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Arkansas debt consolidation or Arkansas debt relief
Arkansas Debt Consolidation to Help pay off debts
If you’re lagging behind on multiple credit cards, loans, and other bills in Arkansas, and creditors or debt collection agencies are pressuring you to collect those debts, you should think about getting help and advice from an Arkansas debt consolidation or Arkansas debt settlement company.
How can Arkansas debt consolidation or debt settlement companies help?
Arkansas debt consolidation and Arkansas debt settlement companies provide programs that can give some financial relief by helping you to pay off your credit cards and other bills comfortably, often quickly, without defaulting.
An Arkansas debt consolidation consultant or Arkansas debt settlement consultant will draw you up no-obligation, free counseling session where they can go over your finances, and based on your individual situation, suggest any of these programs:
Arkansas debt consolidation is a program where a mediator from a debt consolidation company works with your creditors or the collection agencies that are contacting you directly to get them to lower your monthly payments with a lower interest rate. Quite often, the debt consolidation company will also be able to lower or eliminate completely late fees or over-limit fees. Combined with the lower interest rate and no extra fees, your monthly payment will go much farther to pay off your debt principal. One great 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 set the date that your payment will be made monthly.
Arkansas debt settlement is a strategy where 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. Results vary case by case, however, in many cases, dependent upon the amounts that you owe and the creditors involved, you might be able to lower your outstanding balance by up to 40-60%* of the amount you currently owe.
Arkansas Debt Consolidation and Debt Relief Laws
Steps exist where customers can get assistance from debt negotiation and settlement companies. Sometimes it’s not easy to tell legitimate companies from phony ones. Here are some signs of a shady or phony company:
- Insisting that they be paid large fees before working for you.
- Not letting the client and creditors communicate directly even if the client wants to speak with a creditor.
- Discouraging a client to have an attorney look over the contract prior to signing on.
Laws for Debt Harassment in Arkansas
The key difference from federal debt protection laws and Arkansas state laws are mandating each debt collection agency be licensed and bonded. Failure to do so will result in misdemeanor charges and penalties.
Legal Collections Actions
- Agencies may pursue late paying clients by notice of letter, phone, fax, email, and in-person visits. They may also take legal remedies if needed.
- Agencies may file suit to obtain wage garnishments and repossession of merchandise as long as it is in Arkansas statute.
- Agencies are allowed to report to credit bureaus late payments, non-payment, and defaulted loans.
Illegal Collections Actions
- Collection agencies misrepresenting themselves as a government entity when in actuality they are a private company.
- Maintaining contact with a client after the client declines additional contact unless letting client know of legal actions.
- Making or attempting to make an individual’s debt public knowledge.
- Harassment or threats of any kind.
- Calling clients over and over especially outside normal business hours.
- Making calls to the clients work telephone once notified the employer does not allow workplace calls.
*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.