You might be able to negotiate a debt settlement for less than you ever imagined, and avoid bankruptcy as well.
We can match you with a debt settlement expert in Elkins Park that can:
- Make a deal with your creditors.
- Get a written agreement for debt reduction.
- Develop a program to pay off your credit card debt in 24 to 48 months.
Selecting a Debt Settlement Firm in Elkins Park, PA
You can’t trust some unethical agency. Any good debt negotiator will provide you with some information before getting started:
- Compensation: charges should be carefully spelled out.
- Schedule: they have to inform you when they’ll contact the credit card companies, not to mention the funds must be saved.
- Risks: they should tell you about the unfavorable implications that come as a result of not paying your creditors
You should make sure your Elkins Park, PA debt settlement service is legitimate by finding out how many years they’ve been negotiating debt, how many negotiations they’ve managed, what their success rate has been, how much they cost, and whether they are registered to conduct business in Pennsylvania.
Debt settlement provides several well-known advantages:
- Debt Reduced by 20-60%
- Huge Interest Savings
- Short 3-5 Year Timeline
- Adjustable Payment Plan
- Alternative to Declaring Bankruptcy
However, it is a contentious series of negotiations that includes several challenges, costs, and sacrifices.
The solutions provided by debt settlement firms in Elkins Park, PA, do have their downsides:
- Bad for your credit rating.
- Debt never totally repaid.
- Debt continues to increase during negotiations.
- Calls from collection agencies might not stop.
- Debt that you don’t pay may be taxed.
- Could be 6 months before negotiations cease
Lawsuits and Debt Settlement
Bear in mind that banking institutions do have the right to take legal action against you so as to collect a debt. The likelihood of getting sued increases simply because you stop repaying them month after month.
As a resident of Elkins Park, this is what you have to know as regards the Pennsylvania statute of limitations for debt:
- Statute of Limitations: 4 years
- State Law: 42 Pa. C.S. 5525(a)
Debt settlement might be a good option if you would reply yes to the following questions:
- Have you been entertaining the idea of declaring bankruptcy?
- Do you owe $10,000 or more in debt?
- Can you tolerate bad credit scores?
If you have $10,000 of credit card debt, you are not alone. It’s estimated that 1,893 Elkins Park residents are living under at least $10,000 of credit card debt.
Individuals who’ve got debt to income ratios of 50% or more are excellent candidates for debt relief, either settlement or consolidation. The best ratio is 36 percent. In Elkins Park, people earn $58,833 each year, or $4,903 per month. That means a typical resident of Elkins Park ought to pay approximately $1,765 in credit card, mortgage/rent, and loan repayments, but many people in Elkins Park owe more than $2,452 each month. These consumers could use debt relief options, whether it be credit card settlement or consolidation.
Debt settlement is often wrongly identified as debt consolidation, management, and counseling. They are totally separate. Debt settlement programs involve a reduction in the amount you owe, whereas consolidation or management does not.
With debt management, consolidation, or counseling, your payment amount is consolidated. However, still pay back your creditors until your debts are fully paid. There is no doubt that this is does far less damage to your FICO ratings. On the other hand, the only debt savings come from lowered rates and penalties. For details, visit here: credit counseling in Elkins Park, PA.
How Much Does Debt Settlement Cost?
No debt relief firms in Elkins Park are permitted to charge a fee before they settle your debts. Any qualified debt settlement company in Elkins Park, PA, will only charge a fee once an account is settled. Other debt relief solutions usually call for flat monthly fees. As a rule, settlement firms will charge you roughly 20% of the amount you owe – that’s a whole lot! As a rule, they’re forbidden by law from charging you until an account has been paid off.
- Lee John K, 1135 W Cheltenham Ave, 19027