Debt Settlement in West Virginia
Weigh Your Options for Debt Relief
Finding a form of debt relief that matches the needs of your financial difficulties can save a significant amount of time and money in the long run. Below are brief descriptions of 5 methods of debt relief that are commonly used in West Virginia.
1. Make minimum monthly payments
Although this may seem like a viable option in a pinch, paying only the minimum amount toward a debt each month is often the worst strategy to use. Minimum payments are designed to keep you in debt longer, paying more in interest in the long run, making it the most costly & time-consuming option of them all.
2. Debt Management or Credit Counseling Programs
Credit counseling is a type of debt management program designed to help organize the repayment process & reduce the interest rates where possible. These programs are typically offered for free and usually involve making payments to the counseling agency who will then distribute the funds to creditors on behalf of the debtor. With debt management, you still end up paying back 100% of your debt plus all of the accrued interest. These programs are also designed to take between 3-5 years to complete, so they’re not the quickest option of the lot.
3. Debt Consolidation Loans
Debt consolidation loans and credit cards can be hard to qualify for with sub-average credit, but they do have the distinct benefit of being paired with promotionally-low interest rates designed to help debtors get back on their feet. If you qualify for a consolidation loan, you can use that instant injection of capital to repay all of your other unsecured debts that have higher interest rates, and in theory, this leaves you with a single monthly payment that is lower than what was being paid in total before. However, there is a downside with some consolidation loans in that the interest rate only stays low if the debt is repaid within the promotional window, otherwise, the rate can jump back to a high percentage.
4. West Virginia Debt Settlement or Debt Negotiation
Negotiating with creditors is how debt settlement can reduce both the principal balance and interest rate of unsecured debt. With up to 50% of the balance of debt being removed and interest building at a slower rate, settlement can generally create a faster and less expensive option for relieving debt than either debt counseling or consolidation, but not all creditors are willing to negotiate.
5. Declaring Bankruptcy
For individuals who cannot possibly meet their debt obligations, bankruptcy may be an inevitable outcome. A formal declaration of bankruptcy stops the creditor collection process most or all of the debt is cleared from the debtor’s name, but their ability to borrow is significantly hindered for years afterward.
Figure Out What’s Best for Your Finances
Are you burdened by a legitimate financial hardship condition?
Most debt problems in West Virginia are caused by a sudden loss of income, going through a divorce or separation, or healthcare / medical costs. These are legitimate financial hardships that can happen to anyone through no fault of their own and each can cause serious strain on a household budget.
If your debt has become suffocatingly large and you’d prefer to find a better alternative to bankruptcy, then West Virginia Debt Settlement could provide an honest and ethical form of debt relief.
Are you committed to getting out from under your debt?
Debt Settlement system is not a “free ride” system for those who simply don’t want to pay their bills. It is an aggressive approach to debt relief that can present an occasional challenge. Your level of commitment in seeing it through to the end, even when the road gets a little bumpy, is often the most important factor in determining how successful you are in a settlement program. For those who are able to stay the course, a settlement can get you through your financial difficulties faster than any other form of debt relief available in West Virginia.
Are your debts mostly from unsecured credit cards?
Most types of unsecured debt can be negotiated through settlement. This includes repossession deficiencies, lines of credit, signature loans, department store cards, miscellaneous bills, financing contracts, and more. But the largest discounts through settlement are usually obtained from credit card accounts; so, if a good portion of your debt load is comprised of credit card debt, then you can likely expect great results from enrolling in a debt settlement program.
How Does Settlement Reduce Debt?
Debt settlement is a process of negotiating with creditors to reduce the principal balance & interest rates of unsecured debt. While Debt Consolidation and Credit Counseling can reduce the interest rates applied to debt, they do not affect the total debt balance as a settlement program can. With the principal balance reduced by up to 50% or more, West Virginia Debt Settlement can provide a quicker means of getting you back on your feet when compared to many other forms of debt relief.
The settlement process is effective because most creditors are willing to accept a reduced payment in the form of a settlement deal rather than losing the entire debt account if the debtor chooses to file for bankruptcy instead.
You can include the following types of debt in a New Era Debt Settlement Program:
- Personal lines of credit
- Credit cards
- Signature loans
- Department store cards
- Other unsecured debts
- Old judgments
- Old repossessions
- Private student loans in default
The following types of debt do not qualify:
- Hospital bills, healthcare costs
- Federal student loans
- Credit Union debts
- Home mortgages
- Car loans
- Other secured debts
West Virginia Debt Settlement Services by City
- Charleston Debt Settlement
- Huntington Debt Settlement
- Morgantown Debt Settlement
- Parkersburg Debt Settlement
- Wheeling Debt Settlement
- Weirton Debt Settlement
- Fairmont Debt Settlement
- Martinsburg Debt Settlement
- Beckley Debt Settlement
- Clarksburg Debt Settlement
This list is not exhaustive. Be sure to check with your West Virginia debt counselor.
Can I Trust New Era to Handle My Settlement?
You can set the good settlement firms apart from the bad ones immediately by asking these 14 important questions. It’s also always a good idea to check a company’s average rating and complaint history with the Better Business Bureau (BBB) to see what other West Virginians’ experiences have been like using their settlement services.
New Era has been helping West Virginia consumers become debt free since 1999 and maintains an A+ rating with the BBB. We’ve settled over $250,000,000 in debt and worked with thousands of clients from many states around the country, but don’t have to take our word for it. Visit our Testimonials page to see what past clients have had to say about our settlement programs.
Here’s what makes New Era different:
No Upfront Fees. A Debt Settlement company cannot charge you any fees if or until they’ve settled your debt. Period. This is not only the most ethical way to help consumers with debt settlement, it’s also the only legal way to charge fees as per an FTC ruling effective October 27, 2010. Any company trying to charge you upfront for settlement is breaking the law.
- No “Hidden” or “Addon-On” Fees. Some debt settlement firms try to get around the law by charging for consultation fees, administrative fees, signing fees, or other various excuses to try to get money from you. At New Era, we charge only a settlement fee which is not paid for until the debt has been settled.
- Decades of Industry Experience. Many new debt settlement companies headed by ex-mortgage industry professionals began to spring up during the crash of the sub-prime mortgage industry in the late 2000s. These newer debt settlement companies do not have the established relationships with creditors or the industry experience that lead to your best settlement deals. Look for settlement companies who have been around long enough to prove that they are worth your time. For example, New Era has been in the business for over 20 years and we’ve been able to settle more than $250,000,000 in debt for our clients during that time.
- End-to-End Service. Some “debt settlement” companies out there with are actually just sales groups who find leads and then sell them off to a different company to handle the settlement process itself. The problem here is that your sensitive financial data is being passed around between multiple third parties and the sale group that took on your settlement has little control – or even interest in – how well the debt is settled. Look for a company such as New Era that will handle your settlement from beginning to end with an in-house team of debt experts.
Get Started with Debt Relief Today
New Era negotiators are experts at getting you some awesome deals in West Virginia, but the offers don’t last forever. The most successful debt settlement clients in West Virginia are ready and willing to respond immediately. Consumers in West Virginia can get a FREE analysis of their debt. We will show you how much time and money you can save. Contact New Era Debt Solutions to get started.