Do you need to find ways to become debt free without resorting to bankruptcy? Working with a solid Harrison debt settlement agency might be worth looking into. Let us get you in touch with a debt settlement consultant – right now – that’s right for you. There are no obligations, and it’s 100% free.
Selecting a Debt Settlement Firm in Harrison, TN
You shouldn’t put your faith in some dishonest service. Virtually any legitimate debt negotiator will divulge a good bit of specifics prior to signing on:
- Compensation: all fees must be carefully explained.
- Timeline: they must say when they are going to reach out to your creditors, as well as how much money you must have saved.
- Liabilities: they must tell you about the adverse implications for your credit ratings
Be sure that your Harrison, TN debt settlement firm is trustworthy by researching how many years they have been in operation, how many clients they’ve managed, what their success rate is, what their fees are, and you should make sure they are licensed to conduct business in the state of Tennessee.
Just remember: no Harrison, TN debt settlement company should charge fees upfront!
Also referred to as debt negotations in Harrison, debt settlement offers some big benefits:
- Substantial Debt Reduction
- Substantial Savings in Interest
- Quick 24-48 Month Schedule
- Convenient Settlement Plan
- Alternative to Declaring Bankruptcy
However, it is an extreme process that requires a good bit of risk and sacrifice.
It’s estimated that 1,161 of Harrison’s 11,719 residents need to reduce or consolidate at least $10,000 of debt. Are you one of them?
With a debt settlement, you up and cease paying your creditors. Instead, you save funds in a special purpose checking account until you’ve got a sufficient amount to pay the amount negotiated by your Harrison debt settlement company. Unfortunately, your credit rating worsens because you’re no longer paying your creditors. Obviously, bankruptcy would ruin your credit score too. According to relatively new FTC guidelines, your savings, or “special purpose” account should:
- Be with an FDIC-insured institution.
- Provide you with unrestricted access.
- Not penalize you for pulling out funds.
Statute of Limitations for Debt in TN
Credit card companies have a limited period of time to take legal action for credit card debt. In Tennessee, this is 6 years.
Suitable Debt Settlement Prospects in Harrison, TN
Debt settlement might be right for you if you respond with a yes to these 3 questions:
- Have you been contemplating bankruptcy?
- Have you got at least $10,000 in debt?
- Are you okay with a bad credit score if it’s necessary to reduce your debt?
If you fall into this category, you are not alone – 1,161 Harrison residents have at least this much debt.
Harrison Debt to Income Ratios
Your credit consultants will want to know your debt to income ratio (DTI).
Simply put, if you’re investing more than half of what you make to credit cards, rent, and/or loans, you’ll want to consult a debt settlement consultant in Harrison, TN. Given that the average income in Harrison is $4,347 per month, we’re talking about $2,174. You really want to aim for a ratio of roughly 36 percent ($1,565 in Harrison).
Settling your debts and consolidating them are two separate methods. All of these are strategies for debt relief. Debt reduction is unique in that it results in an absolute decline in the balance due. Other forms of debt relief – such as consolidation, management, and counseling – are much better for your FICO rating ultimately, but these are long-term remedies in which you pay off everything you owe.
For additional details, go there: credit counseling in Harrison, TN.
How Debt Reduction Services Get Compensated
Whereas debt management plans have flat monthly fees, debt settlement costs are generally charged once each account is settled. The vast majority of settlement agencies will charge you around 20% of your debt – which is a big chunk of change! In most cases, they are restricted by the FTC from making you pay until a balance has been paid off.
- Tennessee debt settlement company? Contact us for a free listing!