You might be able to negotiate a debt settlement for thousands less than you owe, and steer clear of bankruptcy as well. Our mission is to help you find a debt settlement consultant in Piedmont, AL – today – that’s best for your needs. There are no commitments, and it’s free of charge.
We can connect you with a service who can speak to you about debt settlement in Piedmont, AL.
Please don’t settle your debts using some shady service. Virtually any reputable debt settlement company in Piedmont, AL, will disclose some information before you enroll:
- Charges: charges have to be carefully spelled out.
- Duration: they have to tell you when they’re going to reach out to your creditors, as well as the funds must be saved.
- Dangers: they must inform you of the detrimental repercussions of not paying your creditors
Be sure to determine whether your Piedmont, AL debt settlement company is reputable by verifying the following:
- How many years have they been operational?
- How many cases have they handled?
- How much are their fees?
- How successful have they been?
- Are they licensed to do business in AL?
No Piedmont, AL debt settlement company is supposed to charge fees in advance!
Disadvantages of Debt Settlement: Piedmont (AL)
Debt settlement is the only option that actually results in a decrease in the total amount owed. But it is an intense process that requires a good bit of risk.
How much will debt settlement help you save? Get a free estimate!
With a debt settlement, you completely cease making payments to your creditors. As an alternative, you set aside funds in a special checking account until you have enough to pay the settlement negotiated by your Piedmont debt settlement company. In the meantime, your credit rating declines because you’re not making your payments. Moreover, the collection calls probably won’t come to an end. According to fairly new FTC policies, your savings account has to:
- Be at an FDIC-insured institution.
- Give you full withdrawals.
- Not charge you for removing funds.
You should be aware that credit card companies are able to sue an individual in order to collect a debt. There is a greater probability of going to court when it comes to debt settlement in Piedmont, AL. Why is that? Because you quit paying your creditors on a monthly basis.
A local Piedmont debt settlement attorney can’t stop a credit card company or lender from filing suit.
Debt Settlement Standards: Piedmont (AL)
How do you know if debt settlement is a good option?
- Have you been contemplating going bankrupt?
- Do you have $10,000 or more in debt?
- Are you comfortable with having low credit scores if it means you can reduce what you owe?
There are 14,148 residents of Piedmont, and 1,402 carry credit card debt of at least $10,000.
Together with your total debt, you’ll want to figure out your debt as compared to your income on a monthly basis. The ideal ratio is 36%. The average income in Piedmont, AL, is $28,968 per year, or $2,414 every month. That means a typical resident of Piedmont should spend approximately $893 in credit card, mortgage, and loan repayments, but many people are obligated to pay over $1,207 every month. These people could benefit from debt relief solutions of some type or another.
Consolidating vs Negotiating Your Debt: Piedmont (AL)
Debt settlement and consolidation/management each has its own advantages and disadvantages. Debt settlement leads to a reduction in what you owe, while consolidation or management does not. When it comes to debt management, consolidation, and counseling, your monthly payment is combined, but you still repay your creditors until your debts are paid in full. This is does far less damage to your credit ratings. Having said that, reduced interest rates and fees are the only form of savings you’ll enjoy.
For more information, click here: credit counseling in Piedmont, AL.
Whereas debt management plans have ongoing monthly fees of $25 to 40, debt settlement fees are typically charged once each balance is settled.
Nearly all settlement agencies will charge you around 14-18% of what you owe – that’s significant! Generally they’ve been forbidden legally from making you pay until a debt has been settled.
Debt Settlement Services: Piedmont (AL)
- Alabama credit counseling firm? Email us!