Don’t Get Ripped Off. We Do Debt Settlement the Right Way.
Many people who are deep in debt are tempted by promises of settling their debts for “pennies on the dollar.” The reality is that most debt settlement plans are scams or at best the settlement companies overpromise and have little clout with creditors. The majority of debtors do not realize any debt reduction; in fact, many people end up worse off through late fees, interest and multiple dings on their credit report.
The law firm of Stamatakis + Thalji + Bonanno in Tampa represents debtors in direct negotiation with creditors to settle debts. We also represent debtors in consumer bankruptcy to discharge unsecured debts or repay them over time without further penalty or creditor harassment. Our lawyers practice in Hillsborough, Pinellas and Pasco counties and throughout Florida. Contact us today for a free consultation.
Beware of Debt Settlement Companies
Debt settlement is often confused with debt consolidation:
- In debt consolidation, the consumer makes monthly payments to the debt consolidator who takes a small fee and passes the rest on to the creditors. This way, creditors continue to receive payments each month.
- In a typical debt settlement plan, the consumer makes monthly payments, out of which the debt settlement company takes its fees; the remainder is put into a “trust” or “special purpose” account. The creditors get nothing until they decide to settle. Furthermore, the debt settlement company usually instructs the consumer not to make any payments to creditors. The intended effect is to scare creditors into settling the debt for less than the full amount. Typically, however, creditors simply begin collection procedures, which can include filing a suit against the consumer in court for wage garnishment or levies.
When settlements and consolidations are not set up correctly — through actual agreements with creditors — balances continue to grow because of late fees and ongoing interest, and the creditor reports the missed payments to credit reporting agencies.
Many settlement companies charge a large fee up front or take a monthly fee from customer bank accounts for their service, possibly reducing their incentive to settle with creditors quickly.
Tampa Debt Settlement Attorneys
We are an established law firm, not a fly-by-night company. We are licensed attorneys who are professionally obligated to explain the options and act in our clients’ best interests.
We provide true debt settlement, also known as debt arbitration, debt negotiation or credit settlement. This is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full, through a lump sum payment or by installments.
We get results for a reasonable fee. We do not take a percentage. We charge a flat fee that is a fraction of what most debt settlement outfits take. Our attorneys actually get on the phone with creditors, and we have great success; we commonly reduce debts by 50 percent or more.
We don’t make promises or string you along for months — we find out quickly whether we can settle the debt or not. If creditors will not negotiate, we can explore your other options including Chapter 7 or Chapter 13 bankruptcy.
Our Tampa and St. Petersburg credit card debt settlement attorneys can discuss your specific circumstances and all the ways Stamatakis + Thalji + Bonanno can help debtors. Call us at 866-479-6946 or contact us online to arrange a free initial consultation.