Negotiating your credit card debt should only be entrusted to an established Winter Haven debt settlement service.
Let us help you find a debt settlement company in Winter Haven who will:
- Make a deal with your credit card companies.
- Get an official settlement for debt forgiveness.
- Establish a plan to repay your creditors in 24-48 months.
There are zero commitments, and it’s free.
According to the FTC, Winter Haven debt settlement agents have to disclose certain details before joining:
- Fee Structure: all fees must be thoroughly described.
- Timeline: they must inform you when they will reach out to your creditors, not to mention how much money you must have saved.
- Risks: they have to explain the negative effects of not paying your creditors
Be sure you find out if your Winter Haven, FL debt settlement company is reputable. Find out how long they have been running a business, how much debt they’ve negotiated, what their success rate has been, how much they charge, and make sure they’re certified settle credit card and payday loan debt in the state of Florida.
Debt settlement is the only option that actually results in a decrease in principal. But it has more negatives than some other forms of debt relief.
As you probably know, debt settlement is not without its negatives:
- It’s bad for your credit score.
- Debt not 100% cleared.
- Debt builds during negotiations.
- Calls from debt collectors will likely increase.
- Debt that’s forgiven can be taxed.
- Takes 6 months before negotiations end
It’s important to understand that banking institutions do have the right to take legal action against a borrower to help them go after a debt. There is more likelihood of getting sued when it comes to debt settlement in Winter Haven, FL. Why is that? Simply because you stop paying them every month.
Contrary to public opinion, a debt settlement attorney in Winter Haven, FL, doesn’t have the ability to prevent a lawsuit from a credit card company or lender. They might or might not agree to handle your case in the event things go to court.
Preferred Debt Settlement Candidates in Winter Haven (FL)
If you owe $10,000 in debt, aren’t able to pay your bills, and would rather be free from debt than have a good credit record, credit card debt settlement might be a good option.
Of the 82,019 people who live in Winter Haven, 8,125 carry credit card balances of more than $10,000.
Consumers who have debt to income ratios of 50% or more are prime candidates for debt relief of some kind, whether it be settlement or consolidation.
Basically, if you are devoting more than half of your income to credit cards, rent/mortgage, and loans, you must contact a debt relief consultant. Given that the average income in Winter Haven is $1,315 each month, this is just $658. You should really shoot for a ratio of around 36 percent ($473 in Winter Haven).
Debt settlement and consolidation/management each has its own positives and negatives. Debt settlement leads to a reduction in what you owe, and consolidation or management won’t. You continue to pay off your creditors on a monthly basis under credit counseling. That means your credit score isn’t affected nearly as much as it is during debt negotiations. However, a debt management plan generally takes longer and over time you’re going to pay back your creditors in full.
Go here for more information about credit counseling in Winter Haven.
Whereas debt management programs have flat monthly fees, debt settlement charges are usually charged once each account is paid back. The majority of settlement agencies charge a percentage of the balance you want settled, often around 15 percent. Though you should not be forced to pay until after they go ahead and negotiate with your creditors.
Debt Settlement Agencies: Winter Haven (FL)
- Florida Debt Settlement Company? Contact us!