Credit Card Debt Settlements: Getting the Assistance of an Experienced Lawyer

Published: Nov 18, 2021

Being unable to make minimum monthly payments on your credit card bills is quite worrisome. Delinquent accounts can lead to severe repercussions. You will get repeated calls from the credit company and get negative credit reporting. Also, you can be sued by your creditor. Thankfully, you can hire a credit card debt lawyer in Orlando with extensive experience in negotiating credit card debt settlements to decrease your debt. However, before they give negotiation assistance, they will analyze your situation first to determine whether a settlement works for you. 

Things That Your Lawyer Will Consider

To determine if your credit profile is suitable for settlement, your attorney will take the following into account:

Your debt status- Most experienced debt attorneys will only provide assistance to reduce debts that are in default. Thus, those who are making timely payments on their credit card debts won’t qualify for their debt mitigation programs. Moreover, if you have been sued by a credit card company, your lawyer can offer assistance with debt defense instead of debt negotiation. 

Any dispute to the debt- Your lawyer will also consider whether you acknowledge the debt. If you disputed the balance’s validity, it is best that you resolve it before you negotiate a settlement.

Availability of funds for making payments- Your attorney will negotiate deals that are within your budget. But, before they give you assistance, they will assess whether you have funds available to make an offer that they believe can be accepted. When making calculations, they will look at your credit card balance and compare it to the funds you have for settlements. 

Once your attorney has fully analyzed your situation, they will facilitate you with legal advice. They will review your options including debt settlement, credit card bankruptcy, or credit report disputing. Also, they can review your file to determine possible violations under consumer laws and help you pursue claims. 

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Why You May Accrue Credit Card Debts

You may fall behind on credit cards because of the following reasons:

Job loss- Sometimes, unexpected job loss can make it hard to pay your bills on time. As a result, your debts could pile up. 

Divorce- If your spouse has been responsible for paying credit card bills while you are married, you may fall behind your payments when you take this responsibility after a divorce. 

Medical expenses- Medical experts wish to be paid promptly for their service, so they accept credit card payments. This is because of lapsed health policies, increasing expensive alternatives, and coverage gaps. Because of this, a lot of debts revolve around credit lines. 

Poor management- Having access to credit through your credit card can result in you spending a significant amount unnecessarily.