Posted on January 21, 2010 at 2:01 am Hi, what to to expect with settlement companies in Northern Virginia?

Posted on January 21, 2010 at 5:09 am You mean if there are laws against settlement companies in Northern Virginia?I don't know but here are some laws with regards to collection: Interest Rate: Legal:8% Judgment:9% or contract rate whichever is higher Statute of Limitations Open Acct:3 Last charge or payment Written Contract:5 Domestic Judgment:20 Foreign Judgment:10 Sales of goods under article 2 is 4 years Bad Check Laws (civil penalty): Lesser of $250 or three times check amount Federal Garnishment Exemption Federal Law exempts from garnishment 75% of disposable earnings per week, or an amount = to 30 x federal minimum hourly wage, whichever is greater. Where federal law provides larger exemption, it supersedes any state law

Posted on January 21, 2010 at 5:11 am Hi, what to to expect with settlement companies in Northern Virginia? I checked if they are part of that list of states that prohibit debt settlement - and they're not. So I guess, if you decide to do debt settlement, as long as you qualify, there's no problem.

Posted on January 21, 2010 at 5:13 am Another related question to this is - what to expect with settlement companies in general (and not just in Northern Virginia)?

Posted on January 21, 2010 at 5:15 am Good question!what to expect with settlement companies in general (and not just in Northern Virginia)? -The settlement company's program must have a fast completion time. 12-36 months.-The program must be able to protect and improve the consumer's credit standing.-Must be a member of the Better Business Bureau, BBB, for at least 5 years.-Must also have a good standing with the Chamber of Commerce-A Member of TASC - The Association Of Settlement Companies and the IAPDA or theInternational Association of Professional Debt Arbitrators

Posted on January 21, 2010 at 5:19 am And here's where you can find them online:Better Business Bureau BBB www.bbb.orgThe Association Of Settlement Companies TASC www.tascsite.orgUSOBA www.usoba.orgInternational Association of Professional Debt Arbitrators IAPDA www.iapda.orgA reminder though, even if a company is not a member or accredited by the BBB - if it is a member of TASC, you can still be sure that the company is legitimate. Meaning it answers to a regulatory/governing body, and therefore it would not just run away with your money - just like many fear. Before you sign in with a settlement company, do your homework, and do your check.