When You’re Overwhelmed with Medical Bills, a Denver Debt Relief Attorney Can Help
Dealing with a collections agency is an unpleasant experience. First, you get the mail. Next, the mail starts getting colorful with your balance highlighted, red overdue stamps, and warnings about legal action. Soon, the phone calls and text messages start – and they don’t stop.
In a short period of time, the collections agency is threatening to sue, and you’re beginning to panic more and more. You may even begin receiving messages from them on social media, as they are going to go to any length to get their money.
This experience won’t stop until you act. However, many people who are struggling with medical debt simply can’t take action. Paying runaway debt isn’t possible for most Americans. Debt collection agencies know this, but that doesn’t make them any less persistent with their threats.
At this point, you may start wondering how to get them off your back. Many people who are burdened with medical debt think, “Should I figure out how to settle this debt?” In short, the answer is yes. But there are major downsides to settling directly with a collections agency when there is legal support available.
Keep reading to get more information about the best approach to settling your debt, including seeking help from a debt settlement and debt relief lawyer.
Why Settling on Your Own Isn’t an Advisable Debt Relief Solution
It’s possible that you’ve read or watched viral videos about settling with your collections agency. You’re smart to start thinking about how to get your medical debt off your back before you end up with a lawsuit.
However, you want to ensure that you’re going to get the best possible outcome and not get taken advantage of.
The Consumer Financial Protection Bureau, the U.S. agency responsible for ensuring that you aren’t taken advantage of by creditors, warns people in debt about the following situations:
- If you decide to come up with a payment plan, the CFPB worries that you may fall behind on other payments while trying to take care of your medical debt with a collections agency.
- The CFPB also mentioned that you should watch out for debt settlement companies, as they often “promise more than they can deliver.” You will want to avoid their high fees, among the other potential challenges that these businesses pose.
- Getting your debt settled with a collections agency requires you to be savvy about writing a legally binding agreement that is enforceable. The CFPB suggests instead that “it might be helpful to work [with] an attorney.”
You certainly don’t want to end up with a payment plan you can’t afford, a debt settlement company that truly can’t help, or having to draft a legal agreement on your own. Keeping this in mind, you may be better off with strategic legal support. Key support can come in the form of a Denver debt relief attorney that can help you execute a debt settlement plan that works to your advantage, one that you can afford, and that helps you settle for less than you owe.
What a Debt Relief Lawyer Can Do for You
A highly effective debt relief lawyer can help you settle your medical debt without the pitfalls and traps you may experience when trying to settle on your own.
A debt relief attorney’s mission is to ensure that your rights and financial interests come first. A Denver debt relief lawyer provides the following services to help you get out of medical debt:
- Experience in settling debt to help you settle for the least amount of money possible.
- Experience negotiating collection agencies, which will prevent their attempts to bully you into paying more.
- A legal debt settlement with an appropriate paper trail, so that you don’t have to worry about the debt coming back after it is settled.
Typically, clients of a debt relief attorney are able to settle for 50% of what you owe. Working with a debt relief law firm will likely enable you to settle your debt for less than trying to negotiate a settlement and drafting an agreement on your own, or by hiring a nationwide debt settlement company.
It’s important to vet the debt relief lawyer you’re thinking of working with to ensure the best possible outcome. The next most significant step is to find the right Denver debt relief law firm for your particular situation.
Look for the following characteristics when deciding a law firm to settle your medical debt:
- Free consultations.
- Experience with debt settlement.
- Additional options for help with debt, including bankruptcy. Even if you don’t plan to file for bankruptcy, it is helpful when negotiating settlements of your debt with collection agencies to use the credible threat of bankruptcy that a debt relief attorney can provide.
Learn more about one law firm’s approach to medical bill debt to ensure that you understand all your options, and get cost-effective debt relief without being taken advantage of.