Debt Settlement Attorney in Vancouver, WA
If you’re looking for a way to stop creditors constantly calling to collect on your debts, debt settlement may be the quickest way for you to get debt relief.
Debt collection agencies are often more interested in closing out an account than collecting the full amount owed, which means that they are likely to accept payments less than your balance due. Debt settlement refers to the process of negotiating with your creditor to settle your debt by making a payment that’s less than what you owe.
If you’re struggling with debt and looking for a way out, call (360) 605-1695 to talk to our Vancouver debt settlement attorney and get debt relief now.
What is debt settlement?
How does debt settlement work?
Debt consolidation and credit counselling work by negotiating the interest rate for unsecured debts. However, this method doesn’t affect the total balance due for your debts.
In a debt settlement, you negotiate the total amount of debt owed rather than the interest rate, thus reducing your principal balance due. If you’re interested in settling your debts in Washington, schedule a consultation with our Vancouver debt settlement attorney today.
How long until a debt becomes uncollectible?
The State of Washington has set a maximum amount of time (also known as the statute of limitations) for creditors to legally collect on delinquent debts. This means that once that statute of limitations has passed, the debt will be removed from your credit history. Below are the statute of limitations for debts in Washington.
- Written Contract – 6 years
- Promissory Note – 6 years
- Open Credit Card Account – 3 years
- Oral Agreement – 3 years
Which types of debts can I settle?
Not all debts qualify for a settlement. If you have mostly unsecured debts (such as credit card debt and other debts listed below), you might be able to negotiate a debt settlement with your creditor.
- Credit card debt
- Department store cards
- Signature loans
- Personal lines of credit
- Old repossessions
- Other unsecured debts
- Old judgments
- Private student loans in default
However, secured debts (such as the ones listed below) typically don’t qualify for a debt settlement.
- Home mortgage
- Car or auto loans
- Federal student loans
- Credit Union debts
- Medical debt
If you’re unsure whether your debts are eligible for settlement, get in touch with our debt settlement attorney in Vancouver, WA to get legal advice and assistance today.
Are there other ways to settle my debts without going bankrupt?
If you’re not sure whether a debt settlement is right for you, it’s best to explore your other debt alternatives first. Our seasoned debt settlement attorney and bankruptcy lawyer in Vancouver, WA can evaluate your financial situation and help you determine the best debt relief option for you.
1. Make your minimum monthly payments.
You can continue making your monthly debt payments and eventually pay off your debt. However, only making the minimum payments will cost you by far the most in interest charges over the longest time.
2. Get a debt management plan.
In a debt management program, you make a single monthly payment to a credit counseling agency that will repay your creditors, ideally with a reduced interest rate to pay off your debt faster. However, you’ll likely still end up paying the full amount of the principal plus interest accrued.
Debt management plans of this type require three to five years to complete, with low rates for completion in Washington.
3. Consolidate your debts.
In debt consolidation, you pay off your unsecured debts by taking out a loan with a lower interest rate. in theory, this means that you only need to make a single monthly payment for your loan which is lower than the amount you would’ve spent paying off your unsecured debts.
4. Settle or negotiate with your creditor.
Debt settlement differs from the first two options as the principal you owe is negotiated downward. Because of the reduced principal you owe, debt settlement is generally a faster and less expensive option than either debt counseling or debt consolidation. Our experienced Washington debt settlement attorney has years of experience helping clients settle their debts in Vancouver, Seattle, and more areas in Washington.
5. File for bankruptcy.
If you’re unable to repay all or part of your debt, filing bankruptcy may be the only possible solution. Bankruptcy stops creditor collection and absolves debtors of most or all of their unsecured debts. If you’re considering bankruptcy, speak with our Vancouver bankruptcy attorney today.
Why do I need a lawyer to settle my debt?
You need a lawyer to settle your debt if you do not have the money to pay it off yourself. Both banks and debt collection agencies can be very aggressive in collecting late or missed debt payments, and can even file a lawsuit against in you in the hopes that they’ll be able to get a default judgment. A trusted debt settlement attorney can help you avoid making mistakes due to their scare tactics and find the best way to repay your debt.
While you can choose to negotiate the debt on your own or avail of the services of debt settlement companies, these do not offer the legal protection and support that you need to ensure that your settlement is in your best interest. Our Vancouver debt settlement attorney at Robert Russell Law Office can not only negotiate with your creditors, but also protect your rights as a debtor and take part in legal proceedings.
Consult Our Vancouver Debt Settlement Attorney Today!
Robert Russell Law Office works to help Washington families who are unable to pay off their debt find the right debt solutions for you. We help debtors find relief from various types of debts, such as credit card debt and student loans, and stop debt collectors from harassing you and your family.
If you’re looking for debt relief in Vancouver, Seattle, or anywhere in Washington State, Robert Russell can help you find the best debt solution for you. Call us today at (360) 605-1695 to schedule a debt evaluation and explore your options today!