Get the Answers You Need From Debt Relief Lawyers
If you’re in debt, there’s a good chance that many of the people you’ve interacted with this week are right there with you. In fact, 77% of American households have at least some form of debt. One in five credit card holders have reached their debt limit. Delinquent credit card bills rose sharply this year.
Although this is bad news for anyone affected, there’s something about knowing that others are having the same experience that can be comforting, right? It’s good to know that you’re not alone. And together, Denver residents can find a solution. Our debt relief attorneys hear from people in the metro every day who are struggling with debt. Many folks just like you are desperate for help that really works, and it’s available to you.
However, there is something to be wary about. The fact that so much consumer debt exists means that there are plenty of businesses that hope to take advantage of your circumstances by representing themselves as the fast, easy solution. They want you to feel alone, hopeless, and dependent on them. That’s how they exploit you by making you feel like they’re your only hope, by misleading you about their services, and by demonizing other solutions such as bankruptcy. All of this increases the cost of your debt relief, exposes you to greater risk of being sued, and prolongs your time in debt.
Find out how to avoid the scams and get a debt relief solution, like debt settlement, that can help you, your neighbor, your friends, and anyone who has ever struggled with their finances.
Let’s Start With What Not to Do For Debt Relief
As one of the many people experiencing financial difficulties, you must ensure that you’re not susceptible to the misleading solutions that you encounter online. Our debt settlement and debt relief lawyers see clients get into trouble all the time when they fall for these debt “deals.”
The biggest offenders are debt consolidation companies who hope you’ll fall for this plan:
- They offer to consolidate your debt into one easy payment.
- To make this possible, you actually stop paying your creditors. This means you are not actually consolidating debt at all. Rather, you are attempting to settle debt by going into default and negotiating a settlement for less than you owe.
- They charge approximately 25% of your total debt or more for their service.
- They rush you into payment plan settlements for 70%-80% of the debt even though waiting a bit longer will likely enable better settlements of approximately 50%. They do this because they are not allowed to earn a fee until they settle a debt, and they put their interest in earning fees ahead of your interest in getting out of debt as cheaply as possible.
- Their artificially low payment lures you in, but typically means you will not be able to save enough fast enough to settle your debt. While you’re paying settlements to creditors A and B, creditor C files a lawsuit against you. This can lead to wage or bank account garnishment and threatens your ability to complete your existing settlements, let alone settle with other creditors.
Because you’ve been misled about how much you should be paying to effectively settle your debt, your lifestyle and budget are caught off guard when you get sued by a creditor you thought was taken care of by the consolidation program.
Although being told that you could pay off your debt at a snail’s pace was what you wanted to hear, it is not realistic. The truth is that the artificially low consolidation payment predictably will fail because your creditors are only going to wait so long to get paid before they sue you. Fortunately, there are ways to effectively get out of debt for less than you owe. Keep reading to find out what expert debt relief attorneys recommend.
A Debt Relief Solution That Works For You
The alternative to misleading debt consolidation is debt settlement. This settlement is a legal strategy that removes your debt, often for approximately half of what you owe. Debt settlement lawyers, like those here at The Wink Law Firm, recommend this approach:
- Wait until you pose the most risk to your creditors, typically four to six months without paying.
- During this time, it is critical to save money for settlements.
- When you’ve reached four to six months into default, your creditors will start to open up to settling your debt for less than you owe. This is a good time to make a settlement offer.
- The attorneys at The Wink Law Firm are experienced in settling debt in these circumstances, and can often settle your debt for approximately 50% of the debt you owe.
- It is typically best to offer settlements that can be paid in a lump-sum because this tends to entice your creditors to accept less and removes the risk of you defaulting on a payment plan settlement. However, if you don’t have a lump sum, it may be possible to achieve favorable settlements with a payment plan.
This solution is available to everyone in the Denver, Colorado area. Imagine how many people could get relief from their long-term debt problems, if they knew the truth about their options.
Reach Out to The Wink Law Firm and Find Out the Truth About Debt Relief
For those who are struggling with debt, it’s important that you know that you’re not alone in more ways than one. First, many Americans know what it’s like to struggle with debt. Second, The Wink Law Firm is here to help you find the way forward.
During a free legal consultation, our debt relief lawyers will listen to your story and offer an optimal debt settlement solution. We treat your case with respect, thoroughness, and expertise.
The Wink Law Firm’s debt relief attorneys help the many people in the Denver area who are suffering with debt and don’t know where to turn. Soon, you can be counted among those who have found the way out.
Call The Wink Law Firm today at (720) 523-0620 or schedule a free consultation online.