Why You Need a Lawyer for Debt Negotiation

If you have regular income but can no longer afford to make the minimum payments on your unsecured debt — credit card bills, medical bills, apartment leases, cell phone bills, utilities — your debt may be a good candidate for negotiation.  Creditors may agree to accept less than the full amount of your debt under certain circumstances, particularly if you are experiencing financial stress. Although not required, you can fare better in a settlement when you employ the services of an experienced debt relief attorney.

Here are some of the advantages to having an attorney conduct your debt negotiations:

Protection from collection law suits

Some debt repayment plans, such as credit counseling, may leave you vulnerable to litigation involved with debt collections should you fail to meet your obligations or at any other time during the process. In contrast, a settlement agreement reached with an experienced attorney can include terms to prevent your creditors from pursuing collections against you during your repayment process.

Payment of less than the balance you owe

Partial payments on your total debt – you could end up paying more on your debt if you try to negotiate on your own or without an experienced attorney.  A debt negotiation attorney can finalize a reduction of up to 60 cents on the dollar for your repayment. In addition, the settlement can include removing your payment obligations associated with late fees and can lower your interest rates. Through this process, you can save a significant amount of money and reduce your stress level.

Protection from debt settlement scams

Unfortunately, some companies that offer debt relief services are really crooks out to take your money. The Federal Trade Commission reminds consumers that it is illegal for companies to demand fees in advance for debt settlement services.  You don’t have to worry about falling victim to a well-organized scam, if you retain the services of a competent lawyer.

All you have to lose is your debt, so contact Harold Shepley & Associates, LLC for honest and successful settlement services. After a free evaluation of your debts, our experienced attorneys can help you resolve your problems.

By Harold Shepley | Published October 1, 2013 | Posted in Debt | Tagged debt negotiation lawyer, debt relief | Leave a comment