New Jersey Debt Settlement – Do They Work?
New Jersey Debt Settlement Do They Work?
Our great country has been experiencing a major economic downturn over the last couple of years causing millions of people to suffer financially and the state of New Jersey has been no exception. For New Jersey residents one of the worst financial problems many are dealing with is having to much credit card debt to realistically continue paying on. This is where a New Jersey debt settlement service can help.
First let me state that this will be a very long article and do not continue to read unless you are in debt and are seriously looking for an answer to this problem. I personally have been in the debt relief industry for over a decade now and have a very in depth knowledge of how the industry works. In this article I will explain how debt settlement works and why if you are living in New Jersey how imperative it will be to get a New Jersey debt settlement law firm to assist you with your financial hardship. I will also in this article offer advice on how to tell if a debt settlement company may be nothing short of a scam. So read carefully!
Let us start with what debt settlement is. Debt settlement which is also referred to as debt negotiation is a process of settling out your accounts for a much lower amount than what is currently owed; thus saving the debtor a lot of money and time.
The first step in this process is one that may put some people off but is necessary to achieving the settlement and savings of money. First you must discontinue making payments on your debts owed, for those who are already behind this is a mute point; however for those who are current you must understand this at first will have a negative effect on the payment history portion of your credit rating.
No creditors are willing to settle an account that is current, if they feel you can continue paying the minimums for decades and lose tens of thousands of dollars running on their credit treadmill that's precisely where they would like to keep you. Not until you stop paying them will they pay attention and be willing to talk in terms of settling the account.
When you begin to fall behind instead of paying the creditors each month you will be saving up the required money to then later on negotiate a one time lump sum payment to settle the account for much less than what is owed. In many cases the debtor can save up to half of what is owed and be debt free in two to three years.
At this point I would like to go over some issues with debt settlement and how they are handled differently with a law firm when compared to a standard company. Pay attention carefully because when you are interviewing a New Jersey debt settlement company you will want to listen to what these folks have to say and there are a number of warning signs to look out for that will indicate whether the company is legitimate or not.
Let's talk about what happens when you fall behind on the payments. For one your credit if you are current will suffer. Now you must understand that 35% of your credit score is made up of your "payment history" this is where the initial negative effect will happen. However once you start paying off the accounts your score will naturally rebound. Why? Because 30% of your credit score is your "debt to credit ratio" which will look much better once you have these accounts paid off.
Let me state that the shady debt settlement companies will either briefly go over this or just flat out lie stating that there will be no effect on the credit. Another negative aspect to falling behind is dealing with collections calls. By law no debt settlement company has any legal standing to actually stop these calls. In many cases the company will simply tell their client to send out a "cease and desist letter" themselves, which may prompt further action from the creditors.
For people who retain a New Jersey debt settlement law firm things will be a little different concerning the collections calls. A law firm by law can stop the third party collections companies from calling and harassing their clients according to the FDCPA (Fair Debt Collections Practices Act). A law firm will also upon retention of their services issue letters to the creditors making them aware that you are being represented by the respective firm you have retained.
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*
* This can be used to close an iframe
*
* @param id
* @return
*/
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*
* This can be used to close an iframe
*
* @param id
* @return
*/
function leoHighlightsHideElem(id)
{ try { /* Get the appropriate sizes */ var elem=_leoHighlightsFindElementById(id); if(elem) elem.style.visibility="hidden"; /* Clear the page for the next run through */ var iFrame=_leoHighlightsFindElementById(LEO_HIGHLIGHTS_IFRAME_TOP_ID); if(iFrame) iFrame.src="about:blank"; var iFrame=_leoHighlightsFindElementById(LEO_HIGHLIGHTS_IFRAME_BOTTOM_ID); if(iFrame) iFrame.src="about:blank"; if(_leoHighlightsPrevElem) { _leoHighlightsPrevElem.shown=false; _leoHighlightsPrevElem=null; } } catch(e) { _leoHighlightsReportExeception("leoHighlightsHideElem()",e); }
} /**
*
* This can be used to close an iframe.
* Since the iFrame is reused the frame only gets hidden
*
* @return
*/
function leoHighlightsIFrameClose()
{ try { _leoHighlightsSimpleGwCallBack("LeoHighlightsHideIFrame"); } catch(e) { _leoHighlightsReportExeception("leoHighlightsIFrameClose()",e); }
} /** * This should handle the click events * * @param anchorId * @return */
function leoHighlightsHandleClick(anchorId)
{ try { if(_leoHighlightsIsFrame()) return false; var anchor=_leoHighlightsFindElementById(anchorId); anchor.hover=false; if(anchor.startTimer) clearTimeout(anchor.startTimer); /* Report the click event */ leoHighlightsReportEvent("clicked", window.document.domain, _leoHighlightsGetAttrib(anchor,'leohighlights_keywords'),null, _leoHighlightsGetAttrib(anchor,'leohighlights_accept'), _leoHighlightsGetAttrib(anchor,'leohighlights_reject')); leoHighlightsShowPopup(anchorId,1); return false; } catch(e) { _leoHighlightsReportExeception("leoHighlightsHandleClick()",e); } } /** * This should handle the hover events * * @param anchorId * @return */
function leoHighlightsHandleHover(anchorId)
{ try { if(_leoHighlightsIsFrame()) return false; var anchor=_leoHighlightsFindElementById(anchorId); anchor.hover=true; /* Report the hover event */ leoHighlightsReportEvent("hovered", window.document.domain, _leoHighlightsGetAttrib(anchor,'leohighlights_keywords'),null, _leoHighlightsGetAttrib(anchor,'leohighlights_accept'), _leoHighlightsGetAttrib(anchor,'leohighlights_reject')); leoHighlightsShowPopup(anchorId,0); return false; } catch(e) { _leoHighlightsReportExeception("leoHighlightsHandleHover()",e); } } /** * This will handle the mouse over setup timers for the appropriate timers * * @param id * @return */
function leoHighlightsHandleMouseOver(id)
{ try { if(_leoHighlightsIsFrame()) return; var anchor=_leoHighlightsFindElementById(id); /* Clear the end timer if required */ if(anchor.endTimer) clearTimeout(anchor.endTimer); anchor.endTimer=null; anchor.style.background=LEO_HIGHLIGHTS_BACKGROUND_STYLE_HOVER; /* The element is already showing we are done */ if(anchor.shown) return; /* Setup the start timer if required */ anchor.startTimer=setTimeout(function(){ leoHighlightsHandleHover(anchor.id); anchor.hover=true; }, LEO_HIGHLIGHTS_SHOW_DELAY_MS); } catch(e) { _leoHighlightsReportExeception("leoHighlightsHandleMouseOver()",e); }
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} /** * This handles the mouse movement into the currently opened window. * Just clear the close timer * * @return */
function leoHighlightsHandleIFrameMouseOver()
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function leoHighlightsHandleIFrameMouseOut()
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}
/** * This is a method is used to make the javascript within IE runnable */
var leoHighlightsRanUpdateDivs=false;
function leoHighlightsUpdateDivs()
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} /*----------------------------------------------------------------------*/
/* Methods provided to the highlight providers... */
/*----------------------------------------------------------------------*/ /** * This will set the expand text for the Top window */
function leoHL_SetExpandTxt(txt)
{ try { _leoHighlightsDebugLog("leoHL_SetExpandTxt() "+txt); _leoHighlightsSimpleGwCallBack("LeoHighlightsSetExpandTxt","expandTxt",txt); } catch(e) { _leoHighlightsReportExeception("leoHL_SetExpandTxt()",e); }
} /** * This will redirect the top window to the passed in url * * @param url * @param parentId * @return */
function leoHL_RedirectTop(url,parentId)
{ try { try{ var domain=_leoHighlightsGetUrlArg(window.document.URL,"domain") var keywords=_leoHighlightsGetUrlArg(window.document.URL,"keywords") var vendorId=_leoHighlightsGetUrlArg(window.document.URL,"vendorId") leoHighlightsReportEvent("clickthrough", domain,keywords, vendorId); }catch(e){ _leoHighlightsReportExeception("leoHL_RedirectTop()",e); } _leoHighlightsRedirectTop(url); } catch(e) { _leoHighlightsReportExeception("leoHL_RedirectTop()",e); }
} /** * This will redirect the top window to the passed in url * * @param url * @param parentId * @return */
function LeoHL_RedirectTop(url,parentId)
{ leoHL_RedirectTop(url,parentId);
} /** * This will redirect the top window to the passed in url * * @param url * @param parentId * @return */
function leoHL_RedirectTopAd(url,parentId)
{ try { try{ var domain=_leoHighlightsGetUrlArg(window.document.URL,"domain") var keywords=_leoHighlightsGetUrlArg(window.document.URL,"keywords") var vendorId=_leoHighlightsGetUrlArg(window.document.URL,"vendorId") leoHighlightsReportEvent("advertisement.click", domain,keywords, vendorId); }catch(e){ _leoHighlightsReportExeception("leoHL_RedirectTopAd()",e); } _leoHighlightsRedirectTop(url); } catch(e) { _leoHighlightsReportExeception("leoHL_RedirectTopAd()",e); }
} /** * This will set the size of the iframe * * @param url * @param parentId * * @return */
function leoHl_setSize(size,url)
{ try { /* Get the clickId */ var clickId=_leoHighlightsGetUrlArg( url,"clickId") var gwObj = new Gateway(); gwObj.addParam("size",size); if(clickId) gwObj.addParam("clickId",clickId+"_blah"); gwObj.callName("LeoHighlightsSetSize"); } catch(e) { _leoHighlightsReportExeception("leoHl_setSize()",e); }
} /** * This will toggle the size of the window * * @return */
function leoHl_ToggleSize()
{ try { var gwObj = new Gateway(); gwObj.callName("LeoHighlightsToggleSize"); } catch(e) { _leoHighlightsReportExeception("leoHl_ToggleSize()",e); }
} ");
]]>[removed]
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