Repayment plan negotiation require very specific legal knowledge and experience. The process involves negotiation specific debts with creditors for the purpose of lowering how much is owed. Repayment plan negotiation can be very beneficial in that it can relieve financial pressure.
Although it is not required, it is strongly recommended that you work with a lawyer when pursuing repayment plan negotiation. Several factors influence whether an individual should hire an attorney such as how much a repayment plan attorney’s services will cost vs. how much money a successful negotiation can save you. A good agreement is one where you save more in a negotiation than you have to invest in legal services.
Why you should hire a lawyer
When you use a lawyer’s services, you will be able to gain advantage of their legal knowledge, experience in dealing with various creditors, plus you can potentially save a lot of time and money. Here are some unique advantages that working with a lawyer can bring you:
A lawyer that deals primarily with debt relief matters and creditor rights will have a detailed knowledge of relevant federal and state laws that relate to debt collection. These laws may impose statutes of limitations on how long a creditor has to collect a debt from you, establish certain procedures that all creditors must follow (such as giving you adequate notices in writing), plus set guidelines on what creditors can and cannot do during the debt collection process.
For example, a creditor may not call you an excessive number of times per day, may not make statements that are untrue (such as implying that you have committed a crime by failing to make your payments on time), or use threatening and abusive language when contacting you.
An experienced lawyer will review the creditor’s action in order to determine whether they comply with all relevant laws. If a creditor has acted in violation of a law, you may have various remedies available to you, such as having your debt amount reduced or completely annulled. If evidence of certain serious violations of the law is found, you may even be entitled to proceed with a lawsuit against the creditor.
Experience Negotiating With Creditors:
A lawyer who has numerous years of experience negotiating debt settlements could be able to make realistic predictions as to what the outcomes of your case could be given your unique situation. This could include settling the debt for a reduced amount, establishing a payment plan over time or even writing off the debt entirely. On the other hand, some creditors may refuse to negotiate any type of arrangement at all.
Keep in mind that all negotiations are handled on a case-by-case basis. Therefore, just because a person in a similar situation as you has had a particular outcome, this doesn’t mean that you will be able to receive the same thing. A lawyer can give you a general idea of the outcomes that you can expect, but there is no way to guarantee that you will be able to receive a particular result.
Saving You Time
When you work together with a lawyer to negotiate a debt settlement, you will be spending less time talking to creditors on the phone, reading and preparing documents, thinking up of negotiation strategies, or attending court proceedings. Your lawyer can take care of a large portion of the process for you. This can save you a lot of time in the long run.
Remember that even if your lawyer is doing the negotiating, you will still have a certain degree of control over the whole situation. A debt relief lawyer will assess your situation thoroughly and listen to your unique needs and objectives. This will allow them to adjust their negotiation strategy accordingly. Lawyers are bound by ethical code to always act in the best interests of the clients that they represent in any legal matter. They are also required to get your authorization before making certain decisions, such as accepting or refusing a settlement offer than was made by a creditor during the course of the negotiation.
How we can help you
Successful repayment plan negotiation can save you money and relieve stress and anxiety. the experienced legal staff at Tucker, Nong and Associates know exactly how to pursue repayment plan negotiations so that you save money and time. Call us today for an evaluation of your case. Your success is our number one priority.