Debt Settlement and Debt Relief in Charlotte
Sometimes, to secure debt reduction or debt elimination in Charlotte, people need advanced services. Debt settlement can arrange for creditors and collection agencies to settle on a fraction of the amount owed to them. Charlotte debt settlement services will negotiate on your behalf to lower the entire amount of debt you owe.
If you are living in Charlotte and are interested in a debt relief plan, reduction, or recovery, Charlotte debt elimination might be right for you. Here is how the process will work once you have enlisted..
- Cease paying the creditor and using their credit services
- Stop answering creditor and collection agency phone calls
- Negotiation starts after the creditor is alerted to what the debtor is doing
- Creditors will interact with the attorneys to agree on a lower, lump sum
The reality of debt settlement in Charlotte
The firm is usually able to stop the harassing phone calls people receive from their creditors. But they are calling because most individuals will pay, or try to pay, the full sum they owe to the creditor. They donâ??t know that settlement is an option in Charlotte debt consolidation plans. Most settled debts result in the debtor paying a percentage of the original amount. For example, a credit card debt of $20,000 can often be settled out of court for a lump sum payment of $10,000.
In addition to debt reduction and eventually debt relief, the benefits of debt settlement are as follows:
- The debtor makes a single payment
- There are fewer to no creditor calls
- Bankruptcy is avoided
- Late payment fees are avoided or forgiven
- Lawsuits and other legal action against the debtor are also avoided
After and during debt settlement, a personâ??s credit score is still affected, and the IRS will charge taxes on the forgiven amount. But the money saved from settling a debt with a creditor or credit agency instead of struggling to pay the accumulating interest is sometimes the best choice. Once the debt is eliminated, you can begin to re-establish your credit.
Turn around your debt in Charlotte, NC
If you need Charlotte debt management help, debt advice is not far. Debt settlement is as easy as it is everywhere else, and experienced debt relief services are available at the office of John F. Hanzel, P.A.. Contact us today.