If you're unable to fulfill your monthly obligations in Louisiana and you're getting deeper into debt each month, you should consider going for a Louisiana debt consolidation program. Through consolidation, you can lower your monthly payments and late fees, get rid of creditor/collection calls, and clear your debts faster.
What are the basics of Louisiana debt consolidation?
When you're struggling to maintain payments on your unsecured bills such as credit cards, personal loans, overdrafts, etc., you may be able to consolidate them with the help of a consolidation program or loan.
Whether you go for a program or loan, the first step is finding out how much you can put towards your bill payment each month. You need to calculate how much is required to pay down your rent/mortgage, food, utility bills and taxes. If you deduct this amount from your monthly income, you'll get your disposable income. If your disposable income is large enough for you to repay your bills at low interest rates, you'll be able to use a consolidation program and get rid of your debts.
Here's how a consolidation program works
Are consolidation program and loans available in New Orleans?
Yes, consolidation program and loans are available in New Orleans. There are New Orleans consolidation companies offering relief programs to help consumers deal with unpaid bills like credit cards, medical bills, utility bills, store cards, etc. The consolidation programs available in New Orleans work the same way as the programs offered by any other Louisiana consolidation company. Louisiana has set a cap on upfront fees so that consolidation companies cannot scam consumers by charging a lot of money and not following through on their promises.
Avg credit card debt: $5,100
Delinquency rate on (credit card): 2.13%
Mortgage debt: $137,855
Delinquency rate on (Mortgage): 3.08%
Auto loan debt: $21,678
Delinquency rate on (Auto loan): 2.41%
Unsecured personal loan debt: $10,001
Delinquency rate on
(Unsecured personal loan): 4.84%
I'm seeking ways to remove inquiries. I've requested my creditors in writing to provide me with all the documentation citing hard pull for permissible purpose on my credit report. Few of them have asked me to call them, as according to them, I haven't supplied sufficient information against my letter. But, my original letter was sent with all the necessary data to the address cited for the pull. What do I do next? What letter should I shoot them now? Will I have to call them or send another written request as they didn't oblige with my request? Thank you in advance. "
However, if those inquiries aren't legal and you disapprove them, then get in touch with your creditors and find out what they are saying regarding your inquiries. Document every conversation with them, be it via Email, telephone or registered mail. Second, if you find anything amiss from your end, make sure you rectify them and do as your creditors have asked. If after all this, they fail to remove inquiries from your credit report, then you may send a letter (https://community.debtcc.com/letters/sample26.html) disputing account status with the respective credit bureaus and have them removed accordingly.
Lastly, you can work with an attorney to keep yourself on the right side of the law, if things get dirtier. "
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FAQ on debt consolidation in New Orleans, Louisiana
If the SOL on the account in collections has expired, send an Expired SOL notification letter to the CA asking them to stop contacting you. If the SOL has expired, the creditor or collection agency will not be able to sue you to recover the debt. Learn more...
A judgment brings down your credit score and makes it harder for you to qualify for new credit. So, try to avoid the judgment and go for debt consolidation in New Orleans where you can combine all your bills and pay them off with one lower monthly payment. Learn more...
What are the other ways to pay off your debts in Louisiana?
Apart from Louisiana debt consolidation, you can try out other options to pay off your bills. Some of the options are explained below.
Louisiana debt settlement
Credit counseling help and advice
If you've racked up a lot of debts, the counseling agency may offer you a DMP - a debt management plan where the counselor negotiates with your creditors and CAs to reduce your interest rates. The counselor may also help you to get rid of excess late fees or penalty charges. This reduces your monthly payments and helps you pay down your debts faster.