Do you need to avoid bankruptcy and repay a reduced percentage what you owe? Seeking the assistance of a reputable Lynn Haven debt settlement agency might be worth looking into.
At Florida Debt Consolidation, we can put you in contact with a debt settlement firm in Lynn Haven that will work to lower your credit card debt. Isn’t it time to get rid of credit card debt?
It’s estimated that 1,555 of Lynn Haven’s 15,694 residents need to eliminate or consolidate more than $10,000 in debt. Let us connect you with a debt settlement expert in Lynn Haven, FL.
You shouldn’t trust your debt settlement to some underhanded company. Any legitimate debt negotiator will divulge certain specifics prior to enrolling, for example how much the costs are for their program, how much time their system takes, and what risks you should expect.
Be sure that your Lynn Haven debt settlement company is legitimate by checking how long they have been running a business, how many clients they’ve handled, what their rate of success has been, what their prices are, and whether they are certified to negotiate date in the state of Florida.
Downsides to Debt Settlement in Lynn Haven, FL
A debt settlement program gives you a few big advantages:
- Debt Reduced by 20-60%
- Huge Interest Savings
- Brief 24-36 Month Timeline
- Flexible Settlement Structure
- Substitute for Bankruptcy
However, it dramatically affects your credit score, so you have to be completely confident that it is the correct option for you and your family.
Reducing your debts like this does have a few drawbacks. For starters, your credit card companies do not have to approve the settlement. Also, settling your debts is bad for your credit rating, since your credit balances will never be paid in full. Because debt consolidation requires trying to pay back what you owe on a monthly basis, debt collection calls will usually become less frequent. As any Lynn Haven debt settlement consultant will agree, this is often not the case during a credit card debt negotiation. It may take up to six months for anything to happen, during which time your credit card debt will continue to build. Debts you no longer owe may be taxable.
Debt Settlement Prerequisites in Lynn Haven, FL
If you owe $10,000 in debt, can no longer pay your bills, and would rather eliminate your debt than have a good credit record, credit card settlement may be sensible alternative to bankruptcy.
If you are one of these individuals, don’t fret – 1,555 Lynn Haven residents are carrying at least $10,000 of credit card debt.
If your debt-to-income ratio is 50% or more, then professional debt relief is probably a good idea. The ideal ratio is 36 percent. The average income in Lynn Haven, FL, is $47,393 a year, or $3,949 each month, which means a typical Lynn Haven resident ought to pay no more than $1,422 in credit card, mortgage/rent, and car/student loan repayments, but many people are paying more than $2,014 monthly. These borrowers should explore debt relief programs, whether it be debt settlement or consolidation.
Are you trying to decide between consolidating and settling your debt?
While debt settlement results in reduced debt, management and consolidation do not. You continue to pay off your loan companies on a monthly basis under credit counseling, so your credit rating is not affected nearly as much as it is during debt negotiations, during which you quit repaying what you owe. On the other hand, debt consolidation generally takes longer and eventually you’ll pay your creditors in full. For more details, visit here: debt consolidation in Lynn Haven.
Debt Settlement Rates in Lynn Haven, FL
As the most extreme debt relief solution at your disposal, debt settlement is generally the highest priced.
Most settlement firms will charge you about 20 percent of your debt – that’s significant! This service charge is generally paid over a time period of 12-24 months.
Chances are you’ll stumble upon attorneys that provide debt settlement on behalf of their clients. The fee system for Lynn Haven debt settlement attorneys is distinctive from that of specialized debt settlement agencies. Additionally, they get paid a share of debt reduction amount. The share is going to vary, but it’s normally approximately a third. This is generally more costly than the percentage you will be asked to pay a debt settlement firm.
Debt Settlement Specialists in Lynn Haven (FL)
- Florida Debt Settlement Company? Contact us!