Debt settlement is perhaps the most drastic of all the debt relief programs.
At Debt Consolidation Texas, our mission is to match you to a debt settlement consultant that can:
- Negotiate with your creditors.
- Get you an official settlement for debt reduction.
- Develop a plan to pay back your creditors in 24 to 48 months.
Choosing a Debt Settlement Agency in Dallas, TX
You can’t trust some unethical service. Virtually any good debt negotiator will provide you with some details prior to signing on, for instance how much the fees will be for their services, how long before they speak with your lenders, and how much risk is involved.
Be certain that your Dallas, TX debt settlement specialist is legitimate. See the following:
- Credentials: Premier qualifications include TASC and IAPDA.
- Costs: Be sure the rates they demand are affordable.
- Customer Feedback: Search for positive testimonials from recent customers.
Although debt settlement can bring about serious decreases in your credit card debt, it dramatically impacts your credit score, so you ought to be totally confident that it’s the proper option to get out of debt.
Roughly 125,014 of Dallas’s 1,261,999 residents owe at least $10,000 to the credit card issuers. Debt settlement could potentially reduce your debt to $4000-$8000.
With a debt settlement, you completely cease paying your creditors. Instead, you save money in a checking account until you have enough money to pay the amount worked out by your Dallas debt settlement agency. In the meantime, your credit score declines because you aren’t making your payments. Not surprisingly, filing for bankruptcy would kill your credit ratings as well. According to fairly new FTC regulations, this savings account must be under your complete control, regardless of the results of your credit card negotiations. It also has to be FDIC-insured.
As a resident of Dallas, here’s what you have to know in relation to the Texas statute of limitations for debt:
- Statute of Limitations: 4 years
- State Law: 16.004
- Details: www.statutes.legis.state.tx.us/Docs/CP/htm/CP.16.htm#16.004
Ideal prospects for debt settlement in Dallas owe at least $10K in debt, are facing declaring bankrupty, and can’t afford to make the minimum payments on their credit cards each month.
There are 1,261,999 residents of Dallas, and 125,014 have credit card balances in excess of $10,000.
Dallas Debt to Income Ratios
If your debt-to-income ratio is more than 50%, then legal debt relief is something you should think about. The optimal ratio is 30 to 36%. The average income in Dallas, TX, is $16,809 per year, or $1,401 per month, which means a typical resident of Dallas ought to fork out no more than $518 in credit card, mortgage/rent, and loan payments. Unfortunately, many Dallas residents are spending over $701 each and every month. These individuals could use debt relief solutions, whether it be debt settlement or consolidation.
Dallas Debt Negotiation vs Credit Counseling
Whether you choose to settle or consolidate your credit card debt, you should benefit from just one single monthly payment. However, the commonalities end there. Many debt management plans provide reduced interest levels for your credit cards and/or payday loans, but zero reduction of the balance due. You pay your creditors month after month as part of credit counseling. So your credit rating is not affected nearly as much as it is during debt negotiations, during which you stop repaying your debt. Having said that, a debt management plan generally takes longer and in time you’ll pay your creditors in full. Go here for more information about debt consolidation in Dallas, TX.
What Will Debt Settlement Cost?
Being the most drastic debt relief solution available, debt settlement is generally not cheap.
The vast majority of settlement agencies will charge you roughly 15 percent of what you owe – which is a whole lot! This fee will usually be spread out over a period of 12-24 months.
Debt settlement attorneys are sometimes more costly than a debt settlement company. While almost all debt settlement services don’t charge you a monthly charge, most lawyers do. The problem is that they get paid a share of your debt savings. How much? Usually 30%. As you can imagine, this is more expensive than the percentage charged by a debt settlement company. Just because he or she is a legal professional does not mean they will be able to stop your credit card companies from taking things to court. Lots of folks believe they can.
- Consumer Credit Counseling Service, 14110 Dallas Pky, 75254
- Credit Counseling Centers Of America, 9330 Lbj Fwy, 75243
- Liberty Debt Management, 5310 Harvest Hill Rd, 75230
- Cardtronics, 5940 Park Ln, 75225
- Consumer Credit Counseling Service, 400 S Zang Blvd, #1004, 75208
- Consumer Credit Counseling Service, 8737 King George Dr, #200, 75235
- Consumer Credit Counseling Service Of Greater Dallas Inc, 8737 King George Dr, 75235
- Consumer Credit Counseling Service Of Greater Dallas Inc – Oak Cliff, 400 South Zang Boulevard Frnt, 75208
- Cornerstone Wealth Corporation, 13601 Preston Rd, 75240
- Credit Disputes & Financing, 4300 N Central Expy, #205, 75206
- Debt Reduction Services, 11055 Harry Hines Blvd, 75229
- Debt Relief of America, 12201 Merit Dr, 75251
- Fresh Outhlook Credit Services, 1219 Abrams Rd, 75214
- Global Debt Master Recovery, 2703 Fondren Dr, 75206
- Instant Credit Venta de Computadoras, 2534 Royal Ln, 75229
- Invest In Your Debt Inc, 4909 Haverwood Ln, 75287
- Perlman & Robison Attorneys & Counselors At Law, 3626 N Hall St, #610, 75219
- Precept Financial Solutions, 12225 Greenville Ave, 75243
- Reliable Credit Repair, 527 W Jefferson Blvd, 75208
- Resource Credit Corporation, 4347 W Northwest Hwy, #911, 75220
- Advance America, 10155 Lake June Rd, 75217
- MCS Consumer Credit Research, 8111 Lbj Fwy, #840, 75240
- U SAVE TAX MASTERS, 11306 Lbj Fwy, #110, 75238
- H Hughes Properties, 14785 Preston Rd, 75254
- RW Mortgage Services, , 75236
- Texas Movers, 2200 N Pearl St, 75201
- Attorney Saharie L Reed – Reed Legal Group, 400 N Saint Paul St, #1400, 75201
- A-1 Credit, 501 Wynnewood Plz, #201, 75224
- LLS Bankruptcy Attorneys Dallas, , 75001
- Tomasino Law, 17304 Preston Rd, #800, 75252
- 214bankruptcy.com (Polk & Associates), 4514 Cole Ave, #600, 75205
- Debt Consolidation Gteed 50% Off Your Debt!, 1224 N Fitzhugh Ave, 75204
- Law Office of Andrew Oostdyk, 4925 Greenville Ave, #200, 75206
- Commonwealth Credit Repair, 5050 Quorum Dr, 75254
- Credit Alliance Group, 2807 Allen St, 75204
- Credit Repair for LIFE, 18208 Preston Rd, Ste D9-203, 75252
- Primerica Financial Services, 3530 Forest Ln, #270, 75234
- Credit Results, Incorporated, 12300 Ford Rd, #125, 75234
- Debt Relief LLC, , 75001
- Gateway Credit Connection, 15770 Dallas Pky, 75248
- Dallas Debt Consolidation, 3824 Cedar Springs Rd, #168, 75219
- Consumer Credit Counseling Service of Greater Dallas Incorporated, 14110 Dallas Pky, #280, 75254
- Consumer Credit Counseling Service, 17440 Dallas Pky, #134, 75287
- Ayers, Tanesa Owner – Mediation Paralegal Services, , 75001
- Brusenhan & Associates of Keller Williams Realty, 18383 Preston Rd, #150, 75252
- JBR Credit Services, LLC, 6780 Abrams Rd, #103-152, 75231
- Credit Solutions, 12700 Park Central Dr, #9, 75251
- Pds, 13800 Montfort Dr, #155, 75240
- McCallan, Robert President – Intellidebt, 12801 N Central Expy, 75243
- Allmand, Reed – Allmand & Lee, 5646 Milton St, #120, 75206
- Debt Consolidation-Consumer Credit Counseling Dallas, 8057 Cedar Springs Rd, 75235
- Merchant Services by Paymentmax, 6333 E Mockingbird Ln, 75214
- Debt Relief of America, 12201 Merit Dr, #620, 75251
- First Stone Credit Counseling, 4372 Spring Valley Rd, 75244
- Henley & Henley Credit Law, 2205 N Henderson Ave, 75206
- FH Financial Service, 4230 Lbj Fwy, #125, 75244
- My Debt Relief, 3500 Oak Lawn Ave, #380, 75219
- US Debt Resolve Incorporated, 17311 Dallas Pky, 75001
- Americredit, 13800 Diplomat Dr, 75234
- JC Penny Credit Service Center, 12712 Park Central Dr, 75251
- Pre-Paid Legal Services, Inc – Ind Assc, , 75001
- Automated Profile Svc Incorporated, 11615 Forest Central Dr, 75243
- Please Reduce My Debt, 13747 Montfort Dr, #105, 75240
- Alexander Credit, 7557 Rambler Rd, #700, 75231
- Critical Credit Repair, , 75001
- My Cash Central, , 75001
- A New Beginning Financial, 212 Polk Vlg, 75232
- Montoya, Gabe Credit Exp – Nova Credit Solutions, 2906 E Ledbetter Dr, #120, 75216