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and Personal Loans in
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24 - 48 Months

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How Debt Settlement In Texarkana, Texas, Works

The concept of debt settlement involves clearing out debt by only paying a portion of the total sum. This is usually much less than the original debt owed. Through debt settlement, the creditor can get at least a part of their money rather than nothing. For the borrower, it creates a chance to rebuild their financial profile. When you choose debt settlement through a debt settlement company, the process differs from going at it the DIY way, and here is what the process looks like.

Debt Settlement In Texarkana Texas

Research On The Debt Settlement Company

Several debt settlement companies offer services to Texarkana, Texas, residents. However, the state requires only licensed companies that follow industry regulations to offer consumer debt settlement services. While researching the company, also go through their websites, research the Better Business Bureau and ascertain they can deliver what they are promising. Remember, a debt settlement company can’t make guarantees about the performance of its services, but a reputable Texas-based company is likely to deliver good results and provide you with an honest assessment.

Inquire About Their Costs

Once you have identified a debt settlement company you can work with, find out how much they charge for their services. A legitimate debt settlement company should charge from 15% to 25% fee to handle your debt. This percentage could be the original debt owed or the amount agreed upon. These fees cannot be charged until the debt is settled and proportionate to the amount of debt settled.

Review Your Finances

According to debt settlement companies, you should put some money in special savings account for up to 24 months or longer. This cash helps your debt settlement. However, it might be difficult to keep up with these payments in some scenarios. You can then opt for debt consolidation in Texarkana, Texas, to help manage your budget and ensure you get through to the end of the debt settlement period.

Inquire About The Time Frame

Before working with a debt settlement company, please find out the time it takes to clear your debt settlement. This is usually estimated between 2 to 4 years, depending on your monthly budget. However, in the payment, the debt settlement company will require you to stop paying your creditor and instead deposit money into a special savings account. Also, your program could be longer or shorter than estimated, depending on the negotiation results.

Understand The Details And Possible Tax Consequences

Before you get into business with the debt settlement company, understand their timetable and fees. You also need to know what portion of your initial payment will go to their fees and the amount you will have to pay for overtime. Moreover, you need to understand the IRS taxing system on forgiven debts. For instance, the IRS views any forgiven debt above $600 as taxable income. However, you may be exempt from paying this if your tax advisor files a form 982. Your tax professional can assist you regarding exemption.

Debt settlement can be good or bad for you, depending on your financial status or situation. However, when done right through a legitimate company, debt settlement can help give you a chance at rebuilding your financial profile. However, always weigh all possible alternatives before committing to debt settlement, like debt consolidation in Texarkana, Texas.

Call 903-347-0114 for a Texarkana Texas Debt Consolidation or Debt Relief Consultation.

Debt Redemption Client Experiences

Austin M.
Austin M.
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My wife and I lost a third of our income after the pandemic started. Our entire household was struck with COVID, which marked the beginning of our downward financial spiral. Due to late payments, the interest on most of our 26 credit cards and 186K debt hit 29%. While stepping into my truck one morning, a man handed me court documents from Discover. We knew at that point we had to do something, but we also knew we would not be able to make the debt go away in bankruptcy due to our income. We met with a bankruptcy attorney anyway to see if anything could be done, and he recommended we liquidate investments since we could not afford chapter 13 payments. I heard about debt relief companies, but my sister-in-law advised us against them after she used another company in Arizona and received non-stop harassment calls from creditors. She was also upset she had to pay that company 25% of her debt for fees.Not considering any debt relief service, my wife and I saw Debt Redemption on the Channel 5 news and found reviews of other people with large debt situations using this company specifically. Being based in San Antonio and advertising lower fees than other companies, we decided to make an appointment with Jack Brandon and ended up signing up the same day. All debt collectors stopped calling, and we never had to show up to court for the lawsuit. The lawsuit was dismissed with a savings of over 19K on the one debt alone. After two years in the program, they have settled most of our debts for less than we expected. If it werent for COVID, we would never have been in this situation, but thankfully the program is affordable with Jack and Debt Redemption doing everything they said they would and more. My wife and I will always encourage anyone who needs help with massive debt to reach out to this company.
Jonathan R.
Jonathan R.
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$147,000 between high interest credit cards and personal loans became to much to handle after our small business had a reduction in revenue. We contacted other debt consolidation type companies and besides no locations in Texas, none of them offered anything thing like what we recieved here. Jack was very professional and took a lot of time to explain several options and programs available to us. After we enrolled, the creditors stopped calling and we are paying less than a third of what we were paying the creditors with the very high interest rates. I highly recommend them if you need help with debt. Thank you!

How to Receive Debt Consolidation in Texarkana, Texas

The fastest way to get help is to call now. You may also select your debt amount with the slider and use the form above for a free and no-obligation consultation with a Texas Debt Specialist.

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Debt Consolidation Texarkana, Texas, Debt Consolidation Loans, Texarkana, Texas, Credit Counseling, Texarkana, Texas, and Debt Relief Texarkana, Texas, Consultations are Free of Charge with No Obligation.

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Debt Consolidation Texarkana, Texas, Credit Counseling Texarkana, Texas, and Debt Relief Texarkana, 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. 

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