There will never be any pressure or obligation to engage our services at MSC Law Group, but you will leave the consultation with an understanding of your options for getting out of debt. If personal debt has grown unmanageable, talk to an experienced lawyer about negotiating a settlement.
With debt consolidation all of your unsecured debts are bundled up and then you will be required to pay a single monthly payment. Debt consolidation is combining several unsecured debts such as credit cards, medical bills, personal loans, payday loans, etc., into one bill. Instead of having to make multiple payments to your creditors each month, your bills will be consolidated into one monthly payment. The company handling the debt consolidation will take your monthly payment and divide it among your creditors. Unfortunately, with this form of Debt Resolution, you will be required to satisfy all of your existing debts. In a debt consolidation, when your debts are added up, all the high interest and penalties will be added in. Your credit score will suffer from late payments and your credit card company will likely cancel the credit cards you consolidate.
Alternatively, in Debt Settlement, your attorney will negotiate the pay-off amount with each creditor. In those negotiations, the focus is on reducing the principal owed to the creditor – the money you actually charged on your credit cards - not all the interest and fees. MSC Law Group negotiates to remove high interest rates, the compounded interest that has built up over time and the late fees and over-limit fees. Therefore, you will save a substantial amount of funds via successful Debt Settlement as opposed to Debt Consolidation. MSC Law Group will thoroughly and clearly explain your options so that you can make the right choice for you and your family based on your specific circumstances.