Are you unable to repay what you owe in full? Debt settlement can help you trim down what you owe significantly.
We can help you find a debt settlement firm who helps Tampa residents.
Selecting a Debt Settlement Agency: Tampa, FL
You can’t entrust your debt settlement to some underhanded firm. Any legitimate debt negotiator will divulge certain details before you sign up, such as how much the fees are for their assistance, how much time until they make contact with your creditors, and what sorts of risk can be expected.
Always make sure that your Tampa, FL debt settlement consultant is reputable. Research the following:
- How long have they been in business?
- How much debt have they settled?
- How much do they charge?
- How effective have they been?
- Are they registered to conduct business in FL?
There are specific warning signs of firms that are unethical. For example, if any debt settlement company in Tampa tries to charge you advance fees, run.
Tampa Debt Settlement Considerations
Though debt settlement may result in dramatic decreases in what you owe, it demands serious consideration.
So that they can leverage a better settlement, your debt settlement firm will probably have you quit paying back your credit card companies. Your funds will go into a bank account. Once there is sufficient funds to pay the arranged amount, plus the fee owed to your debt settlement firm, your debt will be repaid. While waiting, your credit score will get even worse. Keep in mind, filing for bankruptcy would kill your credit rating as well. In accordance with fairly new FTC guidelines, this savings account should:
- Be at an FDIC-insured establishment.
- Provide you with unfettered withdrawals.
- Not charge you for pulling out money.
Statute of Limitations for Debt: Florida
As a resident of Tampa, this is what you have to know in relation to the Florida statute of limitations when it comes to debt:
- Statute of Limitations: 5 years
- State Statute: 95.1
If you are carrying $10,000 in credit card or unsecured loan debt, can’t make your payments, and would rather be debt free than have favorable credit, credit card settlement may be a good option.
There are 636,151 residents of Tampa, and 63,017 carry credit card balances of at least $10,000.
Consumers with debt to income ratios of 50% or higher are excellent prospects for debt relief, whether it be settlement or consolidation.
In a nut-shell, if you’re allocating over half of your wages to credit cards, rent, and auto loans, you have to get in touch with a debt relief coach. Considering that the average income in Tampa is $1,493 per month, this is just $747. You really should have a ratio of just about 36 percent, or $537 for the average Tampa resident.
Tampa Debt Settlement vs Credit Counseling
Settling your debt and consolidating it are two distinct options. These are all methods of eliminating debt. Debt settlement sets itself apart in that it contributes to a total decline in the balance due. These forms of debt relief – debt consolidation, management, counseling – are much better for your credit rating over time, but they are long term alternatives in which you pay all of your debt.
Go here for more information about credit counseling in Tampa, FL.
As the most radical debt relief option for residents of Tampa, debt settlement is generally the highest priced.
The majority of settlement agencies charge you a percentage of the debt you want settled, often as much as 15%. Typically they’ve been forbidden by law from assessing a fee until a balance has been settled.
Tampa, FL Debt Settlement Services
- 1st Credit Consulting, 13918 N Boulevard, 33613
- Credit Clean, 532 Bridle Path Ln, 33634
- Idebt Assistance Debt Consolidation Program, 10326 Venitia Real Ave, #103, 33647
- Murphy-Martin Recovery-Inc., 3601 W Swann Ave, 33609
- Debt Collection Agency B & A, 400 E Cass St, 33602
- A Fresh Start, 8017 N 11th St, 33604
- Parwani Law, PA, 9905 Alambra Ave, 33619
- Bankruptcy Attorney, 2501 W Busch Blvd, #6, 33618
- Weller Legal Group, 2501 W Busch Blvd, 33618
- Cedola & Vincent PL, 2202 N Westshore Blvd, #200, 33607