Options
DEBT SETTLEMENT
Debt settlement is a legal process to negotiate an agreed settlement on a reduced balance.
Our debt relief option is an effective approach to pay off your current debt as well as avoiding the negative effects of a personal bankruptcy.
The Attorney Network works diligently on your behalf to reduce your current unsecured debt balances down to zero.
- Need to qualify first.
- Requires ownership of Real Estate, property or a pledge of collateral.
- Home equity loan may reduce the future equity available in your property.
- Eliminates your credit card balances.
- Payback can be up to 20 years depending on debt balances and ability to pay back the loan.
- You will pay back the full amount of debt.
- Your unsecured debts become secured debts.
- These companies are generally funded by the credit card companies themselves.
- They will consolidate your bills into one monthly payment and lower interest rates.
- Your balance will often take up to 7 years to pay down depending on the amount of debt you have.
- Paying over 25% of principal balance in interest fees over the first three years.
- You end up paying back your full balance plus interest in addition to the monthly “donation”.
- Negative marks may remain on your credit report for up to 7 years.
- May be viewed by lending institutions as Chapter 13 Bankruptcy.
- The average completion rate of consumer credit counseling is approximately 26%
- Both represent a severe negative impact on your credit rating for 7-10 years.
- Fees may cost up to $2,500 to file.
- May have a negative impact on your employment status or future employment.
- In a Chapter 13, you may end up paying 75 – 100% of your debts back.
- In a Chapter 7, will eliminate all of your unsecured debt.
- May result in higher interest rates on future loans.
- Truly a “last resort”. If possible, bankruptcy should be avoided.
- Chapter 13 completion rates average 32%.
MINIMUM PAYMENTS
Below is a chart to show you the number of years it may take you to pay off a credit card balance based on 19% interest and paying the minimum monthly of the outstanding balance.
*Usually credit cards require a minimum monthly payment between 2.0% and 2.5% of the outstanding balance.
CALCULATE YOUR OPTIONS
Visit back soon to us our custom calculator!
Call to speak with us Today! 877-288-9638
Find out how many months it can take you to become debt free