Many Marylanders are finding themselves over their heads with overwhelming debts. These debts usually come from over drafting on credit cards to mortgage and car payments. Unfortunately, they may not be able to financially handle the large totals, monthly payments, and accruing interest charges. As time goes on, the totals grow and the ability to pay back the debt becomes more and more difficult. That’s why Maryland believes in the federal Fair Debt Collection Practices Act (FDCPA) and created new laws that provides additional protection under state law. One of the industries that was created with helping to deal with creditors and collectors was debt settlement.
In Maryland, having a debt settlement company negotiate on your behalf can be beneficial in getting the best rate. If a debt collector does buy the debt from the creditor, then the debt settlement company can ensure the legality of the claims and include their relationship with the original creditor. A debt settlement company can negotiate the debt down to low lump sum payment and stop the harassing actions from collectors and possible court actions. Once the debt has been settled, a debt settlement company can ensure the results to the correct credit reporting agencies.
Maryland debt settlement is a legal solution for consumers who are in debt and seeking an alternative to bankruptcy. Pay As You Settle (PAYS) adheres to the Federal Trade Commission (FTC) ruling for the debt settlement industry. The FTC created a law stating that debt settlement companies cannot charge for fees before services are rendered. Since PAYS was created with the consumer in mind,this program began months before the law became intact. Pay As You Settle (PAYS) is a better solution than bankruptcy. Bankruptcy takes seven years and negatively effects credit history. Any debt that was applied to the bankruptcy has to be paid back, the debt is never eliminated it is only postponed. Debt Settlement is the process of negotiating with creditors to reduce the overall debt into a manageable lump sum payment. Most debt settlement cases involve unsecured debt; these include medical and credit card debts. Student loads, auto financing and mortgages are secured debt, these cannot be negotiated. Collection Agencies /junk debt buyers agree to take less than the owed amount to the creditors since they bought the debt at a fraction of the overall cost. Most good debt settlement companies can cut the balance of the debt by 35-50% and then pay the creditor with a lump sum to resolve the debt amount.
The Maryland Debt Settlement program that benefits the consumer is the Pay As You Settle program. At PAYS we understand that each person has a unique financial circumstance and we want to make sure everyone is happy with our service. Traditional debt settlement companies want to charge inappropriate upfront fees before a debt has even been looked at. The Pay As You Settle Program only accepts payment once a reasonable settlement has been reached. Our goal is help our customers regain a sense of financial control so they can rest easier at night.
Our debt settlement program is free* for consumers with any amount of debt. If you feel you need help with your debt, fill out the form on the left or call 1-877-413-0338 to talk to our debt settlement negotiators.
Pay as You Settle® (PAYS) is the nation’s leading and only state-certified pay as you go debt settlement program. Our goal at PAYS is to ensure that each customer gets back on track to financial well-being.
*Debt settlement program is free until services are rendered
