DC Debt Relief | Control Your Finances with The Help of CuraDebt
Do you feel as though the weight of your debt is impacting your life? Are you seeking relief, specifically debt relief? Do you call the DC State home? Our DC Debt Relief program is the ideal option for you if the answers to these questions are yes.
Have you ever had trouble finding the correct assistance when you needed it most?
Well, you might be a perfect fit for our DC Debt Relief program.
Debt firms and experts try their best to prey on and take advantage of individuals who need aid the most while they are in such a delicate and vulnerable condition.
Happily, CuraDebt is your savior and a guide to true success for you.
CuraDebt is one of the most dependable debt consolidation companies, with over 20 years of expertise. Thanks to our outstanding knowledge and legally licensed agents. We are a one-stop shop for all debt-related concerns.
We came in 1998, and in 2000 we began to grow nationally. Our mission has always been to assist people in overcoming their debt problems and difficulties. We have over 20 years of experience and have helped our clients save millions while, more importantly, maintaining their financial freedom.
Get great suggestions, a personalized debt relief plan, a ton of debt relief choices, and anticipated savings here.
Table of contents
- Debt Statistics of DC
- Laws That Protect DC Residents from Debt Collectors
- What Are the Most Effective Debt Relief Options for You In DC?
- Debt Relief DC FAQs
- What Makes CuraDebt One of the Best Debt Settlement Companies in DC:
- Get your free savings estimate at CuraDebt or give us a call at 1-877-850-3328.
- Look at different options for debt relief at CuraDebt that can maximize your savings.
- Too busy to speak with a counselor? We understand! Check out our online analyzer here.
Debt Statistics of DC
- With an estimated $55,000 in debt per person, Washington, D.C. has the highest average debt per borrower in the nation.
- D.C. is 24th in the country for credit card debt.
- In the District of Columbia, borrowers of federal and private student loans had an average amount of $52,049
- The average credit card debt in Washington DC is $6,367.
Undoubtedly, having debt can result in two conditions that have a significant impact on daily life, financial suffering, and concern. Debt fatigue is incredibly bad and has the potential to ruin your life.
If you are struggling to handle this overwhelming challenge, consider debt consolidation to manage and take control of the situation again. CuraDebt can make your whole Debt Consolidation journey a lot smoother and easier.
Laws That Protect DC Residents from Debt Collectors
To urgently modify its debt collection law, the District of Columbia recently passed legislation. The revised law went into effect on September 23, 2021. The 1971 revisions to DC’s debt collection statute not only makes it more onerous for debt collectors, but also for many financial services firms and other businesses that were not previously covered by the law.
The DC Code 28-3814 amendments have inserted the phrase “consumer debt.” It is defined as “money or its equivalent, a loan or advance of money, which is alleged to be over 30 days past due and owing, as a result of a purchase, lease, or loan of goods, services, real estate, or personal property for personal, family, medical, or household purposes” if the debtor declines to agree to a different time frame.
The updated version of the law dramatically expands the categories of debt that are covered by the statute in comparison to the former version, which only covered “claims,” which were defined as “alleged liabilities, originating from a consumer credit sale, consumer lease, or direct installment loan.
The new bill updates DC’s obsolete, fifty-year-old debt collection statute. Every modern consumer debt category, including credit card debt, medical debt, and assessments owed to condominium and homeowners associations, will be covered by the Act after revision. The changes are based on comprehensive regulations that demand debt purchasers (companies that buy debt from those lenders) and debt collectors (including original creditors, banks, and other lenders) to prove they possess the debt in question and have the requisite documents linked to the debt. Anytime debt collectors attempt to collect a debt, consumers must be provided with such documents and other information regarding the alleged debt upon request from the collectors. Additionally, debt collectors must provide the same evidence when they appear in court.
Moreover, the new law:
- Increases and modifies safeguards against injustice, intimidation, and deceit in debt collection (including limiting the number of collection calls and other communications that can be made to consumers in any 7-day period).
- Imposes a requirement on debt collectors to provide proof before a court can rule against a customer, even if the consumer does not show up in court.
- Requires debt collectors to notify customers in writing that their funds may be safeguarded from collection efforts.
- It strengthens protections for issuing civil bench warrants when a consumer does not show up for a subpoena in a debt collection case and prohibits jail for failing to settle a debt or show up in court.
- Provides for the recovery of expenses and attorneys’ fees and amends the private right of action to remove the requirement that legal infractions must be “willful” to give rise to a claim for damages.
- 15% of the debt is the standard cap on the number of legal expenses a plaintiff may demand in debt collection actions.
What Are the Most Effective Debt Relief Options for You In DC?
Debt Settlement Programs and How Do They Work?
Debt settlement (also known as a debt settlement program, debt negotiation, arbitration, or debt forgiveness) is the process of negotiating with your creditors to pay less than the full amount owed on your debts. These programs can reduce or eliminate late fees, collection costs, and interest charges while saving you money on interest and fees paid over the life of the debt but it can affect your credit score. Debt settlement works by you placing an agreed-to amount into a special purpose account monthly. If you have a lump sum amount to get started or have access to a lump sum, it will accelerate the speed of the program.
At CuraDebt, our program is designed to help you save as much money as possible, as quickly as possible, based on your unique financial situation. We will use our expertise, contacts, and proprietary methods to get you the lowest legal amount possible. After getting your settlement letter with all the negotiated terms, you stand a chance at becoming debt-free in a matter of a few years.
Benefits Of Debt Settlement
If done right, debt settlement comes with a ton of benefits for your financial and even overall health. Some of the benefits are:
- You pay the lowest legal amount possible as compared to a high initial amount.
- The goal is to get you debt free in 3 to 4 years rather than 15 to 20 years.
- With debt settlement, when your debts are resolved, you will be left behind with extra cash every single month. This indicates your ability to make payments in case of a new loan or borrowing. If you continue to deposit money into your account, even after you are debt-free, your creditworthiness will increase.
Factors Affecting Debt Settlement
The ultimate saving after debt settlement depends on a lot of factors including
- Total experience in the debt settlement organization
- The age of the debt
- Your financial situation
- Your previous payment history
Types of Debt Included in DC Debt Settlement Program
- Medical debt
- Credit card debt
- Student loans
- Utility debt
- Telecom debt
- Debt owed to a tradesperson, caterer, and other business providing goods or services
There are other debt categories that are covered by the updated definition; the list is merely intended as an illustration. Note that “unless a different time is agreed upon by the debtor,” these obligations must be (or be alleged to be) 30 days or more past due.
Debts Exempted in The Program
- Commercial debt, debt resulting from “a loan directly secured on real estate,”
- Debt resulting from “a direct motor vehicle installment loan covered by [DC Code 28-360, et seq.]”
Top City in DC Where You Can Find Debt Settlement
We serve all the residents in the District of Columbia.
What Are the Different Options You Have for Debt Relief In DC?
Before filing for bankruptcy, investigate some of the other relief options that are available to you. Some options include:
- Make Regular Minimum Payments
This is the simplest, and cheapest (in the short-term) option, but comes with obvious long-term consequences.
The most frequent problems with making minimum payments are:
- Your debt will start to grow exponentially.
- Your credit score will decline.
Very quickly, your few months of minimum payments have ballooned. Additionally, it may take you years before you are on your way to becoming debt free, which is not an ideal situation.
In short, having this option seems like a viable choice but it will make your life much more difficult. If there is one recommendation we have, it is to avoid monthly minimums as often as you can.
- Balance Transfer of Payments
This is simple on paper transfer a balance from one credit card to another credit card.
However, with time your interest rate on your new credit card will go up, so you will end up back in the same mess as before. Also, keep in mind one hardship and one overdue payment will be enough to spike rates worse than before.
Finally, transferring a balance to a new credit card can potentially be seen as fraud to the credit card company if you are not consistent with payments. Over time, credit card investigators will review your account, and again, this will not help your situation. In short, balance transfers may not be a great option.
- DC Credit Counseling / Debt Management Programs (DMP)
Credit counseling offers DMPs for people who are struggling with high-interest unsecured loans, like credit cards, where you do not have to take out a bank loan. These agencies are run by non-profit organizations.
With a DMP, you will be able to lower your monthly payments and interest rates. The creditor reduces your interest rate in exchange for a monthly payment. When paying through DMPs, your debts will be consolidated into one payment which will simplify your financial obligations. DMPs are not for everybody, so make sure you do your research and understand what they have to offer.
- Unsecured Debt Consolidation Loans in DC
Some examples of unsecured loans are credit cards, personal loans, and student loans. They are loans that are not backed by collateral. For example, if you default on a loan payment, there is nothing that they can physically take from you.
Juggling multiple unsecured loans and having to remember to pay each one can make it extremely hard and confusing. You will be paying at least one bill every week to meet the multiple debt payments you owe.
So, is paying multiple debts ideal for you? Definitely not. Thankfully, there is a way that enables you to pay only one single payment every month.
Now think about this option as a form of debt relief.
Wouldn’t it be easier for you to pay just one bill monthly, that too at a lower interest rate?
This is known as Debt Consolidation, and it might be exactly what you are looking for. Debt consolidation is the process of applying for one loan to pay off several separate loans.
It is like the hero who saves the day. You will not have to set reminders for every debt payment or make time out of your busy schedule.
You can apply for one loan to consolidate all other loans. All you need to do is make one single payment every month.
You typically receive a lower initial interest rate. Plus, having only a single bill to pay will ease your nerves. Yet, debt consolidation may come with some disadvantages, so it is crucial that before taking this step, you understand everything that comes with it.
At CuraDebt, we will make sure this step is right for you before you commit to it.
- Secured Debt Consolidation Loans in DC
Secured loans are loans that are given and backed by collateral. Such examples of this would be a mortgage loan or an auto loan. If you default on these loan payments, the lender can use that asset as payment. The lender has the legal right to seize your property if you are not able to repay the loan due to unforeseen reasons.
One of the benefits of getting a secured loan is they are easier to obtain.
The lender sees it as less risk for them because if the borrower defaults, they do not need to worry about never seeing their money again. Additionally, the interest rates with this type of loan can be lower.
On the other hand, it can be highly risky for the borrower because if you do this, you risk the chance of losing your home or car.
However, if this is done with professional help like CuraDebt, you can get some room to breathe. With the lowest interest rates and high savings, CuraDebt will come to your rescue.
- DC Credit Counseling
Credit counseling can be a valuable tool when trying to manage your finances and debt. With countless years of experience and expertise, credit counselors can help you to manage your debt.
This approach is intended to assist borrowers who are struggling to manage their debt. People who want to consolidate their debts or raise their credit scores might also benefit from it.
There is not a single moment of doubt that it used to be a good option. However, over time, fees and interest rates rise tremendously.
Counselors answer your inquiries and provide information on various debt repayment options, such as payment plans or hardship exemptions from late fees or other costs.
- Filing for bankruptcy in DC
In DC, filing for bankruptcy is the last remaining choice. Chapter 7 bankruptcy will apply if your income is lower than the median income in your state.
Chapter 13 bankruptcy may be an option if your salary is higher than the state median income, but you are still unable to repay the debt.
Your business will be subject to Chapter 11 bankruptcy if it is insolvent and unable to pay its debts.
Bankruptcy is the last possible and least preferable solution. Before taking any decision to declare bankruptcy, you should discuss it with a professional.
- Merchant Cash Advance (MCA)
A Merchant Cash Advance loan is a loan for operating firms that require additional funds to manage different business operations.
Business receivables are a guarantee for MCA loans. If your company is unable to repay a loan, the lender will be allowed to collect receivables in your name.
Your business is a result of your hard work. While leverage can be used to relieve yourself of debt, it seems like a promising idea. However, you seriously risk hurting yourself, any employees, and your clients if this goes wrong.
Even worse, any risk to your revenue will make it more difficult for you to repay your debt if this business is how you receive your money exclusively.
Debt ruins both people and families. You will begin to observe changes with expert assistance and direction. For your debt relief, a reputable company like CuraDebt is necessary. Learn more about it here.
Debt Relief DC FAQs
Can they contact my Neighbors, Family and Friends?
If debt collectors are having trouble finding you, they may reach out to others.
They cannot, however:
Unless the debt collector thinks that the address the person provided was incorrect or incomplete, or that person now has more accurate and complete information. They are prohibited from discussing your debt with others (except for your spouse, your parents if you are a minor, or your attorney).
Do you qualify for debt settlement in DC?
This program is specifically designed for people who are experiencing problems like income loss or unforeseen bills.
Do you frequently make only the minimum payments because of debt problems? Are you still battling debt that has outgrown your expectations?
Contact a CuraDebt counselor to find out if you are eligible. We will assess your cash flows to see whether you are eligible for this program. A free estimate of your savings from the debt relief program will be sent to you by us.
CuraDebt will work for you and significantly reduce the cost of your debt settlement. You can pay off your debt faster with CuraDebt.
How Much Will It Cost?
In DC, there are numerous debt relief options, each with its own requirements.
Some programs offer immediate assistance, while others ask you to wait until the start of their payment plan before receiving any funds in exchange for paying off your debts more quickly than usual.
With unmatched service, CuraDebt gives you the best competitive rates. Most importantly, CuraDebt’s Debt Relief Program does not require an upfront fee.
What if I Don’t Owe the Money or Am Uncertain Whether I Owe the Money?
During the initial 30 days:
You should be informed of your debt’s amount, the creditor’s identity, and the fact that you have 30 days to submit a written objection when debt collectors first contact you.
If you dispute the debt in writing within 30 days of the debt collector’s initial contact or ask for the name and address of the original creditor, the debt collector is required to halt all collection efforts until they have given you the information you requested, either verifying the debt or identifying the creditor.
In the following 30 days:
After the debt collector contacts you, you still have 30 days to write to dispute the claim, and the debt collector is still required to either validate the debt or identify the creditor. However, while these later requests are being processed, debt collectors are not required to cease all collection operations.
What Makes CuraDebt One of the Best Debt Settlement Companies in DC:
- We have helped settle millions of dollars of debt
- We have helped thousands of people since 1998 and expanded nationwide in just 2 years.
- CuraDebt is one of the oldest and most experienced companies in the U.S.
- We are IAPDA and BSI certified.
- We provide a free saving estimate and devise a plan specifically modeled toward your needs.
- No hidden charges. Honesty and integrity are what we stand for.
- Our success rate is high because client satisfaction and happiness are the main mission at CuraDebt.
- Over 1000+ reviews and a 5-star rating on Customer Lobby
- With a 4.9-star average on Shopper approved, we are the most trusted company by people across the USA.
- 140+ Google reviews with an average of 4.9-star ratings
- CuraDebt is a Good Standing Member of the Online Business Bureau, American Fair Credit Council, US Chamber of Commerce, and AFCC.
- Finding our clients, the best possible settlement with creditors is something we know how to do.
- We help settle debts quickly. We are incredibly efficient and cost-effective as well. Our top-notch customer service ensures to address any queries or concerns our clients may have.
With CuraDebt, you are in the right hands. With perfect ratings and zero complaints, we are confident we are the best in our industry. We are more resourceful than any competitor in the market and help you at every step along the way.
Get rid of your high-interest-rate debt and create a debt-free future with us.
Call 877-850-3328 for a free consultation now!