Wanting some relief when drowning financially is understandable. Over the years, individuals in Tennessee and elsewhere have turned to companies that have said they can help them achieve debt relief, but many of these people have ended up in worse positions than they were before. The simple truth of the matter is, many companies offering debt relief solutions are not legit or will do little, if anything, to actually help.
One man’s story
Recently a gentleman shared his story of turning to a debt relief company for help tackling his finances. As most of these companies do, this one told him to stop paying his bills, not contact his creditors and pay the company a certain amount every month. In time, the company said they would use the money to negotiate with his creditors and pay off his debts at a fraction of the cost. Unfortunately, he found out that the bulk of what he was paying the company was going to fees. In a period of 18-months, this individual paid the company $11,500, and only $2,500 of it was going to go toward his debt, but none of it ended up being paid to his creditors as the company never contacted them to negotiate the debt as it was supposed to do.
How he fixed the issue
In the end, this gentleman was able to get some of the money back from the debt relief company — many people are not so lucky. He then negotiated with his creditors on his own and was able to reduce what he owed and set up affordable payment plans. This is something anyone can do if they are willing to engage in negotiations. The problem is, many people feel out of their depth and don’t, or they find little success negotiating on their own.
Where to turn for help
The good news is, Tennessee residents can turn to an experienced bankruptcy law attorney for help seeking relief through bankruptcy protection or alternative debt relief methods. After a careful case review, legal counsel can help one pursue the course of action deemed most appropriate for the situation. With the right help, achieving debt relief is possible — the key words being right help.