Debt Settlement Strategies– Do we need an attorney?
Debt Settlement Strategies Do we need an attorney
?Debt is a worrying concern for most of the Americans, be it a personal loan or a business loan. Especially after recession, the situation has become so grave that the Obama Administration has come up with various debt relief solutions. As of January 2011, the outstanding public debt of the United States amounts to 14.13 trillion dollars in aggregate. The figure has ranked America in the 12th position among countries that are drowned in debt.
When this phenomenon is considered on a large scale, we can easily understand the predicament that an individual has to undergo. Credit card loans, student loans, medical bills are some forms of loans that become a headache once we are unable to cope up with them. And in today's socio-economic culture, people usually use their credit cards or opt for a bank loan if they plan to buy a car or invest in real estate. Every thing goes well if you are regular with your installments in repaying the loan. But things take a wild turn when you are in arrear of your payments. Your credit score sinks and the interest rate on your loan soars. Additional late fines and penalty fees come to torment you. The worst takes place when you are hounded by debt collection agencies day in and day out. Sometimes your debt may be bought by a collection agency from your original creditor. And when this fact is reported to the credit reporting bureaus, it further affects your credit score.
Trapped in this situation, your practical way out would be to seek the assistance of an expert attorney having experience in dealing with different financial cases. He will chalk out a proper debt settlement strategy and customize it as per your financial status. Thus an attorney with his expertise will understand best which strategy to accommodate so as to address your particular case. He may negotiate with your creditor and organize a new financial plan that you can easily afford. The task may be hazardous for you if you try to do it alone but enrolling in a debt settlement firm will give you relief from the hassle to great extent.
Sometimes you may find some error in the credit document furnished by your creditor. But you have all the right to dispute them if you know that they are not valid. You may not be well versed with FDCPA laws that protect a consumer from unscrupulous creditors. In such cases, an attorney is the best person to guide you.
If you send a letter to your credit issuer acknowledging that you have appointed an attorney, requesting your creditor to make all contacts with him, your creditor is legally bound to do that. According to the FDCPA norms, after receiving your written request that you want to discard all connection, no creditor can contact you. Hence all the discussions and negotiation will be done through your attorney. How To Make Money Online Selling Information Search And Apply Jobs Online How Contractor Cover Pays Dividends In The End Benefits of Online Personal Trainer How to Make Your Man Forgive you for Anything – Even Cheating Obese or Not Obese? Doral and Miami Doctors Have the Answer Tell Me How To Save My Marriage-5 Simple Ways What To Look For In Your Ohio Insurance Agent Keep Your Business, Home And Family Safe By Using Spy Cameras Creating Custom Jewelry Wholesale Dunbar Mcinleys Second Annual Green Week Reduces Energy Consumption And Unites Global Teams Wholesale Nfl Philadelphia Eagles Jerseys: The Top Products Get Women To Crave You