When your debt continues to increase, it can be both overwhelming and worrying because it can eventually lead to more devastating situations like foreclosure or wage garnishment. Before it goes this far, you should be aware of all of the options that are available to you to get on the path to a fresh financial start.
If you are facing great amounts of debt and are unsure of what you should do, contact our experienced Lauderdale Lakes debt lawyers today.
One of the biggest things that consumers tend to be unaware of is that lenders are often willing to negotiate your current payment terms for your debt if you are unable to make your monthly payments. This is because of the time and resources it takes for lenders to move forward with lawsuits, foreclosure, and repossessions. They would much rather come to a mutual agreement than spend a ton of money and time trying to collect the full debt amount in court.
Debt Settlements and When to be Cautious
While working with a skilled law firm that specializes in debt relief is ideal, there are often consumers who are tricked by companies that claim to solve all of your debt-related issues through a reduced lump-sum payment. A debt settlement company can actually do even more damage and put you in an even bigger pile of debt. In most cases, these types of companies are not always upfront about the hefty monthly payments that you are required to pay to them moving forward, in addition to the substantial first-time payment. These companies will typically advise you to stop making payments to your lenders in order to save money for a certain period of time, and then offer this “saved” amount to your lenders as a negotiated repayment. However, lenders are not in any way required to accept this offer nor are they required to work with any debt settlement companies on negotiating new terms for your debts. In almost every case, it is better to make partial payments than to completely stop making payments.
Contact Our Experienced Debt Attorneys
For the average consumer, it is often quite complex to understand all of the processes and procedures when it comes to debt relief from lenders. Lenders often have an entire team of analysts, financial advisers, lawyers, and more working in the background and providing guidance and advice. This is why it is imperative to consult with a reputable debt relief attorney so that you have someone who is experienced in all aspects of debt working on your behalf.
With over 100 years of combined experience, Loan Lawyers has helped consumers all over Lauderdale Lakes and the surrounding areas escape debt and start their path to financial freedom. We will complete a comprehensive review of your specific situation to determine the best possible solutions for you so that you can start paying off your debt today.
Contact us to schedule a consultation and speak with one of our Lauderdale Lakes debt attorneys today.