A highly trained Lehi debt negotiator may be able to get your debts reduced to less than you ever thought possible. Let us put you in contact with a debt settlement company in Lehi – now – based on how much debt you owe and your location, as well as a few additional factors.
Finding a Debt Settlement Firm: Lehi (UT)
Please don’t trust your debt settlement to some shady firm. Any honest debt settlement company in Lehi, UT, will disclose some information prior to signing up. They divulge their rates, when they plan to get started, and the hazards of credit card debt negotiation. Make sure your Lehi, UT debt settlement service is legitimate. Verify how many years they have been in business, how much debt they’ve negotiated, what their rate of success has been, how much they charge, and you should make sure they are registered negotiate debt in the state of Utah.
No Lehi debt negotiation agency is supposed to charge fees before getting started!
Disadvantages to Debt Settlement in Lehi, UT
Also called debt negotation in Lehi, debt settlement provides some big advantages:
- Only Pay 40-80% of Original Amount Owed
- Huge Interest Savings
- Quick 24-48 Month Schedule
- Flexible Repayment System
- Substitute for Bankruptcy
However, it demands serious consideration.
It’s estimated that 2,336 of Lehi’s 23,586 residents need to decrease over $10,000 in debt. Determine how much Lehi debt settlement will save you.
So that they can negotiate a better settlement, your debt settlement company will probably recommend that you stop repaying your creditors. Your money will enter a bank account. When you’ve got sufficient funds to pay the negotiated settlement, your debt will be paid back. In the meantime, your FICO rating gets worse because you aren’t making your payments. Of course, declaring bankruptcy would wreck your credit score as well. In keeping with fairly new FTC guidelines, your savings account has to:
- Be FDIC-insured.
- Give you unfettered access.
- Not charge you for pulling out funds.
Don’t forget, credit card providers can take legal action against a borrower so as to go after an outstanding debt. There is a heightened potential for getting sued simply because you quit paying your creditors month after month.
A a debt settlement attorney in Lehi, UT, can’t stop a creditor from taking legal action.
UT Statute of Limitations as Regards Debt
Credit card providers have only so much time to go to court for credit card debt. In Utah, this is 4 years.
If you owe $10,000 of debt, can’t repay what you owe, and would rather be free from debt than have a good credit record, credit card settlement may be good alternative to bankruptcy.
If you are one of these individuals, don’t panic – 2,336 of Lehi’s 23,586 residents are trying to repay this much debt.
Lehi Debt to Income Ratio
Consumers who’ve got debt to income ratios of 50% or more are excellent prospects for debt relief, whether it’s settlement or consolidation.
Simply put, if you are allocating over 50 percent of your pay to credit cards, rent, and auto loans, you should speak to a debt settlement expert in Lehi, UT. Given that the average income in Lehi is $1,489 each and every month, we’re talking about $745. You want to aim for a ratio that’s nearer to 36% ($536 in Lehi).
A lot of people confuse debt settlement and debt consolidation. They are completely distinct solutions. These are all methods of relieving debt. Debt reduction sets itself apart in that it results in a real decline in the amount owed.
Some methods of relieving debt – like consolidation, management, and counseling – are much better for your credit scores over the years. However, these are protracted alternatives that require paying off every penny you owe.
Click here for more information about debt consolidation in Lehi.
No debt relief firms in Lehi are allowed to bill you in advance. Any good debt settlement company in Lehi, UT, will only charge you once an account is paid off. Most debt relief options ordinarily involve regular fees.
The vast majority of settlement firms charge you a percentage of the debt you want settled, often around 15%. Essentially they’ve been forbidden by law from making you pay until a debt has been paid off.
Lehi Debt Settlement: Attorneys vs Companies
Lehi, UT, debt settlement attorneys are often more costly than a debt settlement consultant. While virtually all debt settlement companies don’t charge you a bill every month, most law firms do. The concern is that they are entitled to a percentage of the debt they settle. The share varies, however it’s generally roughly one-third. Frequently, this is more expensive than a debt settlement company.
Just because this person is an attorney doesn’t mean they’re able to stop creditors from filing suit.
- Debt Diet, 2975 Executive Pky, #200, 84043
- Legacy Debt Free, 770 E Main St, 84043