High credit card debt and private student loan debt are two of the most compelling reasons to hire a debt settlement law firm in California. A debt settlement is a negotiation between you (the borrower) and the lender that you will pay a significantly reduced amount of your total overall debt in a lump sum or over a period of time in installments. For instance, a consumer owed Citibank $8,410. In just one phone call, her attorney negotiated a debt settlement with the collection agency to settle the debt for $2,106. She only paid 25% of the total debt due.
Another person owed American Express over $38,000. She was going through a divorce and could not afford her payments. After being sued for this debt, she hired a debt settlement lawyer that negotiated a credit card debt settlement in California for them to accept $10,000 instead of $38,000. She saved $27,800 – which was approximately 75% of the total debt owed.
An experienced debt settlement attorney will work with your lender to reach an agreement that is favorable to both parties and affordable to you. Why do lenders find debt settlements favorable? Simple, they would rather receive some of the debt back than have you declare bankruptcy and receive nothing.
Advantages Of Hiring A Debt Settlement Law Firm
If you live in or have debt in the state of California, it’s important to hire a debt settlement law firm rather than a debt settlement company. If you have been sued by a credit card company or other lender (or think you might soon be sued), then a debt settlement attorney in California can represent you in a court of law. A debt settlement company cannot. As the Federal Trade Commission points out, debt settlement companies are often associated with scams who ask for large cash advances up front and do little to help consumers. Whereas, debt settlement law firms are held to ethical obligations under the law. Your goal in hiring a debt settlement lawyer is to SAVE money, not waste money on a scam.
An individual consumer owed American Express $33,036 in credit card debt. Before filing a lawsuit against him, American Express demanded the entire debt owed to be paid off in monthly installments. American Express ended up suing him for the full balance. His attorney negotiated a debt settlement for $16,000, payable over a 15-month term, saving him 52% of the total debt he owed.
A college graduate owed Navient over $143,000 in private student loan debt (these are loans not provided by the Department of Education which are known as Federal Student Loans). She hired an experienced debt settlement law firm to negotiate a student loan debt settlement. Over the course of the representation, the debt skyrocketed to over $156,000 due to accruing interest. Navient sent her account to the law firm of Weltman,Weinberg & Reis for collections. Her attorney settled her account for approximately $50,000 – saving her over $100,000 in a student loan debt settlement.
Hire A California Debt Settlement Law Firm
A skillful California debt settlement lawyer can most likely negotiate down your debt and save you money. Our law firm offers a consultation free of charge to go over your particular debt situation, map out a plan for you to get out of debt and save money. Contact us at 844-729-4866 to set up a free consultation or you can schedule your consultation here.
Jonathan B. Haskett is a debt attorney serving clients in California and focuses exclusively in debt relief. He is licensed to practice in California. Mr. Haskett owns and operates The Debt Settlement Lawyer in San Diego, and helps people with debt problems all over the country, if possible. For more information, please contact attorney Jonathan Haskett at 844-729-4866, or jonathan@thedebtsettlementlawyer.com. or use our online contact form.