If you want to escape bankruptcy and repay a percentage of what you owe, debt settlement is a popular solution.
At Debt Relief PA, we can match you to a debt settlement company – today – who will:
- Negotiate with your creditors.
- Get an official agreement for debt reduction.
- Create a plan to pay off your creditors in 24-48 months.
On top of that: there are no obligations, and no costs.
Of the 50,128 residents of Southampton, 4,966 need to eliminate more than $10,000 of debt. Determine how much Southampton debt settlement will save you.
For legal reasons, Southampton debt settlement services are required to disclose certain details prior to signing up, such as how much the fees are for their program, how much time their program takes, and how much risk is involved. Make sure to find out if your Southampton debt settlement service is trustworthy. See how many years they’ve been in business, how much debt they have negotiated, what their success rate is, what their prices are, and whether they’re qualified to negotiate date in the state of Pennsylvania.
There are specific warning signs of firms that are deceitful. For instance, if any Southampton debt settlement companies try and charge you upfront fees, get out of there..
Debt settlement offers a few significant benefits:
- 20-60% Decrease in Debt
- Significant Savings in Interest
- Short 3-5 Year Schedule
- Adjustable Settlement Structure
- Alternative to Bankruptcy
However, it demands serious consideration.
As a way to leverage a better settlement, your debt settlement firm will probably recommend that you stop paying back your credit card companies. Your money will go into a savings account. After you’ve got sufficient funds to pay the negotiated settlement, the money you owe will be paid back. For the time being, your credit rating declines because you aren’t paying your creditors. Of course, bankruptcy would ruin your credit scores too. In accordance with relatively recent FTC rules, your savings, or “special purpose” account has to:
- Be FDIC-insured.
- Give you unrestricted access.
- Not penalize you for extracting funds.
It’s important to be aware that credit card providers are able to take legal action against a borrower to help them pursue a debt. With debt settlement, the likelihood of your creditors taking legal action is greater. How come? Mainly because you stop paying your creditors month after month. Unfortunately, local Southampton debt settlement attorney can’t stop a credit card company or lender from going to court. They might agree to handle your case, or they may not.
In Pennsylvania, credit card companies have 4 years to bring you to court for unsecured debt you owe.
Minimum Debt Settlement Requirements in Southampton, PA
In order to be a candidate for a debt settlement program in Southampton, PA, you usually need:
- $10,000 in Unsecured Debt
- $300 Per Month to Spend
If you fall into this category, it’s not just you – 4,966 of Southampton’s 50,128 residents have at least $10,000 of credit card debt.
Income vs Debt: Southampton, PA
Folks with debt to income ratios of 50% or more are perfect candidates for debt relief, whether it’s settlement or consolidation. The best ratio? 30 to 36 percent. In Southampton, consumers make $81,684 a year, or $6,807 on a monthly basis. This means the average Southampton resident should pay out less than $2,519 in credit card, mortgage, and loan repayments. Regrettably, many individuals are forking out $3,472 or more every month. Without a doubt, these borrowers are in need of debt relief, whether it be debt settlement or consolidation.
Southampton Debt Negotiation vs Credit Counseling
Debt settlement is often mistaken for consolidation, management, or counseling. They’re totally distinct solutions.
Whereas debt settlement leads to reduced debt, consolidation isn’t going to. You pay back your creditors on a monthly basis under credit counseling, meaning your credit score is not harmed nearly as drastically as it is after debt negotiations. On the other hand, credit counseling generally takes longer and at the end you’ll repay 100% of what you owe. Go here for additional information about credit counseling in Southampton.
Paying Your Southampton, PA Debt Relief Agency
As the most drastic debt relief option for residents of Southampton, debt settlement is generally not cheap. Normally, settlement agencies charge a percentage of the amount you want settled, often around 15%. Basically they’re forbidden by the FTC from assessing a fee until a balance has been paid off.
- Pennsylvania debt settlement company? Email us for a free listing!