Posted on
August 7, 2009
at
3:42 am
I am looking for a debt settlement company in Ohio..which type of a company should I hire? A law firm or a debt settlement company that has legal consultants? Both would have the license to give me legal advice if ever the need arise correct? Thank you!
Posted on
August 7, 2009
at
3:48 am
It depends on your needs actually or what you can afford. If you use a law firm, and if your budget is tight, that might not be a cost effective decision, except if your case really needs legal advice. If you are going to choose a law firm make sure that it specializes in debt negotiations and bankruptcies. Inquire about their fee structures though, see if it is competitive with non-law firm companies or ordinary debt settlement companies.
Posted on
August 7, 2009
at
4:05 am
You probably asked that because you've read somewhere that in Ohio you must go through a law firm if you want to do a debt settlement (?). I've come across that too and I'm not sure if it's ever going to be put into law. For now though, I think a straight up debt settlement company would be able to help you.
Posted on
August 7, 2009
at
4:07 am
Yes actually..and thank you for your replies, one more question, how much should I expect to be charged for their services?
Posted on
August 7, 2009
at
4:11 am
A typical debt settlement company will charge you 15% of your total debt amount -spread out over 18 months, that or 20-25%. of the settled amount.
Posted on
August 10, 2009
at
4:18 pm
So far an Ohio debt settlement license to the best of my knowledge does not exist. Anyone can operate there. If new legislation was passed recently and you know about it feel free to share!
Posted on
August 24, 2009
at
4:42 am
I agree--Ohio debt settlement license is not yet in existence but here's a list of states that prohibit and/or restricts professional debt settlement:GiorgiaIdahoKansasMaineMississippiMinnesotaNorth and South CarolinaUtah Wisconsin
Posted on
August 24, 2009
at
4:51 am
Now that you know that debt settlement companies in Ohio have the license to operate--and since you have asked about the fees .The previous posters have already mentioned the common fee structures. You might want to inquire of the settlement companies if they company break their fees down into a "retainer" fee and a "service fee."
Posted on
August 24, 2009
at
4:53 am
Oh..thank you for the replies, I am learning a lot..and marie, why is it important to know that?
Posted on
August 24, 2009
at
4:55 am
To avoid giving you a coronary..once you find out that during the first parts of the settlement program, your payment does not go directly to the creditors just yet.To clarify, companies who charge 15% of the total debt amount, for example, may charge the 5% (retainer fee) over the first few months and the 10% (service fee) over the next 15 months. That means that most of your monthly payment would go towards the retainer fee in the first few months of the program and may not be saved up for the first settlement.
