When there is no way to pay back the debt you have accumulated, then settling the debt may be your best option. Texas has experts in the debt settlement industry who can help you work with creditors to repay a settlement loan in two to four years.
Qualifying Debt
In Texas, you can only settle debt not attached to collateral such as a home or a car. Settlement agreement often falls between 30 percent and 60 percent of the total original debt owed.
Legal Representation
A Texas-based lawyer should be the liaison between you and your creditors. Work with your creditors to come up with a payment amount that is satisfactory to them and within in your budget so you are sure you can agree to the pay-back terms.
Payments
Payments are submitted to a trust account in a Texas chartered bank or escrow authority until the entire agreed upon amount has been deposited into the account. Once all payments have been made, the creditor is required to release the lien or provide satisfaction of debt repayment in writing.
Collection Practices
During the debt settlement repayment period, debtors are protected by the Texas Deceptive Trade Practices/Consumer Protection as well as federal laws which prevents creditors from making harassing or abusive collection calls or sending documents that look like legal documents as if the agency was threatening to sue.
0 comments:
Post a Comment