Debt Solutions
Financial Relief Law Center has several Debt Solutions to assist those having financial difficulties. Our legal team is highly skilled in helping you chose the appropriate solution in resolving your debt problems. Our solutions include, Credit Card Compromise, Settlement Program, and lastly bankruptcy. It is crucial to have the proper guidance in ensuring you select the appropriate option for your needs. Not everyone is a good candidate for every option so allow us to explain some of the details to each option.
Credit Card Compromise - A program where our attorneys negotiate with your unsecured creditors to improve the terms of your agreement so that you can get out of debt quickly. If the client was previously making only the minimum payment required, this will generally represent an enormous reduction in the amount paid over the life of the debt owed. Our goal would be to have you pay your minimum payment or less and get you out of debt in 36-60 months. Generally, if you just make minimum payments on the existing terms it will take decades to pay off the debt.
The biggest benefit to this program is that there is no need to be late on payments for us to negotiate a Credit Card Compromise. If we are not successful in negotiating the compromise, then there is no fee for negotiating that amount. The creditor often requires the consumer to close the account. If you want to protect your credit at all costs we suggest you speak to one of our professionals regarding our Credit Card Compromise program as it does not affect your credit but can incredibly help you financially.
Settlement Program - Our Settlement Program is the process in which both the consumer and creditor agree to resolve a debt, for less than what is owed. The purpose of the program is to eliminate the enrolled debt quickly and reduce the overall amount paid back significantly. Our Settlement Program is ideal for those that have a serious debt problem and do not want to file bankruptcy or don't qualify for a Chapter 7 bankruptcy. Our team will work with you to establish a payment program that is affordable and allows us to negotiate with the creditors for a favorable settlement and fulfill your financial obligation to them in a timely manner.
The program is primarily for those who are experiencing financial hardship that can include: unemployment, reduction in earnings, medical expenses, increase in interest rates making the debt unmanageable, perhaps spending beyond your means or anything that would cause you to fall behind on paying your creditors.
Essentially the way our Settlement Program works is our firm will represent you for all of your unsecured debt. We will notify your creditors to only communicate with our firm and to not harass you with phone calls and letters. You will make monthly payments into YOUR Special Purpose Bank Account, funds accumulate and then we will negotiate with your creditors for a settlement for much less than what you owe. Once enrolled, you must discontinue using your accounts, otherwise the creditors will assume you can afford your monthly payment. This would hinder the settlement process.
It must be mentioned that the Settlement Program does adversely affect your credit rating because while you are making monthly payments into your Client Savings Bank Account, your creditors are not being paid and the accounts are going delinquent. Settlement is an aggressive yet effective approach in reducing the amount of money you pay back to the creditors that are owed, we feel it is the best viable alternative to a Chapter 13 bankruptcy.
If you would like to avoid the thought of filing bankruptcy, having a public record of your credit troubles, and you want to get out of debt in the shortest amount of time and with the least amount of money, then we suggest you speak to one of the members of our staff to see if the Settlement Program is the appropriate solution to your debt troubles.
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