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 programThis 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 programsIf 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 loanThis 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.
Avg credit card debt: $4,861
Delinquency rate on (credit card): 1.91%
Mortgage debt: $107,644
Delinquency rate on (Mortgage): 2.58%
Auto loan debt: $19,660
Delinquency rate on (Auto loan): 1.49%
Unsecured personal loan debt: $10,483
Delinquency rate on
(Unsecured personal loan): 2.12%
What are the alternatives to West Virginia consolidation programs?
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.
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:
Read online reviews about the company's services:
Check out client testimonials from the company website:
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.