Debt Settlement in Wyoming
Explore Debt Relief Strategies in Wyoming
Below are brief descriptions of some of the most commonly used forms of debt relief.
1. Pay the Minimum Amount Owed Monthly
Making minimum monthly payments can seem like a good strategy for getting by in a pinch, but paying only the minimum keeps you in debt for longer and costs you more in interest in the long run.
2. Enroll in A Credit Counseling or Debt Management Program
Credit counseling is a form of debt management program that involves working with a counseling agency to organize & structure your repayment plan. The funds are then distributed to creditors on your behalf by the counseling agency, ideally while interest is lowered so the debt can be repaid more quickly. With this form of debt relief, you still end up paying back the entirety of the owed principal in addition to the accrued interest, and credit counseling often takes 3-5 years to complete, but these programs are typically offered for free.
3. Debt Consolidation in Wyoming
Wyoming debt consolidation is a form of debt relief where a larger, low-interest loan is taken out and then and used to pay off other forms of unsecured debt with higher interest rates. In theory, this leaves you with a lower monthly payment sum than what was being paid before because of the reduction in interest rates, but consolidation loans and credit cards can be hard to qualify for without above-average credit and the promotional interest % can bounce back to a high rate if the debt is not repaid within the promotional time window.
4. Wyoming Debt Settlement or Debt Negotiation
Debt Settlement in Wyoming is unique from the first three debt relief strategies in that it can reduce the principal debt balance in addition to the interest rates. With significantly less being owed on the principal balance, debt settlement is typically a less expensive and quicker road out of the red than either debt consolidation or debt counseling programs.
5. Filing Bankruptcy
For consumers who have creditors that are no longer willing to negotiate a settlement, bankruptcy can be inevitable. Formally declaring bankruptcy puts a stop to the creditor collection process and the debtor is cleared of some or all of their unsecured debt depending on which type of bankruptcy is filed, but their ability to borrow on credit is severely hindered for years afterward. Bankruptcy is typically the last-ditch effort for when no other options seem viable for relieving the debt.
Figure Out What’s Best for Your Finances
Is your financial wellbeing burdened by a legitimate hardship condition?
A majority of the debt problems encountered in Wyoming are caused by medical costs, divorce or separation, or a sudden loss in income. Each of these situations creates a legitimate financial hardship that can happen to anyone through no fault of their own, but any one of them can wreak serious havoc on a household budget.
If your finances are in deep water and you’d prefer to work out a deal with creditors rather than file for bankruptcy, then Wyoming Debt Settlement could provide an honest form of debt relief.
Are you committed to getting out from under your debt?
Debt Settlement is an aggressive approach to debt relief that can present an occasional challenge. It is not a “free ride” system for consumers who want to avoid repaying their debts. Your ability to stick to the plan, even when the road gets a little bumpy, is often what determines success in a settlement program. For those who are willing to see it through to the end, debt settlement can get you back in the green more quickly and at a lower cost than nearly any other form of debt relief in Wyoming.
Are your debts primarily from credit cards?
Most types of unsecured debt can be negotiated, including lines of credit, signature loans, repossession deficiencies, financing contracts, department store cards, miscellaneous bills and more. The deepest discounts, however, are usually obtained with credit card debts; so, if most of your debt load is comprised of credit card debt, you can anticipate good results from the Debt Settlement strategy.
How Does Debt Settlement Work?
Debt Settlement works by negotiating a payment for less than the principal balance owed on an unsecured debt. If a creditor is willing to negotiate, settling the debt can reduce the principal balance by up to 60% in addition to bringing the interest rates down. This is different from Debt Consolidation and Credit Counseling which only affect the interest rate and do not reduce the total balance.
Most credit establishments are willing to accept a reduced payment to settle a debt because this is a better alternative than losing the entire debt if the debtor decides to file for bankruptcy.
Types of Unsecured Debts That Can Be Reduced Through Settlement
- Private student loans in default
- Signature loans
- Personal lines of credit
- Credit cards
- Department store cards
- Old repossessions
- Old judgments
- Other unsecured debts
Types of Debts That Do Not Qualify for Settlement:
- Car loans
- Federal student loans
- Credit Union debts
- Home mortgages
- Medical Costs / Hospital bills
- Other secured debts
Wyoming Debt Settlement Services by City
- Cheyenne Debt Settlement
- Casper Debt Settlement
- Laramie Debt Settlement
- Gillette Debt Settlement
- Rock Springs Debt Settlement
- Sheridan Debt Settlement
- Green River Debt Settlement
- Evanston Debt Settlement
- Riverton Debt Settlement
- Jackson Debt Settlement
This list is not exhaustive. Be sure to check with your Wyoming debt counselor.
Can I Trust New Era?
You can separate the good settlement firms from the bad ones by asking these 14 important questions. It also always a good idea to check out the company’s profile on the Better Business Bureau (BBB) to see what their average rating and complaint history with consumers in Wyoming looks like.
New Era Debt Solutions has an A+ rating with the BBB and has created a solid track record of successful settlement deals dating back to 1999. Our team of debt experts has settled over $250,000,000 in total debt and worked with thousands of clients from states across the country. But don’t just take our word for it – Visit our Testimonials page to see what other customers have had to say about their experiences with our debt relief programs.
Here’s what separates New Era from the rest:
No Fees Upfront. A Debt Settlement company cannot charge you upfront fees to settle your debt. Period. This is not only the most ethical way to do business in our industry, but it’s also the only legal way to charge fees as per an FTC ruling that became effective on October 27, 2010. Any settlement company trying to charge you upfront is breaking the law.
- No “add-on” or “hidden” fees. To get around the fee laws, some settlement companies try to charge extraneous fees for administration, signing, consultation, or other various excuses to get extra funds from you. Ethical debt settlement companies, such as New Era, only charge a settlement fee which is not paid for until the debt has been settled.
- In-House, End-to-End Service. Some “debt settlement companies” are just sales groups looking for settlement leads to pass off or sell to a different company to handle the negotiations process. This can be a problem because it means your sensitive financial data could be passed around between multiple third-party entities and the salesperson who you originally spoke to may have no control, or even interest in, how well your settlement program turns out in the end. Look for a company, such as New Era, that will handle your program from beginning to end with an in-house team of experts.
- Decades of Experience. When the sub-prime mortgage industry came tumbling down in the 2000s, many new debt settlement companies headed by prior mortgage industry professionals suddenly began to spring up. These newer debt settlement companies lack the experience and the creditor relationships that lead to your best settlement deals. Look for settlement firms that have been around long enough to amass a solid track record of successful settlements. For example, New Era has been settling debts for over 20 years and cleared more than $250,000,000 in debt from our clients’ names during this time in the industry.
Get Started with Wyoming Debt Relief Today
New Era negotiators are experts at landing excellent settlement deals for consumers in Wyoming, but the settlement offers don’t last forever. Our most successful clients have been the ones who are ready to get started immediately.
If you’re looking for help with debt relief in Wyoming, give us a call today for a FREE analysis of your debt. Together with Consumer First Legal Network, we will show you how much time you can save with the right debt relief program. Contact New Era Debt Solutions to get started.