You can use a variety of different people to help you settle your debt. Debt relief services are one way to help you obtain relief. Settling debts on your own is even possible if your creditors are willing to listen. Another option is to use a Florida debt settlement attorney. Is it really necessary to use one to settle a debt?
Credit Card Relief Is Not Free
Credit card relief services are going to charge you based on how much of the debt is settled. For example, you should expect to pay at least 20 percent of the debt forgiven. Having $10,000 of debt forgiven would cost you at least $2,000. You should also expect to pay maintenance fees on a monthly basis as well.
It can be hard to find a good credit card debt counselor. I would recommend doing a lot of research before settling on a company. There are many people out there who just want to make a quick buck off a desperate person. You may find yourself in a situation where a lawyer is needed to go after the debt relief company.
Would A Debt Settlement Lawyer Be Cost-Effective?
The one thing we have to look at is whether or not a lawyer is cost-effective. Debt settlement attorneys from Florida to California are certainly not going to come cheap. One of the most popular attorney debt settlement law firms charges 25% of the saved amount as its success fee, along with a $50 monthly consultant fee. Is it worth it to keep racking up debt while trying to settle your current mess? The answer to that question really depends on what your situation is.
Most consumers do not need a debt negotiation attorney and should use a credit card relief company to settle a debt instead of a lawyer. The costs of hire a legal professional are quite high and can eat into your debt savings.
Creditor harassment can be stopped when using both a debt consolidation company and a debt settlement lawyer. However, having a legal representative in your corner can help get creditors to obey the law since they realize they can get sued for FDCPA violations quicker. Creditors who have no reason to keep harassing you will ultimately make a deal that pleases everyone. You might even be entitled to financial rewards due to illegal creditor behavior.
What Type Of Debt Is Owed – Secured or Unsecured?
It is important to understand what type of debt we are attempting to settle. Credit card debt is much easier to settle with a debt relief company. Settling the debt may be the best situation anytime you don’t want to risk your credit score. All kinds of unsecured debts can be settled – credit cards, personal loans, payday cash advance loans, business debts.
Secured debts usually cannot be settled with or without debt settlement attorney. Battling a foreclosure may be the perfect time to bring in a lawyer. Banks will fight like crazy when it comes to modifying a loan. Despite government pressure, not all banks will work with you when you cannot afford the mortgage payment. Foreclosure is usually the next step when a loan is not modified to make the payment more manageable.
Trying to settle the debt in court may be your only recourse. This is the time when you need a good legal representative on your side. You know the banks are not usually going to work with you voluntarily. Lawyers also help you because settling a secured debt is a rare occurrence.
DebtConsolidationUSA.com can help you figure out what the best course of action is regarding an outstanding debt. Call us today to connect with a representative who can provide more information about debt relief services.
Settling your debt as soon as possible at the lowest cost possible will help you regain solid financial footing once again. Whether you bring in a FL debt settlement attorney or not depends on the situation at hand and the costs involved. Bankruptcies, foreclosures and dealing with the fallout of a shady credit card relief counselor are all times when you might want to bring in a lawyer. Otherwise, you may just be spending money on something you don’t need.