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If you're trapped under a lot of debt in West Virginia, debt consolidation or settlement may be a way to get rid of this situation faster. With West Virginia consolidation and settlement programs, you will find it easier to manage your bills and get your finances under control.
West Virginia debt consolidation - What are your options?
West Virginia consolidation companies offer a variety of debt relief programs that help you get rid of credit card bills, medical debts, and store card bills. Then there are the lenders who offer West Virginia debt consolidation loans that provide you with a loan to repay your bills with one big payment. Here are the options you can use to consolidate your bills.
- Credit card debt relief program
This is where you enroll with a West Virginia debt consolidation company and they'll help you to negotiate a lower monthly payment with your credit card company or collection agency. If you have late payments and over-limit charges to pay off, these can be negotiated down as well. Learn more...
- Medical debt consolidation programs
If you've incurred medical bills, try negotiating with the doctor or hospital for lower interest rates. If the medical service provider isn't willing to negotiate better terms, you can enroll in a West Virginia debt consolidation program and have a consultant negotiate lower interest rates with them. This will help you pay off your bills so you can prevent your accounts from being sent to collections.
- West Virginia consolidation loan
This is where you take out a consolidation loan from a lender and repay multiple bills with a lump sum payment. If your credit score is decent, you can qualify for the consolidation loan, which usually comes at a low interest rate. This will reduce your monthly payments. However, these loans have a longer repayment period, so you pay a lot more in total interest over the life of the loan. Find out more about consolidation loans.
Can you consolidate payday loans in West Virginia?
Payday lending is not legal in West Virginia. However, if you still have payday loan debt, all you need to do is pay the principal balance, and not the interest on the payday loans. So, instead of consolidating your bills, try negotiating an affordable payment plan with your lender (s) and get rid of your loans fast. Or else, you can negotiate a settlement with your lenders so that you pay less and get rid of your obligation faster.
Is West Virginia debt settlement legal?
For-profit debt settlement companies can legally operate in West Virginia only when they meet the definition of a "credit services" organization under State law. These for-profit companies must be licensed and bonded with the State in order to offer settlement programs. Under West Virginia's Debt Pooling Statute, for-profit companies licensed to practice law can charge a monthly service fee of 2% of the amount paid for the relief programs they offer.
Settlement companies usually ask consumers to stop making payments to their creditors and save money to make a monthly deposit in a trust account until enough money is accumulated. This is when the settlement company attempts to negotiate a settlement with the creditors. Since asking consumers to stop paying their bills is illegal under state law, West Virginia debt settlement services should only be offered by those licensed by West Virginia.
What to check before you choose a West Virginia debt relief company
Prior to choosing a West Virginia debt consolidation/settlement company, you need to check 3 things so as to make sure you deal with the right company.
- The company is accredited by the BBB or it has a good rating:
It is better to deal with a company that's accredited by the BBB. Just check out the company's records on the BBB website and you'll get the company's details, like the address, type of complaints, etc.
- Read online reviews about the company's services:
Check out various websites where people provide feedback or post complaints against different company's services. This will give you an idea whether people are satisfied with their services and whether the company is a scam.
- Check out client testimonials from the company website:
Going through the client testimonials will make you aware of how well the company has been helping its customers get rid of bills. You can then decide whether you'd like to deal with the West Virginia debt settlement/consolidation company.
FAQ on West Virginia debt settlement and consolidation
Q) I have accumulated debt on internet payday loans in West Virginia. I wasn't aware that payday lending is illegal in my state. What should I do now? Are there specific rules for illegal payday loans?
Ans: Payday lending is illegal in West Virginia. This means you only need to repay the principal on the loan and are not obligated to pay interest. So, what you need to do is work out an alternative repayment plan with the lenders so you can pay off the principal balance in full.
Q) I have small credit card bills that have been sent to collections. Then there are a couple of medical bills which I need to pay off. Can you suggest a program I can use to get rid of my bills fast?
Ans: If your total outstanding balance is $10,000 or more, you can enroll with a West Virginia debt consolidation company and have a consultant negotiate lower interest rates with your credit card companies and medical service providers. Depending upon the total amount you owe, it'll take around 4-6 years to pay off your bills under a consolidation program.
Q) I'm recently divorced and I'm up to my eyeballs in credit card debt. I was really naive to think that I could roll over my balances to a 0% rate cards. But things went totally wrong and I'm in a mess with around $50,000 in card debt. I have multiple cards and I just can't pay them anymore. Can I settle the bills for less than I owe?
Ans: Yes, you can settle bills on your own. All you need to do is analyze your situation and negotiate with creditors accordingly. Use a sample debt settlement letters to work out a settlement with your creditors. However, if you want a third party to negotiate on your behalf, get professional help from a licensed law firm in West Virginia.
Q) My husband passed away 6 months ago and I've been inundated with medical bills. I've started getting calls from a collection agency regarding payment of these bills within the last few days. But I don't have the money to pay off those bills. How do I handle this?
Ans: If you have health insurance or you're the beneficiary on your husband's policy, you can use the money to pay off your bills. Whether or not you can utilize the insurance policy depends on the coverage it provides and how much you feel you may need it in the future. If you have a well-paid job, you may avoid using the insurance policy benefits. What you can do is, negotiate with the collection agency to have your interest rates lowered. Explain why you aren't be able to pay your bills, and negotiate an affordable payment plan.