The Best Debt Settlement Attorneys in Denver Deliver the Results You Expect
Just like any other challenge, from parenting to staying healthy, there’s enough information on the Internet to completely confuse you about the best approach. A handful of websites will tell you it’s one way, while the others will convince you it’s the complete opposite.
Not only is this misinformation a challenge, but you’re likely also aware of how much information on the Internet is just a ploy to compete for your business. You may have found this to be true if you’ve ever come across national debt settlement companies that pressure you to work with them for debt relief.
You may have even entered into an agreement with one of these companies only to find you’re now being sued by your creditors, even after you’ve started a program to save for a lump-sum with a settlement company. This can be baffling, as you thought you were protected from a lawsuit while you tried to make payments.
However, it’s important to know that there’s still time to make a change. Contact The Wink Law Firm, the best debt settlement attorneys in Denver, and we can create a new strategy to get your debt paid off and the creditors off your back. Our debt settlement attorneys near you are here to help you, not confuse you with clever marketing and unkept promises.
Straight Talk from Our Debt Settlement Law Firm: How Debt Settlement Companies Mislead You
Whether we like it or not, there is an unfortunate and false stigma attached to bankruptcy. However, the truth is that bankruptcy is a fast, effective, and powerful tool for getting you out of debt. Bankruptcy also provides the potential for financial freedom and a fresh start in a short period of time. Despite this, many people are averse to filing bankruptcy, even though it could be the cheapest and fastest way for them to get out of debt and rehabilitate their credit.
Many national debt settlement companies prey on people’s aversion to bankruptcy. They will downplay it as a viable alternative, even in cases in which it is obvious you cannot afford to settle your debt and bankruptcy is far and away the most cost-effective option. They will ask you to “enroll your debt” with them. They peddle the idea that you can settle your debt with a low monthly payment through a program your creditors don’t want you to know about.
In reality, the program is not pre-approved by all your creditors. Rather, you must stop paying your debt to settle it. While this will typically enable you to settle for less than you owe, it also puts you on a track to get sued by your creditors. Most national debt settlement companies will not disclose this risk to you. The low monthly payment they say will get you out of debt is often too low to settle your debt fast enough to avoid sued. Not only are they dishonest about the risk of lawsuits, but national debt settlement companies often set you up to get sued by setting an artificially low monthly payment that makes it so you can’t settle your debt fast enough to avoid being sued.
These companies are paying off your creditors one at a time, so that your low monthly payment doesn’t end up touching all of your creditors. Soon, you discover that you’re being sued by one of these creditors – even though you were led by the national debt settlement company to believe you were in a program with all your creditors. You’re honestly trying to do something about your debt situation. You trusted this debt settlement company, and they failed you.
This puts you in a bind. You now realize that you’re going to have to pay off that creditor fast to avoid being sued – or, worse, this creditor is already garnishing your wages or funds in the bank. You don’t have the money to pay off this suing creditor because you’ve already budgeted and allocated a payment to your national debt settlement company that said they’d provide relief. Unfortunately, what they are having you pay was never enough to cover payments to all of your creditors.
There’s no relief to be found when debt settlement companies operate this way. To make matters more painful for you, it hurts to discover that these national companies get paid the moment you settle a debt through them. Because their fees are often exorbitant at 20% to 30% of the enrolled debt, much of what you are paying is going to them while other creditors gear up to sue you. All along, this company was incentivized to get you in the door and thinking of their best interests instead of yours.
This is not what debt relief is supposed to be. It is the complete opposite of the compassionate, helpful, and freeing solution provided by our debt settlement lawyers near you. Find out more below about what the best debt settlement attorneys can do to take care of your debt situation.
What Our Debt Settlement Law Firm Does Differently
Debt settlement can be a lot simpler – and a lot more effective – when you work with debt settlement attorneys who care about your financial well-being first.
Here’s how it works when you partner with The Wink Law Firm for a debt settlement solution:
- We advise you to stop paying your creditors because this is necessary to settle debt for less than you owe. At the same time, we advise you of the risk of lawsuits, and we stress that you should aim to have the money required to settle your debt (estimated 50% of your total debt) plus our fees (10% of enrolled debt) within 24 months to minimize the risk of lawsuits – and we encourage you to save more if possible.
- Even though we don’t earn fees until you settle a debt, we are patient in advising you to settle debt because this patience often results in settling for less because of two reasons.
First, some creditors require you to be far enough into default to settle for 50% or less. For example, a creditor may demand 80% of the debt when you are 3 months into default, but then will accept 50% when you are 6 months into default.
Second, patience enables you to save more money for lump-sum settlement payments. In general, settling for a lump-sum payment will enable you to settle for a lower percentage of the overall debt than payment plan settlement will enable. The concept is simple. You hold your money until the creditor is willing to give you a good deal in exchange for a lump-sum settlement payment.
- Our strategy? Creditors begin to worry that you aren’t going to pay during that three-to- four-month period. To them, you represent risk, so they are more likely to take a reduced lump-sum payment, given that they were not getting any payments from you before.
- The results typically look like this: you can settle the debt for about 50 percent of your debt and the rest will be forgiven thanks to the best debt settlement attorneys in Denver.
It should be clear that there are significant differences between the The Wink Law Firm approach and how national debt settlement companies operate. Here are the highlights:
- Our approach is centered on you and how we can help you settle for as little as possible, even if that requires us to wait to earn fees.
- Unlike debt settlement companies, we’re honest with you about the risks of getting sued and the monthly amount you will need to save to minimize the risk of lawsuits.
- If you do get sued, we can help you negotiate a settlement of the lawsuit. While you tend to pay more after getting sued (60%-80%), we are more than willing to utilize payment plan settlements to make sure your wages do not get garnished.
- Because we are full-service debt relief attorneys, we can re-evaluate your options if your circumstances change. For example, bankruptcy may become your best option if you lose household income.
Always remember, however, our debt settlement strategies only apply to unsecured debts (those that aren’t loans on an actual asset, such as a car or home). Unsecured debts include debts like medical bills and credit cards. If you have questions about what kind of debt you have, we’re always able to help you during a free consultation.
Work with Our Debt Settlement Law Firm for a Transparent, Trustworthy, and Ultimately Helpful Solution
The Wink Law Firm is considered the best debt settlement attorney team in Denver because we’re willing to explain the real truth about debt settlement companies and the way they take advantage of people in debt crisis.
Unlike national debt settlement companies that rush you into settlements prematurely so that they can earn fees, The Wink Law Firm is willing to wait to earn fees so that you settle for as little as possible. If anything, your debt worries represent one thing to us: a chance to demonstrate our empathy, support, understanding, and individualized solutions to get you out of debt.
It’s time to avoid the many companies that want to compete for you in a business that thrives on misfortune. Instead, partner with debt settlement lawyers near you that deliver effective results and can turn your life around. You’ll find out during our free consultation that we’re cheering for you.
Contact us online or give us a call at (720) 523-0620 to begin the journey toward debt relief with The Wink Law Firm. We look forward to serving you.