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Colorado debt consolidation or Colorado debt settlement
Colorado Debt Relief Plans to Help pay off debts
If you’re in the red on multiple credit cards, loans, and other bills in Colorado, and creditors or deb¬¬¬t collection agencies are on you to collect those debts, you should think about the help and advice from a Colorado debt consolidation or Colorado debt settlement company.
How can Colorado debt consolidation or debt settlement companies help?
Colorado debt consolidation and Colorado debt settlement companies offer a series of measures that can provide you with much financial relief by helping you to pay off your credit cards and other bills comfortably, often quickly, without defaulting.
A Colorado debt consolidation consultant or Colorado 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:
Colorado debt consolidation is a measure 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. Often, 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 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 choose the date that your one payment will be made each month.
Colorado debt settlement is a measure where a professional debt negotiator negotiates with all of your creditors and collection agencies that are calling you in an attempt to cut down your outstanding principal balances. Individual results can vary, however, in many cases, dependent upon the amounts that you owe and the creditors involved, you might be able to reduce your original balance by up to 40-60%* of the amount you currently owe.
Colorado Debt Consolidation and Debt Settlement Laws
When a borrower has failed to make several payments or lapsing on a loan, creditors might consider rearranging the agreement and lowering the initial amount owed. Numerous companies exist that perform these negotiations and they can be of great assistance to those seeking to lower payments and debt. But this form of business also appeals to criminals looking to take money from people by charging exorbitant amounts for upfront fees. After getting your money they then run and do not negotiate with your creditors. This is obviously illegal. It is always a good idea to meet with a debt settlement lawyer to review agreements proposed by any company.
Be wary of companies that: demand high rates before doing any service, deters borrowers from speaking with a creditor, do not volunteer or let you know when services in the contract are being performed. With these situations a debt settlement lawyer would be a much sounder route to take.
Laws for Debt Harassment in Colorado
Unlike federal statute, which applies to collection firms and agents only, Colorado law also extend to original creditors. Debt collection firms are required by Colorado law to be licensed and bonded. These rules are enforced.
Legal Collections Actions
- Collection firms are allowed to reach borrowers by in-person visits, letters, phone, and fax.
- They are allowed to file suit to recover owed monies as long as it is still in the statute of limitations.
Illegal Collections Actions
- Verbal abuse, physical abuse, or threat of physical harm to a customer.
- The collector saying they are a government agency or police.
- Constant phone calls to borrowers outside of normal business hours.
- Calling borrowers after the borrower has sent a written notice that they cease or after being notified the borrower has a lawyer handling the matter.
- Calling at the borrowers work place after being told this is against the employer’s policy.
- Making, or blackmailing a borrower to make, the amount they owe public knowledge.
- Charging the borrower illegal fees and interest.
- Any other unethical tactics to persuade borrowers to pay a debt
*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.