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Alabama debt consolidation or Alabama debt settlement
Alabama Debt Consolidation to Help pay off debts
If you’re behind on payments for multiple credit cards, loans, and other bills in Alabama, and creditors or debt collection agencies are harassing you to collect those debts, you should consider the assistance of an Alabama debt consolidation or Alabama debt settlement company.
How can Alabama debt consolidation or debt settlement companies help?
Alabama debt consolidation and Alabama debt settlement companies offer programs that can provide you with noticeable financial relief by helping you to pay off your credit cards and other bill consolidation services comfortably, often quickly, without defaulting. An Alabama debt consolidation consultant or Alabama debt settlement consultant will give you a no-obligation, free counseling session where they can review your finances, and based on your unique circumstances, suggest any of these programs:
Alabama debt consolidation is a program where a negotiator from a debt consolidation company works with your creditors or the collection agencies that are contacting you directly to get them to accept your monthly payments at a lower interest rate. Many times, the debt consolidation company will also offer to reduce or eliminate altogether late fees or over-limit fees. With the lower interest rate and no extra fees, your monthly payment will go much farther to pay off your debt principal. One convenient feature of debt consolidation programs is that you only need to make one payment each month that the consolidation company will distribute to all of your creditors, and you will be able to choose the date that your payment will be made each month.
Alabama debt is a strategy in which a professional debt negotiator negotiates with all of your creditors and collection agencies that are contacting you in an attempt to greatly reduce your outstanding principal balances. Of course individual results do vary quite a bit, however, in many cases, based upon the amounts that you owe and the creditors involved, you might be able to reduce your outstanding balance by up to 40-60%* of the amount you currently owe.
Alabama Debt Relief and Debt Consolidation Laws
Besides protection from illegal harassment and collections, federal and state laws shield Alabama residents from fraud. There are many ways in which consumers may receive assistance in negotiating a at a lower rate from creditors. Moreover, there are many bogus companies, which provide services at high fees but do not give the services promised. On average, debt negotiation and settlement services offer:
- Work with creditors to lower interest and principal on amounts owed for a full payoff of a predetermined amount.
- Serve as a voice of the customer with the creditors to shield the customer from endless collection calls.
- Commitment that their credit report will show balances as paid, although previous late payments or defaults remain on the report for the normal 7 years.
- Supervision of an escrow account that the customer puts money into to pay the debt settlement company’s fee and the pre-agreed total settlements.
In the event that the contract is fraudulent, the customer could lose more money, lose the restored faith of their creditors, and posting entries that are more adverse on their credit report.
Victims can call debt settlement attorneys to help locate the fraudulent companies and file legal claims against them. They can also give consultation before such contracts are signed. This protects the customer from serious financial blunders.
Laws for Debt Harassment in Alabama
Laws on the state and federal level bar Alabama debt consolidation help or agencies from harassing customers, regardless of the condition of their debts. Customers may report barred acts to the office of the Alabama Attorney general or the local district attorney.
Legal Collections Actions
- Creditors and collection agencies are permitted to contact borrowers and seek payment using normal methods such as phone, fax, and mail
- Creditors may also pursue other legal means, such as lawsuits and repossessions if the situation warrants them.
- Creditors and collection agencies have the right to report relevant credit activities and delinquencies to credit bureaus.
Illegal Collections Actions
- Debt solicitors cannot harass, abuse, intimidate, or threaten violence toward customers.
- Are forbidden from contacting a customer if they have requested in writing that they not do so unless they are notifying the customer of an upcoming action.
- Prohibited from contacting the customer if customer has notified solicitors that they are attorney represented.
- Are not allowed to contact a customer at their workplace if they have informed the solicitor that this is not allowed by their employer.
- Are expressly forbidden to deceive customers or otherwise misrepresent themselves, such as saying they represent an official government agency or threatening to take legal action when such action is illegal or not part of the agency’s regular or plan of action.
- Not allowed to place frequent or disruptive phone calls at unreasonable hours, such as before 8:00 a.m. and after 9:00 p.m. without expressed permission of the customer.
*Individual results may vary. Statements made are only examples of possible outcomes, which are not intended to be a guarantee of any future settlement results. A debt counselor will attempt to understand your current financial situation and determine whether you are qualified for the debt resolution programs offered. Debt consolidation and debt settlement companies will work aggressively to reduce your debt balances, however, creditors are under no contractual obligation to negotiate or accept settlement offers. We also serve Arkansas credit counseling.