When you want to explore a way to become debt free without having to resort to bankruptcy, debt settlement is a popular option. At FL Debt Consolidation, our aim is to connect you with a debt settlement firm who can negotiate with your credit card issuers to decrease what you owe.
Finding a Debt Settlement Agency in Lakeland, FL
Don’t trust your debt settlement to some shady firm. Virtually any good debt negotiator will provide you with the following specifics before you enroll, for example how much their system will cost, how long their service normally takes, and how much risk is involved. You’ll want to determine whether or not your Lakeland debt settlement consultant is trustworthy 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 rating with the Better Business Bureau?
- How effective have they been?
- Are they licensed to do business in FL?
Debt settlement is the only debt relief program that cuts back on the principal. But it dramatically impacts your FICO scores, so you have to be 100% certain that it is the best option for you and your family.
Roughly 19,974 of Lakeland’s 201,638 residents have got $10K or more in debt. It’s not just you. Get help with debt today.
Settling your debts in this fashion has a number of disadvantages. Firstly, your creditors don’t have to accept settlement offers. Furthermore, debt settlement will be detrimental to your FICO rating down the road, unlike paying off your debt with a debt consolidation loan. In the end, what you owe will never be paid in full. Furthermore, your collection calls might not decrease appreciably, as they do with some other debt relief solutions. It may take up to 180 days for anything to happen. During that time, your credit card debt will continue to pile up.
As a resident of Lakeland, here’s what to consider about the Florida statute of limitations on debt:
- Statute of Limitations: 5 years
- State Law: 95.1
Minimum Standards for Debt Settlement in Lakeland, FL
For you to meet the criteria for a credit card settlement program in Lakeland, FL, you usually have to have:
- $10,000 in Debt
- $300 a Month to Spend
There are 201,638 people living in Lakeland, and 19,974 have credit card debts of at least $10,000.
Folks who have debt to income ratios of 50% or higher are excellent candidates for debt relief, whether it be settlement or consolidation.
Say you get paid $1,947 each and every month, Lakeland’s average income. If are spending less than $701 for credit cards, loans, and rent, you have an ideal debt load (36%). If you are forking out $720 to $818 (37-42%), you might want to cut back your spending. If are having to spend $837 to $974 (43-50%), you’re on the brink of critical debt troubles. If are spending more than $993, you are in severe debt and ought to obtain expert debt advice.
Do you need to decide between consolidating and settling your debt?
While debt settlement leads to a reduction in debt, consolidation does not. Other methods of relieving debt – debt consolidation, management, and counseling – don’t do all that much damage to your credit rating over time. However, they are long-term remedies in which you pay all of what you owe.
Click here to read more about credit counseling in Lakeland, FL.
What Does Debt Settlement Cost?
While debt management plans have regular monthly fees of $25-40, debt settlement charges are typically applied when each account is paid back. Nearly all settlement agencies charge a percentage of the balance you want reduced, often about 15%. Though you won’t need to pay until they actually negotiate with your creditors.
Debt Settlement Attorneys: Lakeland, FL
Wondering about debt settlement attorneys in Lakeland?Retaining legal counsel might be more costly than working with a debt settlement firm. While the majority of debt settlement services don’t charge a fee every month, many law firms do. The problem is that they are entitled to a hefty slice of your debt savings. The percentage differs, however it’s typically around one-third. Obviously, ultimately this is more expensive than a debt settlement firm.
- Julian Credit Management, 4035 S Florida Ave, #11, 33813
- Q & Q Inc, 4220 U.S. 98, 33810
- Turning Point Mortgage and Credit Consulting, 1335 N Combee Rd, 33801
- United Debt Service Inc, 5410 S Florida Ave, 33813
- A American Debt Consolidation, 303 N Brunnell Pky, #38, 33815
- Ca$H Communications, LLC, 2104 Farrington Dr, 33809
- Weller Legal Group, 4035 S Florida Ave, 33813
- International Wealth Systems, Incorporated, , 33823