If you want to scale back the amount you owe by 20-60%, we can help. At Washington State Debt Settlement, our aim is to put you in touch with a debt settlement consultant that’s right for you.
Of the 81,452 people who live in Redmond, we estimate that 8,069 need help with debt. Are you one of them?
The amount for which you will be able to settle is determined by:
- How close the borrower is to going bankrupt.
- How badly your creditor needs to get paid.
- How receptive the lender is to negotiation offers.
- How many days your debt has been with a collection agency.
- How competent the debt negotiator is.
Also referred to as debt negotations in Redmond, debt settlement gives you some highly-touted advantages:
- Drastic Reduction in Debt
- Large Interest Savings
- Short 24-48 Month Timeline
- Adjustable Repayment System
- Alternative to Bankruptcy
At the same time, it is only smart specific types of consumers.
Go over debt settlement solutions in Redmond, WA, with a trained professional – today!
So that they can negotiate a better settlement, your debt settlement agency will probably have you stop making payments to your credit card companies. Your money will enter a bank account. When there’s enough money to pay the negotiated amount, the money you owe will be repaid. Lamentably, your credit score gets lower and lower. Additionally, the collection agency calls may not taper off. In keeping with fairly recent FTC regulations, this savings, or “special purpose” account should:
- Be at an FDIC-insured bank.
- Give you full access.
- Not penalize you for extracting funds.
Chances of a Lawsuit
Keep in mind that creditors are able to file a lawsuit in order to collect a debt. With debt settlement, the chance of your creditors filing suit increases simply because you stop repaying them regularly.
A a debt settlement attorney in Redmond, WA, doesn’t have the ability to stop litigation from a creditor.
Credit card providers have only so much time to sue for delinquent unsecured debt. In Washington, this is 6 years.
Minimum Criteria for Debt Negotiation in Redmond, WA
If you are carrying $10,000 of debt, can no longer make your payments, and would rather be debt free than have a good credit rating, debt settlement may be a good solution.
If you have $10,000 of credit card debt, you are not alone – 8,069 of Redmond’s 81,452 residents owe at least this much debt.
If you have a debt-to-income (DTI) of 50% or more, then debt settlement or consolidation is highly recommended.
To be able to determine your DTI, you need to figure out your regular monthly debt. Below is a chart showing differing DTI levels based on a monthly income of $3,436 (the average income in Redmond).
|Income||36% DTI – Optimal||43% DTI – Decent||50% DTI – Severe|
Redmond Debt Negotiation vs Consolidation
Are you needing to decide between credit settlement and consolidation? Most debt management programs lead to more affordable interest levels on your credit cards. However, there is zero debt diminishment is involved.
You pay your credit card companies on a monthly basis as part of credit counseling. That means your credit rating is not affected as dramatically as it will be during a debt settlement. However, debt management normally takes more time and in time you’ll pay back 100% of what you owe.
For further information, click here: debt consolidation in Redmond, WA.
As the most extreme debt relief option at your disposal, debt settlement is generally not cheap.
For the most part, settlement firms will charge you approximately 15% of your debt – this is a whole lot! This service charge is usually assessed over 12-24 months.
Redmond Debt Settlement: Attorneys vs Companies
Wondering about debt settlement attorneysRetaining legal counsel may well be more costly than utilizing a debt settlement company. Whereas the vast majority of debt settlement companies don’t ask for a monthly fee, the majority of lawyers do. Additionally, they also get a substantial share of debt reduction amount. The proportion varies, however it’s usually around a third. Needless to say, this is less affordable than the flat rate charged by a debt settlement service.
Bear in mind, this lawyer can’t offer legal counsel they have passed the Bar in in the state of Washington.
Redmond, WA Debt Settlement Businesses
- WA Debt Settlement Firm? Contact us!