Debt Settlement – San Diego
The San Diego debt Settlement program gives you one low monthly payment to take care of all unsecured debts. The negotiators work to reduce each of your balances by around 40%, before fees.
A typical debt settlement program requires the client to make monthly payments into a savings account (Trust Account) where the funds accumulate each month. When a sufficient amount is available to offer, as a one-time lump sum payment to one of the creditors, negotiations start.
If the creditor and our client "mutually agree" to the reduced settlement offer, written confirmation is given to our client from the creditor, and the funds are immediately released and paid directly to the creditor.
Your credit report will show $0 owed on each unsecured and credit card debt enrolled into the program. In all cases, once the creditor agrees to the reduced amount (settlement amount) and confirms this in writing - the funds will immediately get paid directly to the debt collection company from the client’s savings account.
- Gradually throughout the program accounts will get settled and paid
- Pay less than the full balance owed on each account
- Debt-free within 24-42 months on average
- You get to choose one single and affordable monthly payment
- Consumer stops paying on accounts, which can negatively affect credit
- Potential creditor harassment
- Results may vary, so your original savings quote is based on an estimate. The good news is that it's a conservative estimate, so in most cases, clients will end up saving more
- You could owe taxes on the amount saved (To deal with this: by filing a #984 IRS Form, this shows that you're insolvent and don't owe any taxes)
- Creditors could attempt to sue a person, although this is rare (For that reason, legal defense is included in the plan to help a person resolve a summons before it turns into a court appearance)
Debt Consolidation – San Diego
Debt Consolidation (synonyms: debt consolidation loan, credit card consolidation and consolidated loan) – refers to a loan that is used to pay an existing debt – then leaving the borrower with a single loan to pay back.
In most cases, these loans are used to pay off high-interest accounts – leaving the borrower with a single low-interest loan to pay back within a shortened time-frame.
You can also consolidate debt with a home equity line of credit or in some cases even by using a balance transfer card. You will need a high credit score to qualify for any type of debt consolidation loan. And you will also want to make sure that you can afford to pay more than only minimum payments on a loan before getting one. If you can only afford minimum payments or less, you'll be better off using a debt relief program instead.
Golden Financial Services is California's top debt relief company
, is A+ rated by the BBB & Accredited by the International Association of Professional Debt Arbitrators (IAPDA).
If you live in San Diego, debt relief and financial freedom are only a single phone call away; Talk to a debt consultant (866) 376-9846
- No adverse impact on credit
- Could reduce interest rates
- Consolidates multiple monthly payments into a single payment
- Federal student loans qualify
- Must pay entire loan amount back with interest
- May not see a reduction in the monthly payment
- Some debt consolidation companies charge high fees
Consumer Credit Counseling Services – San Diego
San Diego, California, is #4 on the list of cities in the United States for "Millennials (young adults) With the Highest Credit Card Debt". The average amount of credit card debt for a young adult in San Diego is $2,989. Millennials include anyone born from 1997 onward. Out of the top four cities in the U.S. with the most credit card debt for millennials, three out of four of the cities are in California. Number two on the list is San Francisco and number one in Irvine, CA. Even Los Angeles, CA, makes #21 on the list with $2,392 in credit card debt. The average credit card debt per household in California is $10,496, the fourth highest in the nation.
Consumer credit counseling services offer California residents with a solution to make paying all this credit card debt more affordable. You only need to pay one payment to the consumer credit counseling company. Out of that single monthly payment the consumer credit counseling company pays your creditors, but at a reduced interest rate. As a result, you can become debt-free much faster with consumer credit counseling. This is the one program that you get to stay current on payments on and avoid having a severe adverse effect on your credit.
Start with a free consultation from an IAPDA certified debt counselor at Golden Financial Services. If you decide consumer credit counseling is the best option for your situation, you'll get transferred to a licensed San Diego, credit counselor. If you choose a debt relief service is your best choice, you can enroll with ease right at that moment.
- The least adverse effect on credit scores compared to all debt relief programs in San Diego.
- Debt Free in 4.5 years on average
- Get one monthly payment for all credit cards
- If you're 2-3 months behind on payments, your payments can be re-aged to show "current," and late fees waived
- Must pay entire credit card debt back, plus interest
- May not see a reduction in the monthly payment
- The effect on credit scores is minimal, but credit cards must get closed-out, and it will show on your credit that you've enrolled in a consumer credit counseling plan
- You are stuck on this type of debt management plan for around 4.5 years
Debt Validation – San Diego
Debt Validation – (synonyms: debt dispute, debt defense, and debt verification) – under the Fair Debt Collection Practices Act, the Credit Card Act, and the Fair Credit Reporting Act – a consumer has the right to challenge or dispute an alleged debt and request written verification and validation of it from the debt collector.
Any law firm or third-party debt collection company must abide by these rules and provide the necessary documentation and accurate information to validate, verify and prove the validity of an alleged debt – and if they cannot the debt may become legally uncollectible. A legally uncollectible debt is one that you don't have to pay, and it cannot legally be reported to the credit reporting agencies.
- Can be the least expensive option
- Disputes accounts that may not be legally collectible
- Uses consumer laws to deal with unverifiable debts
- Not all accounts will be eligible
- Accounts must be with a third-party debt collection company before disputing
- Potential creditor harassment could occur up to the time a debt is disputed
We look forward to explaining your debt relief options
to you – and helping you to become debt free. Call 1-866-376-9846 to Speak to a Debt Expert at the Golden Financial Services San Diego Debt Relief Office. Address: 600 Palm Ave #221, Imperial Beach,
CA, 91932. Local: (858) 605-6196 Hours: Monday-Friday 8 AM– 9 PM
Bankruptcy – San Diego
Bankruptcy (synonyms: Chapter 7 bankruptcy, Chapter 11 bankruptcy, Chapter 13 bankruptcy, Chapter 9 bankruptcy, Chapter 12 bankruptcy and Chapter 15 bankruptcy) – consumer bankruptcy refers to when a debtor files a petition with the bankruptcy courts.
Chapter 7 bankruptcy is used to discard a person’s debts in exchange for the attorney and court fees. Chapter 13 bankruptcy is used to reorganize debt payments to be more affordable based on a person’s disposable income and determined by the court-appointed judge.
- Creditor harassment must stop
- Chapter 7 bankruptcy can wipe away most debt
- The entire process takes six months or less
- A small percentage of bankruptcy applicants will qualify for Chapter 7
- Long-term adverse effect on credit (7+ Years) – for all bankruptcies
- Shows up on public records
- Could prevent a person from financing a new car, renting an apartment, refinancing their home and even getting a job
- Monthly payments for around five years on average (Chapter 13)