Do you feel as though the weight of your debt is making life unbearable? Are you seeking relief specifically debt relief? Do you call the Old Dominion your home? Our Virginia 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 Virginia 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.
CuraDebt is the most dependable debt consolidation company, with over 20 years of expertise. We are a one-stop shop for your debt problems because of our outstanding knowledge and legally licensed agents.
We launched in 1998, and we began expanding nationally in 2000. Our goal has always been to help individuals get past their debt challenges. Since we have been in business for more than 20 years, we have saved our clients millions of dollars while, more importantly, maintaining their financial independence.
Get fantastic advice, a tailored debt relief strategy, a wealth of debt relief options, and projected savings here.
Table of contents
- Debt Statistics of Virginia
- Laws That Protect the Residents of Virginia From Debt Collectors
- How does the Federal Fair Debt Collection Practices Act Protect Consumers
- Which Debt Relief Options Are Best For You In Virginia?
- Programs for Debt Settlement: How Do They Operate?
- Types of Debt Included in Virginia Debt Settlement Program
- Debts Not Included In Debt Settlement Program
- Debt Included In Tax Debt Relief In Virginia
- Business Debt Relief Program in Virginia | Types Of Debt Included
- Top Cities in Virginia Where You Can Find Debt Settlement
- What Are The Different Options You Have For Debt Relief In Virginia?
- Debt Relief Virginia FAQs
- How long can a lender go after you to collect debt in Virginia?
- What Makes us One of the Best Debt Settlement Companies in Virginia
- 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 Virginia
- The state debt of Virginia was $30,03 billion in the fiscal year 2021.
- By the fiscal year 2027, it is predicted that this will increase to almost 37.82 billion US dollars.
- According to the U.S. Census Bureau, the state debt per capita was $3,374. Virginia was placed 22nd in terms of per capita debt and 13th overall among the states.
- Virginia students owe an average of $37,098 in federal and private student loans, which is more than the $36,689 national average in the United States.
- Virginia was one of the top 10 states with the highest average household credit card debt in the second quarter at $9,545.
Undoubtedly, managing your debt can lead to two circumstances that can have a significant impact on your daily life: financial distress and anxiety. Debt fatigue is particularly scary since it may completely upend your life.
Consider debt consolidation if you are finding it difficult to tackle this daunting issue and want to manage and regain control of the situation. Your entire debt consolidation process can be a lot smoother and simpler with CuraDebt.
Laws That Protect the Residents of Virginia from Debt Collectors
Debt collectors are subject to federal Fair Debt Collection Practices Act (FDCPA) regulations. Every state must comply with the FDCPA, which shields customers from unfair and dishonest debt-collection tactics. Additionally, the FDCPA forbids debt collectors from contacting you at locations and times. So, keep in mind that the FDCPA’s safeguards are available if you reside in Virginia.
How Does the Federal Fair Debt Collection Practices Act Protects Consumers?
Consumers who owe money to merchants, credit card firms, or others for household obligations are protected by the FDCPA. It forbids debt collection companies from employing invasive or dishonest methods to collect these debts. The FDCPA forbids debt collectors from, among other things:
- Mentioning your debt to third parties (subject to a few exceptions, like your attorney or a credit reporting agency, or to get location information for you)
- Calling you at work if the debt collector knows or should know that your employer prohibits such calls.
- Harassing, abusing, or abusing you in any other way.
- Lying to you or deceiving you about anything.
The FDCPA also places restrictions on what hours of the day and how a debt collector can contact you.
Who Is Required to Follow the FDCPA?
According to the FDCPA, a “debt collector” is anybody who frequently collects debts on behalf of others or whose primary source of income is doing so. As a result, creditors collecting debts they generated are often exempt from the FDCPA, as are debt collectors and occasionally debt buyers. A creditor that collects its own obligations under a different name is nonetheless subject to the law.
Make an appointment to speak with a CuraDebt counselor if you have been the target of threatening phone calls regarding your debt. Your rights are important to CuraDebt, and they will support you in defending against unethical debt-collecting tactics and infractions.
Which Debt Relief Options Are Best for You in Virginia?
Programs for Debt Settlement: How Do They Operate?
Debt settlement is the process of negotiating with your creditors to pay less than the entire amount owing on your debts (also known as a debt settlement program, debt negotiation, arbitration, or debt forgiveness). While saving you money on interest and fees paid throughout the course of the debt, these programs can eliminate late fees, collection costs, and interest charges. However, they can have an impact on your credit score. You pay a predetermined sum into a designated account on a regular basis to settle the debt. The pace of the program would be accelerated if you had access to or had a lump sum to use as a starting point.
Based on your financial position, CuraDebt’s program is created to assist you in saving as much money as possible, and as quickly as possible. To get you the lowest legal amount, we will use our knowledge, connections, and secret strategies. Within a few years of receiving your settlement letter with all the agreed-upon terms, you could be debt-free.
The Advantages of Debt Settlement
Debt settlement has several advantages for your financial situation and even general health if done correctly. Several advantages include:
- You make a low initial payment as opposed to a hefty initial payment, as permitted by law.
- Instead of 15 to 20 years, the objective is to get you debt-free in 3 to 4 years.
- When your debts are settled through debt settlement, you will have more money each month. This shows that you have the financial means to repay any new loans or borrowings. Even when you are debt-free, if you keep making deposits into your account, your creditworthiness will rise.
Various Elements That Affect Debt Settlement
The total amount saved following debt settlement is determined by several factors, such as
- The debt’s age and the debt settlement company’s overall experience.
- Your financial circumstances
- Your record of payments
Types of Debt Included in Virginia Debt Settlement Program
- Credit cards
- Car repossession (repo)
- Personal lines of credit
- Student loans (Private)
- Signature loans
- Credit unions
- Department store cards
- Old accounts in the collection
- Personal loans
- Medical bills
- Any type of unsecured debt
Debts Not Included in Debt Settlement Program
- Car loans
- Credit Union debts
- Some other secured debts
- Some Medical / Hospital bills
- Public student loans
- Home mortgages
Debt Included in Tax Debt Relief in Virginia
Regarding your tax bills, CuraDebt will direct you in the proper route. You can get assistance from CuraDebt with these tax payments.
- State Taxes
- Federal Taxes
- Payable Taxes
- Taxes from the spouse you feel you do not owe
- Audit Tax Assessment
- Other Types of Tax Debts
Business Debt Relief Program in Virginia | Types of Debt Included
CuraDebt understands how important your business is to you. CuraDebt will help your business with these types of debt.
- Business Debt
- Lines of Credits
- Merchant Cash Advance
- Other types of loans, which are not secured by the property
Top Cities in Virginia Where You Can Find Debt Settlement
- Virginia Beach Debt Settlement
- Norfolk Debt Settlement
- Chesapeake Debt Settlement
- Richmond Debt Settlement
- Newport News Debt Settlement
- Alexandria Debt Settlement
- Hampton Debt Settlement
- Portsmouth Debt Settlement
- Roanoke Debt Settlement
- Lynchburg Debt Settlement
In addition to the above-mentioned cities, we serve all cities and residents in Virginia.
What Are the Different Options You Have for Debt Relief in Virginia?
It is advised to investigate all your possibilities before committing. These are a few of the choices you might have.
- Do nothing; only make the minimum payments as required.
You can start by paying the minimum amount required on a regular basis.
Although this may seem like a good strategy, creditors will boost interest rates, which will cause the debt to snowball and increase even larger. Your ability to reduce your debt will be hampered by even a slight increase in interest rates!
So, even if it can seem reasonable at the time, this solution is not the best one for you overall.
- Balance Transfer in Virginia
On paper, this seems like a good plan. Transfer the balance from one credit card to another. You are now safe, right? If something sounds too good to be true, it is!
The primary problem is that the new card’s interest rate will only be low for a short while. The interest rate for card #2 will increase and become much harsher than on card #1 once the credit agencies are aware that the debt has been transferred.
Additionally, you must make continuous payments on newer loans; otherwise, a credit card provider can consider it fraud. Therefore, few people benefit from balance transfers.
- Hardship Program for Credit Card Payment in Virginia
The credit card company might allow you a little breathing room if you are going through a challenging time.
You will be granted the approval to make smaller monthly payments. However, the accrued interest typically outweighs the initial payment.
You will incur even more debt as a result, which will make repayment more challenging.
Once more, if you want to save money, this is not a fantastic alternative.
- Non-Profit Credit Counseling or Debt Management Program in Virginia (DMP)
DMP was first developed because of a collaboration between a non-profit organization and credit card corporations several years ago.
The creditor will reduce your interest rate to 0% in exchange for a monthly payment to a nonprofit organization.
Currently, the reductions have been scaled back while the monthly fees and interest rates have gone up. Even though there are advantages to merely paying one bill, this strategy is frequently more expensive than other choices.
However, the interest rates will be quite comparable, and in some cases higher. You will also be paying a non-profit organization a monthly charge of $60 to $80.
As a result, you must pay a larger monthly charge as well as a higher interest rate.
- Virginia Unsecured Debt Consolidation Loan
It is difficult to keep track of bills and their due dates. Your credit card statement is due one day, and the next you have an overdue payment on a loan installment.
Despite your best efforts, if you miss one payment on unsecured debt, the interest rate changes will be enough to negatively affect your peace of mind.
What a convenience it would be to pay one bill alone with lower interest rates. In that situation, debt consolidation may be a good option for you.
Debt consolidation is the process of obtaining a single loan to settle numerous other loans, to put it briefly. Debt consolidation is a wise move if you have numerous unmanageable debts.
When compared to paying many invoices each month, you could receive a lower interest rate. However, there are numerous drawbacks to debt consolidation.
In general, debt consolidation organizations do not care about your difficulties. They take an aggressive stance and charge a fee to obtain the loan.
However, companies have the right to raise interest rates if certain conditions are included in the small print. Your debt “solution” will soon become yet another headache.
You must now have a consistent payment history. Otherwise, it will appear to the lender to be a deception.
- Virginia Secured Debt Consolidation Loan
In general, this choice offers advantages and disadvantages.
Like investing, it may be quite profitable when done properly. However, when something goes wrong, it can be very worrying.
With this choice, you can utilize equity as collateral for a consolidation loan. A loan that can be utilized to pay off other unsecured debts is therefore made possible by equity (usually represented by your home). You run a high danger of losing your property, thus this can be a risky choice.
The lender has the legal right to close on your property unless you are unable to make regular payments.
However, you can get some breathing room if you do this with expert assistance like CuraDebt. CuraDebt has the lowest interest rates and the most savings.
- Credit Counseling
Unquestionably, credit counseling may appear to be a wonderful idea at first. If you are experiencing difficulties managing your debt, it can be a helpful service when provided by qualified counselors.
Essentially, consider credit counseling to be like personal training. Although a trainer might be helpful, there are plenty of low-hanging fruits that might be a better investment (healthy eating, gym memberships). The price of a counseling session is another item that many people overlook.
The concern arises when you add one more item when calculating your debt.
Therefore, to find the greatest answer to your debt problems, you must make sure the professional is both affordable and committed to goals other than just profit.
In Virginia, filing for bankruptcy is always the last option. Chapter 7 bankruptcy will apply if your income is lower than the median income in your state.
Chapter 13 bankruptcy may be appropriate if your salary is higher than the state median income, but you are still unable to repay your debt.
Your company will be subject to Chapter 11 bankruptcy if it is insolvent and unable to pay its debts.
In general, bankruptcy is devastating to your chances for the future, your ability to get loans, and your ability to conduct personal banking. It is the last resort choice for a reason.
You will undoubtedly be asked about bankruptcy dozens of times throughout your life.
For at least 20 years, it has had an impact on your capacity to obtain a loan.
Therefore, consult with our experts to determine whether you have any other options than filing for bankruptcy before doing so.
- Merchant Cash Advance (MCA)
A merchant cash advance loan is a type of loan for operating firms that require additional funds to pay for various company expenses.
You can obtain an MCA loan if you require more funding to operate your firm, but your payments are stalled for any reason.
MCA loans typically use accounts receivable as collateral. The lender may seize receivables to recoup the loan amount if the company is unable to repay the loan due to unforeseen circumstances.
While MCA loans have advantages, their major disadvantage is that your firm may suffer if they do not generate any receivables. You risk going out of business if your cash flow problems persist. Consequently, it might not be the ideal option for your company.
Debt Relief Virginia FAQs
How long can a lender pursue you to collect debt in Virginia?
There is a statute of limitations in Virginia, which specifies how long debt collectors must collect an unpaid bill. Debt collectors typically have three years from the date of an oral contract to attempt collection or file a lawsuit. State tax debts, on the other hand, are valid for seven years.
Do you qualify for debt settlement in Virginia?
If you have the money to pay off your obligations in full by means of a cheque, then debt settlement is not an option for you. To sum it up, it is not a way to avoid paying your bills.
Instead, this is a program for those who are experiencing difficulties like a loss of income or unanticipated bills.
Even after making monthly minimum payments, you realize that there is nowhere else you can go but deeper into the debt that you are unable to pay.
Speak to a CuraDebt counselor to determine your eligibility. To determine if you are eligible for this program, they will estimate your cash flows. Your potential savings from the debt relief program will be estimated for free.
CuraDebt will work for you and significantly reduce the cost of your debt settlement. If you commit to the CuraDebt program, you could be debt-free in 3–4 years as opposed to 10–20 years.
How Much Will It Cost?
There are numerous debt relief options accessible in Virginia, 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.
The fees charged by CuraDebt are promised to be the lowest in the sector and can even be lower than those of its rivals. There is no up-front cost associated with the CuraDebt debt relief program.
What Makes us One of the Best Debt Settlement Companies in Virginia:
- We have settled millions of dollars in debt.
- CuraDebt is one of the oldest and most experienced companies in the US for Debt Relief.
- We have helped hundreds of people since 1998 and expanded throughout the nation.
- IAPDA and BSI certified.
- We provide free saving estimates and devise a plan specifically modeled toward your needs.
- No hidden charges. Honesty and integrity are what we stand for.
- A consistent 5-star rating on Customer Lobby with over 1000+ reviews indicates nothing else but quality work for our clients.
- With a 4.9-star average on Shopper approved, CuraDebt is the most trusted brand in America.
- 1000+ Google reviews with an average of 4.9-star ratings, our customers cannot help but rave about the wonders we do.
- Our success rate is high because Client satisfaction and Happiness are our main mission.
- 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 a five-star rating and no complaints, we are confident to beat any competitor’s offer. We are more resourceful than any competitor on the market.
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!