Florida Debt Settlement
Managing unsecured debt can make it difficult to keep up with monthly financial obligations. As a result, many individuals explore Florida debt settlement as a potential debt relief option. Debt settlement involves negotiating with creditors to potentially resolve eligible unsecured debts for less than the full balance owed.
United Settlement works with individuals exploring debt settlement in Florida. During a consultation, our team reviews your financial circumstances, explains how debt settlement works and discusses other debt relief options that may be available based on your situation.
Why Choose United Settlement in Florida
When evaluating Florida debt relief options, it’s important to understand eligibility requirements, how the process works and whether debt settlement aligns with your financial circumstances. United Settlement provides information and guidance to help individuals explore available debt relief solutions.
Every financial situation is different. United Settlement can help you review your options, understand potential approaches to managing unsecured debt and make informed decisions based on your financial goals and circumstances.
Florida Economic and Debt Statistics
Florida Residents and Debt Settlement
If you are a resident of Florida and are currently burdened by high levels of unsecured debt – including credit card accounts, private student loans, unpaid medical bills and personal loans – the process of pursuing debt settlement may make sense for you. Debt settlement occurs when a debtor successfully negotiates a payoff amount for less than the total balance owed on a debt.
This lower amount is agreed to by the creditor or collection agency and is fully documented in writing. Ideally, this lower negotiated amount is paid off in one lump sum, but it can be paid off over time. Though creditors are under no legal obligation to accept debt settlement offers, negotiating and paying lower amounts to settle debts is far more common than many people realize.
Florida Consumer Debt Laws
Credit Card companies and other creditors are permitted to contact Florida residents directly regarding debts, particularly in a situation involving delinquent payments. However, debt collection agencies are required to comply with the the Federal Fair Debt Collection Practices Act (FDCPA), and are therefore prohibited from taking certain actions. Under the FDCPA, collection agencies are prohibited from informing employers about a debt or attempting to collect a fee in excess of any debt owed.
Debt collection agencies are also prohibited from communicating in a manner that simulates a judicial process or gives the appearance of a governmental action. Additionally, debt collection agencies are prohibited from contacting debtors or debtor family members at unusual hours or with a frequency that may be reasonably construed under the law as harassment or abuse. Unfortunately, unlike other states such as California and Texas, Florida does not supplement the FDCPA with its own state-mandated fair debt collection practice act, and therefore leaves its residents somewhat vulnerable to predatory collections practices by original creditors.
Florida Statute of Limitations on Debt Collection
When sufficient time passes in a situation in which consumer debts have gone unpaid, a debt collector can lose the legal right to sue for non-payment. In the state of Florida, the statute of limitations on debt collection will vary according to the type of debt involved. For a contract, written instrument, or mortgage foreclosure, the statute of limitations is five years.
For debts involving revolving accounts, credit cards, and oral agreements, the statute of limitations is four years. For either time period, the clock begins ticking from the “date of default,” which is typically thirty days after the last payment was actually made. When debts remain unpaid prior to the statute time period elapsing in full, creditors maintain legal right to sue you for non-payment and are permitted to engage debt collection agencies who can make persistent attempts at collection – provided they remain within the bounds of the FDCPA.
Debt Settlement - Do It Yourself?
Getting out of debt is never an easy process. If debt settlement is the right avenue for you to pursue, be honest with yourself. Decide whether you possess the background, strength and fortitude to negotiate directly with creditors yourself – or whether engaging the services of an experienced and reputable debt settlement company will serve your needs best.
Remember, the goal is to save the greatest amount of money and time while minimizing any ensuing damage to your credit score and profile. A reputable debt settlement company will provide a realistic estimate and time frame for making offers to your creditors that can ultimately result in settlements that save you significant amounts of money, time, and aggravation. Contact us here at United Settlement, where our experienced credit counselors possess relationships with the major credit card lenders and a broad understanding of the debt marketplace. We can help you navigate these waters successfully.
Debt Resources & Additional Reading
Florida Debt Settlement FAQ
Yes, if you are a Florida resident and are currently burdened by high levels of unsecured debt – including credit card accounts, personal loans, unpaid medical bills and private student loans, United Settlement can assist you with the process of pursuing debt settlement. Debt settlement occurs when a debtor successfully negotiates a payoff amount for less than the total balance owed on a debt. Contact us here at United Settlement, where our experienced credit counselors possess relationships with the major credit card lenders and a broad understanding of the debt marketplace. We can help you achieve the peace of mind that comes with living a debt-free lifestyle.
Yes, United Settlement offers debt consolidation services in the state of Florida. The process of debt consolidation involves combining and paying off multiple debts with one single loan, typically resulting in a lower blended interest rate and monthly payment. Debt consolidation provides the dual benefits of streamlining the repayment process while simultaneously lowering interest expense and the total amount repaid over time.
Debt collectors can garnish wages in the state of Florida, but only after suing a delinquent debtor and successfully obtaining a court judgment that allows for wage garnishment within certain restrictions. In Florida, a creditor can garnish up to 25% of a delinquent debtor’s disposable income, which is defined as the amount of money remaining after legally mandated deductions from a paycheck.
The responsibility for spousal debt largely depends on where a couple has lived – and whether that state is a “community property” state, or an “equitable distribution” state. Since Florida is an equitable distribution state, debts incurred by one spouse remain that spouse’s debts alone – unless the debt relates to a family necessity – such as shelter, food, and tuition. Additionally, all accounts with both spouse’s signatures attached are jointly liable for any accompanying debts.
According to the Florida bar, debtors cannot go to jail for failure to pay a debt or judgment. However, the state can report adverse repayment activity to the three major credit bureaus (Experian, Equifax and TransUnion) resulting in damage to a credit score and profile.
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