For Stanford residents, debt settlement is perhaps the most extreme of all the debt relief options. At KY Debt Relief, we can find you a debt settlement consultant in Stanford, KY who can negotiate with your credit card companies to lower your credit balances. What’s even better: there are absolutely no obligations, and it’s cost-free.
Do you want to get a zero cost debt settlement savings quote?
Finding a Debt Settlement Firm: Stanford (KY)
Legally, Stanford debt settlement agents are required to disclose a good bit of specifics before getting started, including how much their assistance costs, how much time before they speak with your creditors, and what risks you should expect. Always make sure that your Stanford, KY debt settlement company is an honest one by checking the following:
- How long have they been in operation?
- How many clients have they managed?
- How much do they charge?
- What is their score with the Better Business Bureau?
- How effective have they been?
- Are they licensed to do business in Kentucky?
If any Stanford debt settlement companies attempt to charge advance fees, run. This is not okay!
Debt settlement solutions offer a number of highly-touted benefits:
- Only Pay 40-80% of Original Amount Owed
- Huge Interest Savings
- Quick 24-48 Month Schedule
- Adjustable Payment Structure
- Alternative to Declaring Bankruptcy
However, it means depositing your money into a bank account every month in lieu of repaying your creditors. When enough has been saved you send them the agreed amount. Of course, this is bad for your credit scores.
Excited about debt settlement in Stanford, KY? There are some things you should take into account:
- Bad for your FICO rating.
- Debt not totally repaid.
- Debt builds while settlement is being negotiated.
- Calls from collectors might not get better.
- Drawbacks at tax season.
- Might be half a year before negotiations end
How can you tell if debt settlement is right for you?
- Have you been looking into going bankrupt?
- Do you owe at least $10,000 in debt?
- Are you okay with having low credit scores if it means you can reduce your debt?
There are 11,325 people living in Stanford, and we estimate that 1,122 owe credit card debts in excess of $10,000.
What’s Your Monthly Debt Load?
Folks who have debt to income ratios of 50% or more are prime candidates for debt relief, whether it’s settlement or consolidation.
Simply put, if you are investing over half of what you make to credit cards, rent/mortgage, and/or automobile or student loans, you need to get in touch with a debt relief professional. Seeing as the average income in Stanford is $2,468 every month, we’re talking about $1,234. You want to try and have a ratio of approximately 36 percent ($888 in Stanford).
Stanford Debt Settlement vs Credit Counseling
Debt settlement and consolidation/management each have their pros and cons. Debt settlement programs result in a reduction in your debt, and consolidation or management won’t. Some methods of relieving debt – like consolidation, management, and counseling – are much better for your FICO rating over time, but they are long term alternatives that require you to pay off all of your debt.
For more information, go there: credit counseling in Stanford, KY.
Compensating Your Stanford Debt Settlement Service
Given that it’s the most extreme debt relief solution available, debt settlement is generally the highest priced. For the most part, settlement firms charge a percentage of the amount you want settled, often as much as 15%. This service charge is usually paid over 12-24 months.
Have you considered debt settlement attorneysRetaining a law firm is often pricier than a debt settlement company. Most lawyers will ask you for a retainer, coupled with a monthly charge. The issue is that they also receive a share of the debt they save you. Exactly how much? Typically one-third. Usually, this is less affordable than a debt settlement company.
Keep in mind that this attorney can’t offer you legal advice if they are not a local Stanford debt settlement attorney, or they have passed the Bar in in the state of Kentucky.
- KY Credit Counseling Service? Contact us!