You might be able to settle your debts for thousands less than you owe, and prevent bankruptcy as well. Let us put you in contact with a debt settlement firm in Ogden, UT – right now – that’s best-suited for your needs.
You can’t trust some unethical agency. Virtually any good debt negotiator will divulge some details prior to enrolling, for example how much the fees are for their assistance, how long their program takes, and what kinds of risk are involved.
Be sure to determine whether your Ogden, UT debt settlement company is legitimate by verifying how long they have been settling debt, how much debt they’ve negotiated, what their rate of success has been, what their fees are, and whether they’re registered settle debts in the state of Utah.
If any debt settlement company in Ogden attempts to charge upfront fees, you can’t trust them.
Disadvantages to Debt Settlement: Ogden, UT
Debt settlement is the only debt option that cuts back on the principal. But it has more negatives than some other sorts of debt relief.
The programs offered by debt settlement firms in Ogden, UT, aren’t without their negatives:
- Wrecks your credit scores.
- Debt never completely repaid.
- Creditors may deny settlement.
- Debt continues to mount during negotiations.
- Calls from collectors will likely become more prevalent.
- Debt you don’t pay can be taxed.
- Takes half a year before settlement comes about
It’s important to understand that creditors can take legal action in order to go after a debt. With debt settlement, the risk of your creditors taking legal action is increased because you quit repaying them.
Contrary to public opinion, a debt settlement attorney in Ogden, UT, doesn’t have the ability to keep this from transpiring. Sometimes your law firm will handle your case, other times they can’t.
Debt settlement may be worthwhile if you respond with a yes to the following questions:
- Have you been entertaining the idea of declaring bankruptcy?
- Are you carrying $10,000 or more in debt?
- Are you willing to accept poor credit?
Of the 154,318 residents of Ogden, 15,287 have credit card balances in excess of $10,000.
Individuals who’ve got debt to income ratios of 50% or more are prime candidates for debt relief in some form or another, whether it be settlement or consolidation.
In short, if you are investing over 50% of your income to credit cards, home loan, and car or student loans, you must contact a debt relief consultant. Considering that the average income in Ogden is $1,418 each and every month, this is $709. You really want to shoot for a ratio that’s closer to 36 percent. In Ogden, this is $510, based on the average income.
Credit card settlement and consolidation/management each have their own advantages.
While debt settlement leads to a reduction of what’s owed, management does not. When it comes to debt management, consolidation, or counseling, your payment amount is consolidated, but you keep paying off the credit card companies until your debt is fully paid. This is easier on your credit score. However, reduced interest rates and fees are the only form of savings you’ll enjoy. Visit here to find out more about credit counseling in Ogden.
Given that it’s the most dramatic debt relief option available, debt settlement is generally not cheap.
Many settlement companies charge a percentage of the debt you want reduced, often about 15 percent. As a rule, they’re restricted legally from making you pay until a debt has been paid off.
- Consumer Credit Counseling, 2751 Washington Blvd, 84401