Credit Card Debt Reduction and Settlement
Instead of waiting until you have to face the difficult decision to file for bankruptcy, work with an experienced team of legal professionals today to help you negotiate a settlement with your credit card companies. Our experienced team at Grewal Law can help you obtain a Credit Card Debt Settlement to help you manage your debt and to allow you to have a fresh start without having a bankruptcy on your credit history.
Debt Management Plan
The first step to working towards debt reduction is understanding the full scope of your debt. Take time to obtain a free copy of your credit report today. Debt can snowball and most people do not even know the total amount of debt they are facing. Getting a copy of your credit report will allow you to see the most up to date balances on all of your lines of credit. It will also help you determine if there are any errors on your credit report.
Experts say your extended credit should make up no more than 15 percent of your monthly after-tax income. The types of debt included under this amount include credit card debt and installment payments for furniture, appliances and other household purchases. Understanding how much debt is manageable for you and your family will help you work towards a debt management plan.
Once you know your total debt, you can create a budget to help you become debt free in the future. It is imperative to write out all the regular expenses you have each month for your everyday living. Some of these expenses are fixed amounts such as your mortgage or car payments while others like utilities and food may vary from month to month. After you determine these expenses, it will be easier to know how much you can afford to pay when working with your creditors and debt collectors. There are tools available to help you determine your expenses which will help you work towards creating a budget for you and your family.
Stopping Collection Agency Calls
Facing debt is overwhelming enough without the constant bombardment of calls from collection agencies. Representatives from these agencies do not have the right to use threats, obscene language or other forceful tactics to get you to pay your debt. Our team at Grewal Law can stop collection agency calls.
Contact us today at 517-393-3000 or 800-331-9871 for your free consultation.
Under the Fair Debt Collection Practices Act, creditors are prohibited from using abuse and deceptive practices to collect debt. These unlawful practices can cause additional stress in your life putting strain on your family and even your job. Our Lansing credit card debt team will help you submit a complaint against the agency and will represent your interests to ensure the harassment caused by these calls stop.
It is important to understand you are not alone when facing harassment from collection agencies. The Consumer Financial Protection Bureau was formed to handle consumer complaints. We understand the stress these calls can be on your life and will fight to stop the harassment.
An important step towards overcoming debt is working with your creditors to negotiate a manageable payment plan for you. Our debt management team at Grewal Law has relationships with different creditors and will serve as your negotiators during the process.
During the negotiations we can help you reduce the overall amount of your credit card debt. We have successfully reduced the amount owed by customers down to as little as 10 cents on the dollar for existing debt. It is imperative to have an experienced Michigan debt negotiation attorney to help you reach the best settlement possible during the process.
We will also ensure the credit card companies are providing you with the payment protections outlined in the Credit Card Accountability Responsibility and Disclosure Act of 2009. In addition to the protection under the federal law, we will fight for your rights under Michigan law. The Michigan Retail Installment Sales Act puts limits on the monthly finance rate you can be charged.
Sometimes creditors violate these laws charging consumers rates beyond the limits allowed by law. Outrageous finance charges can cause your debt to balloon out of control. As your debt management team, we will work with creditors to guarantee you are also receiving the protections given to you under state and federal law.
While working as your debt management legal team, we will help you explore options for debt consolidation for your individual case. From debt consolidation loans to credit card consolidation, we will help you determine the best options for you.
Some financial institutions offer debt consolidation loans. The loans are designed to combine all your existing debt into one simple payment. It will give you the opportunity to pay off all of your other creditors consolidating your debt. However, when exploring these options, it is essential you have a debt management plan and budget that will keep you from incurring new debts on top of those consolidated under your loan.
You may be tempted to take advantage of a low-interest balance transfer offer from one of your existing credit card companies. While these offers can allow you to transfer other debts on one card they do not reduce the overall amount owed. Most of these offers only last six months or one year.
Sometimes these rates can be variable after the promotional period ends causing your overall debt amount to increase after the promotional period. As your expert Okemos debt consolidation lawyers, we will help you make the optimal decision for your debt consolidation options.
Call us for your free consultation at 517-393-3000 or 800-331-9871.
When exploring debt settlement options, it is essential to have a firm budget created for your family allowing you to determine the payment amount you can afford every month. Our team at Grewal Law will serve as the point of contact with your creditors to help negotiate a final settlement that is manageable for you.
As your expert debt management team, we will also make sure debt collectors are not taking legal action against you prohibited by the Michigan statute of limitations. Under state law, there is a statute of limitations on consumer debt of six years. The limitations apply to open-ended accounts such as credit cards along with oral and written contracts. After this time period, the amount you owe can still be collected, but legal action cannot be taken against you in Michigan courts.
The goal of a debt settlement is to help you get on your feet and on the road to financial security. From writing letters to debt collectors to negotiating directly with creditors, we will help you through every step of the debt settlement process. Creditors are the agencies where your debt was initiated such as a credit card company. In contrast, debt collectors are companies which purchase debt from creditors and work to collect portions of the debt.
Along with negotiating a reduction in the overall amount of money owed, most settlements will establish a repayment plan for a specific time period. Some of settlements will be based on a minimum 48-month plan and require on-time payments in order for the terms of the agreement to be kept. We will negotiate a fair and equitable settlement plan for you. We will also help you understand all the terms of the settlement to ensure you are successful in carrying it out.
Credit Card Debt Support
Credit card debt is overwhelming for many consumers. It may seem like you will never be able to pay the amount you owe to creditors and debt collectors, however, we can help you reduce your debt and can help you reach a fair settlement.
Call us for your free consultation at 517-393-3000 or 800-331-9871.