A debt settlement firm in Chehalis, WA, should be able to get your debts down 20-60% from their original value.
At Washington State Debt Settlement, our objective is to find you a debt settlement company in Chehalis, WA based upon what you owe and your location, along with one or two other variables.
You can’t settle your debts with some underhanded company. Any legitimate debt negotiator will divulge certain information prior to joining:
- Fee Structure: all fees must be carefully spelled out.
- Duration: they must say when they’ll contact the credit card providers, as well as the funds you must have saved.
- Liabilities: they should explain the adverse implications for your credit rating
Make sure you find out if your Chehalis, WA debt settlement company is trustworthy by checking the following:
- How many years have they been operational?
- How much debt have they settled?
- How much are their fees?
- What is their Better Business Bureau score?
- What is their success rate?
- Are they licensed in Washington?
Will Debt Settlement Impact My Credit Rankings?
Debt settlement programs have some significant advantages:
- 20-60% Decrease in Debt
- Significant Interest Savings
- Brief 24-36 Month Timeline
- Variable Payment Structure
- Substitute for Bankruptcy
But bear in mind, it has more downsides than other options.
We can connect you with a company who can talk to you about debt settlement in Chehalis, WA.
As you probably know, debt settlement does have its negatives:
- It’s very bad for your credit scores.
- Debt never 100% repaid.
- Debt keeps building while debt reduction is being discussed.
- Calls from collection agencies may increase.
- Tax disadvantages.
- Could be six months before negotiations cease
Bear in mind that creditors do have the right to file a suit against an individual to go after a debt. With debt settlement, the chance of your creditors filing suit is higher because you quit paying your creditors regularly.
Minimum Debt Reduction Requirements in Chehalis, WA
In order to meet the criteria for a credit card settlement program in Chehalis, WA, you usually have to have:
- $10,000 in Debt
- $300 Each Month For Payments
If you are one of these individuals, you are not alone. We estimate that 2,002 of Chehalis’s 20,211 residents are trying to repay at least $10,000 of credit card debt.
Debt vs Income in Chehalis (WA)
Individuals with debt to income ratios of 50% or higher are prime prospects for debt relief of some kind, either settlement or consolidation.
Put simply, if you’re allocating over half of your wages in credit cards, home loan, and loans, you have to speak to a debt settlement expert in Chehalis, WA. Considering that the average income in Chehalis is $3,301 per month, we’re talking about $1,651. You should really aim for a ratio that’s nearer to 36 percent, or $1,188 for the average Chehalis resident.
Managing vs Negotiating Your Debt in Chehalis, WA
Settling your debts and consolidating them are two different options. All of these are types of debt relief. Settlement is special in that it leads to an actual lowering of the amount owed. Other forms of debt relief – such as debt consolidation, management, and counseling – don’t do nearly the harm to your FICO scores in the long run, but they are extended remedies in which you pay back every penny you owe.
For additional details, visit here: debt consolidation in Chehalis, WA.
As the most radical debt relief solution available, debt settlement is generally not cheap.
Generally, settlement firms will charge you about 20 percent of the amount you owe – that’s a big chunk of change! Generally they’re prohibited legally from charging you until an account has been settled.
- James H Magee Washington Bankruptcy Attorney, 383 NW State Ave, 98532