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| While debt settlement is not suitable for everyone, its flexible nature makes it applicable to a wide range of financial circumstances. Most consumer debt problems are caused by loss of income, divorce and separation, or medical issues. Few of us are immune to the financial hardship that can be caused by life’s unfortunate circumstances, and these days it doesn’t take much to devastate the household’s budget. If you are overwhelmed by debt, and you’d prefer to avoid the repercussions of personal bankruptcy, then debt settlement may provide a viable and legal debt relief alternative. The Credit & Banking Law Group, P.A. can provide you with a relief plan, help in the negotiation of your debts, and supportive staff who recognize that anyone can get deeply in debt. |
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HERE ARE SOME THINGS TO CONSIDER WHEN CHOOSING A DEBT SETTLEMENT COMPANY: |
| Fees – Debt settlement companies charge fees for their professional services. Consumers should be wary of any debt settlement company that refuses to provide information when asked exactly how much the company’s services cost. Before committing to a debt settlement company, consumers should ask for a break-down of their monthly payments; specifically, how much of the monthly payments in the escrow account are actually going towards fees and how much of the monthly payments in the escrow account is going towards actually settling the debt with creditors. Many settlement providers collect all of their fees upfront, regardless of performance. The Credit & Banking Law Group, P.A. waits to collects the majority of our fees until after we successfully negotiate a settlement – this may mean a faster settlement for you as you can accumulate funds in your account for purposes of settlement. |
| Outrageous Claims – Some debt settlement companies make exaggerated claims to settle consumer debts for only a few pennies on the dollar. In reality, the average debt settlement company may typically negotiate settlements for 20%-75% of what is actually owed. Obviously, this range has a huge amount of variance and there is no way for any debt settlement company to guarantee how much a consumer’s creditors are willing to settle for. The Credit & Banking Law Group, P.A.’s dedicated staff of experienced professionals can negotiate the settlement of your debts and help you to become debt free much faster than you could have realized possible. |
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Pros and Cons – Debt settlement may not be right for everyone. Consumers should be certain that they can make the monthly payments and, then carefully look into the pros and cons of debt settlement before making a decision. Additionally, it is important to remember that although debt settlement might worsen your credit in the short-term, the long term effects of debt settlement are to pay off debt completely. The Credit & Banking Law Group, P.A. is dedicated to helping consumers by offering a comprehensive legal program for becoming debt-free while avoiding the repercussions and stigma of personal bankruptcy.
Some frequently asked questions about debt settlement
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