If you haven't had much luck getting out of debt on your own, now is a good time to consider working with a debt consolidation attorney. Aside from consolidating your major debts, here are a few things that an experience debt consolidation lawyer should be able to do for you:
Enjoy Lower Interest Rates
While your past due accounts do unpaid, they get higher and higher thanks to accruing interest. And even if you're paying debts off over time, you are undoubtedly being charged interest rates on top of the base debt that you owe. Luckily, you can expect an experience debt consolidation attorney to get your interest rates lowered so you can pay your debts off more quickly and end up paying less when you're done overall.
They'll work with your lenders and set up payment plans that satisfy their expectations while minimizing any interest rates that you'll have to pay as time goes on. As a result, you may be able to pay your debts off in a fraction of the time that it's taking you now. And all the money you save while doing so can be put right into your savings account for future use.
Negotiate Full Debt Payoffs
In addition to helping to get your interest rates lowered, your debt consolidation lawyer may be able to negotiate full debt payoffs for a lesser amount than you currently owe. For instance, if you owe a couple of thousand dollars to a debtor, you may be able to pay your past due account off for hundreds of dollars less if you can make the lesser payment in full.
Or, if you owe a debtor for multiple past due accounts, your lawyer should be able to consolidate those accounts and cut a deal so that you're paying just a fraction of each account in order to pay them all off in full. So after giving your lawyer a specific amount of money you can afford to use for past due payments, your attorney will do their best to get as much paid off as possible with that amount, even if it's less than the amount that you owe overall.
Improve Your Credit Score
When all is said and done, you should be able to enjoy an improved credit score after your debt consolidation attorney helps you take care of all your past due accounts. As your past due accounts get paid off, your lawyer will work with creditors to make sure that they properly report your payments to all credit reporting agencies so those payments can be reflected in your overall score. As you make payments to your creditors, your credit score will keep rising, so you should be able to get more credit if you need it even before you finish paying all of your debt off.
For more information, contact your local debt consolidation attorney services.