.
- Set up a plan to pay back your credit balances in 24 to 48 months.
There are no commitments, and no costs.
Selecting a Debt Settlement Service in Lady Lake (FL)
By law, Lady Lake debt settlement solutions are required to disclose some information before enrolling, for example how much the fees are for their program, how long before they make contact with your lenders, and how much risk you will face.
Be sure that your Lady Lake debt settlement firm is legitimate by researching the following:
- How many years have they been in business?
- How much debt have they settled?
- How much are their fees?
- What is their rate of success?
- Are they registered in Florida?
Although debt settlement can lead to serious forgiveness of your debts, it means depositing your money into a savings account month after month as opposed to paying off your credit card balances. When you have enough money saved, you pay them the settlement amount. Of course, settling your debts like this is bad for your credit rating.
Considering debt settlement in Lady Lake, FL? Hold on. There are some things you need to understand. For instance, settling your debts can harm your FICO score. All things considered, your creditors will never be paid in full. In addition, your collection calls may not decrease substantially. The first settlement might not be concluded for 6 months. During that time, your credit card debt will continue to increase.
If you have $10,000 in credit card or unsecured loan debt, can no longer pay your bills, and would rather eliminate your debt than have a good credit score, credit card debt settlement might be a good solution.
Of the 27,939 people who live in Lady Lake, 2,768 are estimated to carry credit card debt in excess of $10,000.
Individuals who have debt to income ratios of 50% or more are excellent prospects for debt relief, whether it’s settlement or consolidation.
In a nut-shell, if you’re investing over half of what you make to credit cards, home loan, and/or loans, you must speak to a debt settlement professional in Lady Lake, FL. Considering that the average income in Lady Lake is $771 each month, this is $386. You really want to aim for a ratio that’s closer to 36 percent. In Lady Lake, this is $278, on average.
Lady Lake Debt Settlement vs Credit Counseling
Settling your debts and consolidating them are two separate options. Debt settlement results in a decrease in what you owe, and consolidation or management doesn’t.
You continue to repay your lenders month after month under a debt management plan. So your credit score isn’t impacted nearly as drastically as it will be during a debt settlement, during which you quit paying back your debt. Then again, debt management generally takes longer and in time you will pay your creditors in full.
Click here to learn more about debt consolidation in Lady Lake, FL.
No debt relief agencies in Lady Lake are allowed to bill you in advance. Any good debt settlement agency in Lady Lake, FL, will only charge you once an account is settled. Most debt relief solutions usually entail regular monthly fees.
For the most part, settlement agencies will charge you about 20% of the balance due – this is a big chunk of change! This service charge will typically be assessed over a time period of 1-2 years.
Lady Lake, FL Debt Settlement Attorneys
Chances are you’ll see lawyers that provide debt settlement for their clients. A large number of attorneys will ask you for a retainer, as well as a monthly charge. Furthermore, they will also take a substantial slice of the debt they save you. How much? Generally 30 percent. Needless to say, in the end this is more costly than a debt settlement firm.
Don’t forget that your attorney won’t be able to give you legal counsel unless they are a local Lady Lake debt settlement attorney, or they are licensed in Florida.
Debt Settlement Specialists: Lady Lake (FL)
- Florida Debt Settlement Company? Contact us!