You might be able to settle your debts for less than you thought possible, and avoid bankruptcy on top of that.
At Florida Debt Consolidation, we can match you to a debt settlement company in Longwood that’s best-suited for your needs.
Don’t entrust your debt settlement to some underhanded service. Any honest debt negotiator will divulge certain details prior to signing on. They break down their fees, their timeline, and the risks of debt reduction. Make sure to determine whether or not your Longwood debt settlement consultant is trustworthy. Verify how many years they’ve been in operation, how much debt they’ve negotiated, what their success rate has been, what their fees are, and be certain they are certified negotiate credit card and payday loan debt in the state of Florida.
Debt settlement solutions have a few big advantages:
- Debt Reduced by 20-60%
- Substantial Interest Savings
- Brief 3-5 Year Timeline
- Flexible Settlement Scheme
- Alternative to Declaring Bankruptcy
However, it has a substantial influence on your credit ratings, so you ought to be absolutely confident that it is a good option for you and your family.
The solutions provided by debt settlement firms in Longwood, FL, do have their shortcomings. First off, settling your debts can hurt your FICO rating. All things considered, your debt will not be fully repaid. Additionally, your collection calls probably won’t decrease appreciably, as they would if you consolidate your debt.
As a resident of Longwood, you should know about the statute of limitations for debt:
- Statute of Limitations: 5 years
- State Statute: 95.1
- Further Information: www.flsenate.gov/Laws/Statutes/2010/95.11
If you have $10,000 of debt, aren’t able to pay your bills, and would rather be free from debt than have a good credit score, debt settlement might be a good option.
There are 53,457 people in Longwood, and we estimate that 5,295 have credit card debts of more than $10,000.
What’s Your DTI?
If your debt-to-income ratio is 50% or more, then debt settlement or consolidation is something you should think about. The ideal ratio? 30 to 36 percent. The average income in Longwood, FL, is $33,060 per year, or $2,755 on a monthly basis. That means a typical resident of Longwood ought to shell out approximately $992 in credit card, mortgage, and loan installments. Unfortunately, many people in Longwood owe more than $1,378 every month. These people could benefit from debt relief solutions, whether it be credit card settlement or consolidation.
Consolidating vs Negotiating Your Debt in Longwood (FL)
Debt settlement and consolidation/management each have their advantages and disadvantages. A lot of debt management programs provide more affordable interest levels on your credit cards and/or payday loans. However, there is zero reduction of total debt.
You pay your creditors on a monthly basis during credit counseling, so your credit rating is not harmed nearly as dramatically as it will be after a debt settlement. Since of course, with credit card settlement you stop repaying your creditors. Having said that, consumer credit counseling generally takes longer and eventually you will pay every cent you owe. Check here to read more about debt consolidation in Longwood.
No debt settlement firms in Longwood can charge you in advance. Any licensed debt settlement company in Longwood, FL, will only charge a fee when a balance is settled. Other debt relief solutions generally involve regular monthly fees. Most settlement companies charge you a percentage of the amount you want settled, often about 15%. Generally speaking, they are restricted legally from charging you until a balance has been settled.
You might run into attorneys that provide debt settlement. A lot of law firms will ask you for some kind of retainer, not to mention a fee every month. That’s fine, except that they also receive a percentage of the debt they save you, normally one-third. As you expected, ultimately this is less affordable than a debt settlement company.
Debt Settlement Companies: Longwood (FL)
- How to Stop A Foreclosure, 221 Monterey Isle Blvd N, 32779
- A American Debt Consolidation, 390 W Sr-434, 32750
- Consumer Credit Counseling, , 32807
- Dequattro Enterprises, 2170 W State Road 434 # 170, 32807