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California debt consolidation or California debt settlement
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If you’re lagging behind on several credit cards, loans, and other bills in California, and creditors or debt collection agencies are using high-pressure tactics to collect those debts, you should contemplate the help and advice from a California debt consolidation or California debt settlement company.
How can California debt consolidation or debt settlement companies help?
California debt consolidation and California debt settlement companies provide programs that can give you some financial solace by helping you to pay off your credit cards and other bills comfortably, quickly, and without defaulting.
A California debt consolidation counselor or California debt settlement counselor will give you a no-obligation, free counseling session where they can review your finances, and fitting your situation, suggest any of these programs:
California debt consolidation is an organized plan where a negotiator from a debt consolidation company works with your creditors or the collection agencies that are calling you directly to get them to accept your monthly payments at a lower interest rate. Commonly, the debt consolidation company will also be able 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 further to pay off your principal debt. One great perk of debt consolidation programs is that you only need to make one payment each month that the consolidation company will disburse to all of your creditors. You will be able to pick the date that you make your payment will be made each month.
California debt settlement is an organized plan where a professional debt negotiator negotiates with all of your creditors and collection agencies that are contacting you with the goal of reducing your outstanding principal balances. Results vary based on each 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.
California Debt Consolidation and Debt Settlement Laws
Debt negotiation and debt settlement firms do, in many situations, help those late on their bills lower their debt owed and discharge that debt in one final payment for a great deal less than the prior amount. Also, use caution when selecting a firm as some are just fronts for criminals to defraud people of their money. It is never legal to impersonate a service and never provide or intend to provide a service. Moreover, it is always a good idea to have a lawyer review any contract written by a debt consolidation or settlement firm. Oftentimes, a lawyer will be able to offer similar benefits. It is never good to sign on with a firm that is not open about its business dealings or attempts to discourage contact between customers and their creditors. This usually causes more problems than there originally were.
Laws for Debt Harassment in California
California law and federal law are very similar in terms of debt collection. Unlike federal law California law also shields customers from the threats and hounding of collection agents and agencies, but also from original creditors.
Legal Collections Actions
- Companies may collect monies owed via the telephone, letter, fax, or in person.
- Creditors also have the right to sue for unpaid debt as long as it is within the statute of limitations.
- Collectors also may file reports with credit bureaus whether positive or negative.
Illegal Collections Actions
- Calling customers often and frequently, without permission, usually outside of normal business hours.
- Falsifying identity such as pretending to represent the government with the intent to scare a customer into making a payment towards a debt.
- Continuing to contact a customer after they have asked the creditor to stop contact unless the contact informs the customer of a suit or other legality
- Disclosing personal financial information to the public without the customer’s consent
- Continuing to call a customer at work after being informed by the employer or customer that phone calls are not allowed on the job.
- Verbally abusing a customer or threatening future abuse.
*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.