Several debt relief programs can turn your financial situation around. One such option is settling your debt. Here’s a look at some of the benefits you can expect when using this financial strategy.
Enrolling in a program for debt settlement in Bedford reduces your debt. You can get the lender or company to accept a payment that’s much less than what you owe. That’s a lot of cost savings if you combine the principal savings plus the future interest, you will not have to pay once you settle the debt. If paying back the total amount of the debt is nearly impossible, a debt settlement option might be the best course of action. With a debt settlement program, you can put an end to those threatening calls from your creditor once an agreement is in place with your creditor. However, the creditors may continue their collection tactics until an agreement is in place. In Texas, you can enforce the Texas Finance Code which prevents illegal harassment from both first-party creditors and third-party debt collectors.
Debt settlement allows you to pay off the debt in a shorter time frame. Debt settlement programs are usually completed in about 24 to 48 months. That helps you resolve your debt faster. However, keep in mind that you must keep up with your monthly payment. Even if you aren’t sending them to the lender, you’re collecting the funds so you can use them to settle your debt, so don’t dip into those funds. The quicker the balance grows, the sooner you can reach a settlement with your creditors.
The most drastic way to deal with debt problems is to file for bankruptcy. The move compromises your finances and credit history the most. It’s regarded by most people as the last resort. By talking to a credit counseling service, though, you’ll learn other forms of debt relief in Bedford, including debt settlement. By giving those options a try, you can prevent possibly bankruptcy. Filing for a Chapter 13 bankruptcy leaves a black mark on your record for seven years, while filing for a Chapter 7 bankruptcy will mean a 10-year stain on your record. If they sound less than ideal, consider other ways to deal with your debts. Keep in mind that a credit counseling debt management program reduces interest, not the debt balances. Debt settlement negotiates the debt balance and Chapter 7 is a creditor repayment plan using the federal court system. Sometimes Chapter 13 is more expensive than debt settlement, and sometimes it is less expensive. You will need to speak to a Texas Bankruptcy attorney if you are considering Bankruptcy as an option.
Call 817-865-5111 for a Bedford Texas Debt Consolidation or Debt Relief Consultation.
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Debt Consolidation Bedford, Texas, Debt Consolidation Loans, Bedford, Texas, Credit Counseling, Bedford, Texas, and Debt Relief Bedford, Texas, Consultations are Free of Charge with No Obligation.
Debt Consolidation Bedford, Texas, Credit Counseling Bedford, Texas, and Debt Relief Bedford, Texas Consultations are free of charge with no obligation. Debt Redemption is not a lender but provides a marketplace to receive offers from our network of lenders. Clients who make monthly program payments generally experience an approximate 45% reduction of their enrolled balance before our performance fee of 15% and any optional third-party fees. Individual results may vary based on the ability to save sufficient funds, ability to complete the program and the creditors enrolled. Statements made are examples of past performance and are not intended to be a guarantee that your debt balances will be lowered by a specific amount or percentage, or that you will be debt-free within a specific time period. Settlement fees are not charged until a debt is reduced and payment has been made to creditor. We do not assume consumer debt, make monthly payments to creditors, or provide tax, bankruptcy, accounting, or legal advice. We do not provide credit repair services. Optional separate legal services may be offered by affiliated attorneys and any associated attorney fees are separate from those charged by Debt Redemption Inc. Please contact a tax professional to discuss any possible tax consequences of paying less than the full balance. Programs are available in Texas. Logos used are the property of their respective owners.