With passage of time the process of debt settlement has become much more complex and strangling. It is replete with loopholes and legal complications that are often overlooked by an individual stressed out with debts. During such depressive moments even an active mind fails to come out with the right decision. To make things worse there are creditors ready to pounce on you with incessant threats of making your life a living hell!
In case you are wondering what the solution to all these problems is, it is pretty simple! When in debts it is always advisable to opt for professional help from a Debt Settlement Attorney of your state. You may question on the necessity of it and consider hiring a debt attorney just an added expense. But there are flip sides to it!
Here are a few important benefits of hiring a debt settlement attorney for settling your debt issues. Take a look at them before you arrive at a decision:
1. Helps in reducing your outstanding balances: If you carry out the process yourself your creditors may not allow you to have the maximum reductions. A debt attorney being well aware of all the tactics can bring down your debts up to 40-60%. Depending on your financial capability the lawyer will set down the minimum affordable amount to be paid. He will try to get you the best deal that makes you to pay less.
2. Puts an end to all collection calls: After you appoint a debt settlement attorney to handle your debt issues, your creditors are immediately notified. From then on the creditors have to contact your attorney for any details. They are notified not to contact you directly through any means. It puts an end to all calls, actions or threatening from the creditors end. If the creditor does not follow the legal notifications then the lawyer can send a Cease and Desist Communication Letter to the creditor.
3. Helps in developing an affordable repayment plan: The lawyer acts as your financial guide throughout the settlement process. They help in designing repayment plans through which you can pay with affordable installments.
4. Convincing bankers or creditors is easy with professional help: When it comes to convincing creditors or bankers for settlement it is a tough job. Being unaware of the tactics to convince the bankers/creditors you cannot get the approval for settlement easily. The lawyer being proficient with these techniques can perform a successful negotiation.
5. Professional take on things: The debt settlement attorneys have a professional approach to every issue. As such the entire process is made simple, hassle-free and legally safe. The attorney negotiates with creditors using legal rules and guidelines. Therefore creditors cannot use any unfair means in order to retrieve credit. You can also be safe from any scams that may be involved.
6. Credit card report is taken care of: The attorney works to get you the deal that does not hamper your credit report. He obtains the consumers credit report and removes any misleading, unsubstantiated, or incorrect items present. He helps in restructuring your finance chart so that your credit ratings are restored.
7. Helps in planning for future financial management: The attorney chalks out different consumer debt relief program that helps you to settle your debts easily. The plans would help you to stay away from debts in the future.
8. Budgeting for managing your finances: The lawyer helps in drawing out a budget plan that allows you to maintain a balance. Your expenses and income are compared to assist you with monthly payments. If you can follow the budget guidelines well you can also expect to save some considerable amount on your account.
9. Removes listings from your report: Settling debts with the help of an attorney helps in removing the negative listings from your report easily.
10. Keeps you away from the ill effects of bankruptcy: With debt negotiation you can safely avoid the risks of bankruptcy. After the settlement procedure is done your report is shown as "paid as agreed" or “settled as agreed”. This helps in improving your credit card report.
It is to be remembered that hiring a debt settlement attorney will be fruitful only when you have unsecured debts like credit cards, medical bills and department store cards. With secured debts like mortgages, student loans, alimony and child support the attorney can be of no particular help.
The attorneys work as legal consultants offering professional assistance to pull you out of debts fast. If you are struggling hard to make up with your payments your struggle can be made a bit easier. The lawyers help you realize your rights as consumers. They negotiate with your creditors on your behalf just to make things easier. You may count them as added expense but you will realize later that the expense was worth spent. The role of the attorneys in making your settlement process legally safe in any case cannot be underestimated. With a little prudence and a little professional assistance you can easily get away from the claws of debts.