Debt Consolidation in Florida
If you have multiple debts and don't know where to turn, then opting for debt consolidation in Florida can be a great solution.
It doesn't matter what kinds of debt you have, debt consolidation can always solve your problems. Florida has many experienced debt consolidation lawyers and consolidation companies that are accredited by Better Business Bureau (BBB). These companies offer a professional approach to helping you regain control of your finances and become financially independent.
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How does Debt Consolidation Program work in Florida
Debt consolidation in Florida is a combination of various processes that are extremely rewarding for consumers who are in debt.
Florida debt consolidation merges all of your debts into a single loan that you repay over time at a reduced interest rate.
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Here are some things to keep in mind while selecting a debt consolidation program in Florida:
- Find the best possible consolidation plan for yourself by working with your debt consolidation lawyer to decide upon the right program. Conduct a market survey to find the best interest rate.
- Select the loans you want to use in your consolidation program and calculate what you have to pay each month.
- Decide on the term of the loan. There are two types of terms, fixed and variable terms. Fixed will help you get out of debt fast while a variable term loan will reduce your interest rates.
- Look for lower interest rate on your consolidation loan. Sometimes the loans that you are already paying may have interest rates lower to that of the consolidated loans. In such situations you have to work out your program with your lawyer to get a lower interest rate.
- Take time to understand the fee structure, penalties, terms and conditions of your loan. Ask your lawyer about any concerns before the loan is processed, because once processed there can be no alterations.
Consolidation Loans in Florida
In Florida, debt consolidation can be done personally or through a debt consolidation company. If you decide to consolidate your loans by yourself there are several choices.
Loans are divided into:
- Unsecured Loans:These loans do not require any personal assets as collateral. The advantage of taking an unsecured loan is that you can repay your debts without risking your valuable assets.
- Secured Loans: These loans do not require any personal assets as collateral. The advantage of taking an unsecured loan is that you can repay your debts without risking your valuable assets.
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Role of Consolidation Companies in Florida
If you are considering a debt consolidation company to help you, keep a few things in mind:
- First, you should check the accreditation of the company with the Better Business Bureau (BBB). Look out for any consumer complaints against them.
- Ask for references from your friends and relatives. Check to see whether they had had any problems with the company.
- The consolidation company reviews your entire financial situation. After that they decide which relief program will suit you best.
- After they have gathered all the required information, they can help you with your budget plan and suggest ways in which you can reduce your debt.
- The companies work with your creditors to fix the payment plans and the lowest interest rates.
- After you have enrolled in a debt consolidation program, the company notifies your creditors to contact the company regarding any issues.
How does Debt Consolidation in Florida affect your Credit Score?
Enrolling in a debt relief plan in Florida automatically creates a negative impression on your credit score. Credit counselling does not affect your credit score for FICO purposes. Still many creditors ignore FICO and continue to think poorly of counselling. This may create a partial negative effect on your credit score.
In general, debt consolidation does not hamper your credit score drastically. It enables you to repay your debt at a lower interest rate, and enables your creditors get back their money. In case of any dispute regarding inaccurate information dissemination, you can report the case to the credit bureau directly. Credit card debt laws prohibit you from removing any accurate, current, and verifiable information from your credit report. The credit bureau has the right to remove any information from your report if it is over 7 years old.
Things to remember while in a Consolidation Program in Florida
There are a few important things you should avoid while in a debt consolidation program:
- Illegal companies with a bad reputation.
- Do not believe in high claims and assurances from a debt consolidation company.
- Avoid services from companies that use marketing scams such as spam email, junk mail, and telemarketing.
- Do not enrol with any company that charges you money before considering your situation.
- Be cautious of any services that use illegal means to help debtor. Have written documents for everything from the company in order avoid legal hassles.
State Attorney General Phone Number: 850-414-3990
Public Service Commission Phone Number: (904) 413-6600; Toll Free: 1-800-342-3552