What Is A Debt Reduction Law Center?
Posted on June 25, 2009 at 11:39 pm
i've heard of debt settlement companies and lawyers, is it the same with a debt reduction law center?
Posted on June 26, 2009 at 12:18 am
As the name implies, debt reduction law centers deal with debt reduction or debt elimination,but are owned and handled by lawyers (and professional debt consultants) that are familiar with the current rules and guidelines of the financial field, particularly debt.
Posted on June 26, 2009 at 12:21 am
what's the difference between consulting with them and a regular debt settlement or credit counseling groups? is it the service fee? am i correct to assume that since they are basically law firms, that i am paying legal fees too, if i choose their them?
Posted on June 26, 2009 at 12:45 am
I suppose there's not much difference except that if the consumer's case becomes complicated, this particular debt settlement company has in house lawyers to consult or work with or that your debt consultant is your lawyer too, while in a regular debt settlement company they'd have to partner with or hire a lawyer. In a manner of speaking I think it's just more convenient for a consumer with a complicated financial problem, that deals with the law too, to choose the services of a debt reduction law center. As for the fees, I really do not know--I guess they'd charge you legal fees if your case is legal, if not, it is industry rate...if anybody can verify that
Posted on June 26, 2009 at 1:39 am
if i enroll in a debt settlement company does that mean that my creditors would cease contacting me and deal/transact my business with the debt settlement company instead?
Posted on June 26, 2009 at 2:11 am
I'm really not sure if enrollment with a debt settlement company can do that-I suppose you can ask them yourself-their consultation is usually free, why don't you fill out one of those mustard colored forms that you see around?
Although I've read somewhere that as per the Fair debt Collections Practices Act, once you have acquired the services of an attorney, your creditors must stop contacting you directly and instead speak with your attorney.
Posted on June 26, 2009 at 2:36 am
I think debt reduction law centers cater to everything debt--I am just not sure if they work with debt settlement companies too, share clients, according to what the client needs...
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Rep Points:
Posted on June 26, 2009 at 2:43 am
i saw a debt reduction law center site that denies their company being a debt settlement company, debt consolidation company, debt reduction service, debt relief agency, discounter, credit repair organization, credit counseling agency, and bankruptcy firm...they call themselves a consumer law firm and that they are better than the above services...
what's the difference between them and a debt reduction law center?
Posted on August 14, 2009 at 4:47 am
I went to the Debt Reduction Law Center site and their About Us says:
"The Debt Reduction Law Center has been providing debt elimination, negotiation and modification legal services to our clients for over 30 years..."
They are based in California. That means that they operate on a state that does not limit or prohibit the use of a regular settlement company. That means that the consumer is free to choose from a host of other debt relief options and companies.
Posted on August 14, 2009 at 4:54 am
Right, so if the consumer lives in any of the following states he/she may look at law offices/debt settlement companies for debt relief:
Giorgia
Idaho
Kansas
Maine
Mississippi
Minnesota
North and South Carolina
Utah
Wisconsin
Otherwise, a regular debt settlement with the proper accreditation and memberships would do.
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