Washington Debt Relief | How to Reduce Your Finances with CuraDebt
Are you finding yourself in a rut, swamped and pestered by never-ending calls and reminders to pay bills? Have you sought help or searched online for a solution, but are yet to find something or someone?
If you are a resident of Washington and just looking for some answers, you are in luck! The experts at CuraDebt have over 20 years to walk you through the options available and help you every step of the way.
Our Washington debt relief program provides all the necessary experience, licenses, and networking to help you feel relieved by working towards becoming debt-free. Join the CuraDebt family right now and be part of the thousands who are worry free!
Do you want to receive some wise advice regarding your debts and finances? Wait no more and get a personalized debt relief program and estimated savings here.
Table of contents
- Debt Statistics of Washington
- Laws That Protect Washington Residents from Debt Collectors
- Which Debt Relief Options Are Best for You in Washington?
- Programs for Debt Settlement: How Do They Operate?
- Types of Debt Included in Washington Debt Settlement Program
- Debts Not Included in Debt Settlement Program
- Debt Included in Tax Debt Relief in Washington
- Business Debt Relief Program in Washington| Types of Debt Included
- Top Cities in Washington Where You Can Find Debt Settlement
- What Are the Different Options You Have for Debt Relief in Washington?
- Debt Relief Washington FAQs
- What Makes us One of the Best Debt Settlement Companies in Washington:
- 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 Washington
- Washington’s state debt was approximately 27.88 billion dollars in the fiscal year 2021.
- This is anticipated to rise to around 33.5 billion US dollars by the fiscal year 2027.
- Washington has the third-highest national credit debt.
- As of March, there were $28.2 billion worth of unpaid federal student loans in Washington state, home to over 783,000 people.
- Above 77% of those with federal debt under 50 and over half of those with debt over $20,000 are under 50.
Undeniably, financial distress and anxiety are two conditions that come with dealing with debt which can have a tremendous impact on your everyday life. Particularly horrifying is Debt fatigue – which can turn your life upside down.
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 Washington Residents from Debt Collectors
Harassment, false or misleading statements, and unfair activities by collection agencies are prohibited by the Washington Collection Agency Act and the federal Fair Debt Collection Practices Act. You may file a lawsuit against a collection agency if you think it has unnecessarily harassed or misled you. You might be awarded legal costs and damages. Some examples of violations are as follows:
- The debt collection organization makes threats against informing your employer or neighbors.
- The collecting agency calls during “unreasonable” legal hours: Under federal law, the hours are 9:00 p.m.–8:00 a.m.; under state law, they are 9:00 p.m.–7:30 a.m.
- The collection agency threatens to take illegal action against you, like threatening to deduct money from your Social Security check, seize other exempt property, or even threaten to have you arrested or put in jail.
- The debt collector contacts you or anybody living in your home in an upsetting, threatening, or intimidating manner.
- You or your spouse receive communications from the debt collector more than three times per week.
- You receive letters from the debt collector that are intentionally disguised as official documents or urgent messages.
- The debt collector requests a postdated cheque or threatens legal action against you.
- A postdated check is deposited by the debt collector before the cheque’s expiration date. If a collector deposits your postdated check without giving you three to ten business days’ notice, they are in violation of the law.
Which assets and income are shielded from debt collection by law?
The following are some examples of income that cannot be taken:
- Community Security
- Supplemental Security Income (SSI)
- Rewards for veterans
- Temporary Assistance for Needy Families (TANF)
- You get child support
- Numerous pensions (private, federal, and civil service)
- Unemployment Benefit
- Federal loans for students
If you have received phone calls harassing you about your debt, schedule a time to talk with a CuraDebt counselor. CuraDebt cares about your rights and will help you to defend against illegal debt collection practices and violations.
Which Debt Relief Options Are Best for You in Washington?
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 cut or 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 Washington 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 Washington
Regarding your tax bills, CuraDebt will direct you on 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 Washington| 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 Washington Where You Can Find Debt Settlement
- Seattle Debt Settlement
- Spokane Debt Settlement
- Tacoma Debt Settlement
- Vancouver Debt Settlement
- Bellevue Debt Settlement
- Kent Debt Settlement
- Everett Debt Settlement
- Renton Debt Settlement
- Spokane Valley Debt Settlement
- Federal Way Debt Settlement
What Are the Different Options You Have for Debt Relief in Washington?
Before giving your commitment to any option, it is always recommended to check all the available options for you. These are some of the options that you may have
- Do Nothing, Just Make Regular Minimum Payments
The first option you have is to make regular minimum payments.
This may seem like a nice tactic, but creditors will raise interest rates and the debt snowball will become even greater. Even a slight rise in interest rates makes your debt relief significantly harder!
So, while it may seem plausible now, this option is not great for you in the long term.
- Balance Transfer in Washington
This sounds like a great idea, on paper. Transfer the balance from one credit card to another. Voila, you are in the clear…right? Well, if it is too good to be true, it is too good to be true!
The main issue is that the interest rate on the new card will only be low for a few months. Once the credit agencies understand the balance was transferred, the rate for card #2 will skyrocket and be even worse than on card #1.
Plus, with newer loans, you must be consistent with payments, otherwise, a credit card company may look at it as fraud. So, balance transfers are not helpful to many people.
- Washington Hardship Program for Credit Card Payment
If you are suffering from hardship, the credit card company may give you a bit of relaxation.
You will get permission to submit lower monthly payments. However, the interest that is accumulated usually exceeds the original payment.
This will take you into even deeper debt that will make it more difficult to pay off.
Once again, this is not a great option if saving is what you are looking for.
- Washington Non-Profit Credit Counseling or Debt Management Program (DMP)
Some years ago, DMP started after a partnership between a non-profit organization and credit card companies.
In exchange for a monthly fee to a non-profit organization, the credit issuer will lower your interest rate to 0%.
At present, the concessions have been reduced and monthly fees have increased along with the interest rates. Though there is a benefit to only paying a single bill, it is often more expensive than alternative options.
However, the interest rates will be similar, even higher in some cases. Also, you will be paying a 60 to 80 dollars monthly fee to a non-profit organization.
Thus, you must pay a higher monthly fee along with a higher interest rate. Furthermore, with higher costs, your debt issues will not be resolved. Hence, it is not the best option.
- Washington Unsecured Debt Consolidation Loan
Keeping track of bills and their due date is a headache. One day is the last date to pay your credit card bill and the other day you are running late on your loan installment.
Despite your best efforts, should you miss a single payment, the interest rate fluctuations on unsecured debt are enough to crush your peace of mind.
How convenient would it be to pay just one bill at a lower interest rate? In that case, Debt Consolidation can work perfectly fine for you.
In short, debt consolidation is the process of taking out one loan to pay off several separate loans. Consolidating debt is a promising idea when you have several debts that are out of control.
You can obtain a lower interest rate initially and eliminate the hassle of paying multiple bills each month. However, debt consolidation comes with a lot of disadvantages.
Chiefly, debt Consolidation companies usually do not care about your hardships. They are aggressive in their approach and charge a fee to take out the loan.
However, with conditions written in fine print, they are entitled to increase interest rates. Soon your debt ‘solution’ is now an additional headache.
Now, you must keep a regular and smooth payment history. Otherwise, it will look like a fraud to the lender.
- Washington Secured Debt Consolidation Loan
Generally speaking – this option has its pros and cons!
It is like investing, when done correctly – it can be beneficial. But when gone wrong, things can get really concerning.
This option allows you to use equity to take out a consolidation loan. Equity (typically in the form of your home) then leads to a loan which can be used to pay out other unsecured debts. This can be a risky option as you have a high chance of losing your property.
If you are unable to make regular payments, the lender can technically attach your property.
However, if this is done with professional help like CuraDebt, you can have room to breathe. With the lowest interest rates and highest savings, CuraDebt will come to your rescue.
- Credit Counseling
Undeniably credit counseling may seem like a promising idea from the start. When offered by professional counselors, it can be a valuable service if you are having trouble managing your debt.
Basically, think about credit counseling like a personal trainer. While you may be helped by a trainer, there are many low-hanging fruits that might be a better investment (healthy eating, gym memberships). Further, one thing many forget is the cost of a counseling session!
When figuring out your debt, adding one more expense is cause for concern.
So, to get the best solution to your debt woes, you need to ensure the professional is affordable and aligned with more than simply making money.
The last resort for any person in Washington is declaring bankruptcy. If your income is less than the median income of your state, Chapter 7 bankruptcy will be applicable.
When your income is more than the median income of your state, but you still cannot manage to pay back the debt, Chapter 13 bankruptcy will be applicable.
If your business is unable to repay its debt and is on the verge of insolvency, it will fall under Chapter 11 bankruptcy.
Bankruptcy is catastrophic to your future opportunities, access to loans, and personal banking. It is the option of last resort for a reason.
Certainly, you will have to answer questions about bankruptcy thousands of times in your life. It affects your ability to apply for a loan for at least 20 years.
So, before filing for bankruptcy, talk with our counselors to see if there are any better options than bankruptcy for you.
- Merchant Cash Advance (MCA)
A Merchant Cash Advance loan is a loan for actively running businesses that need extra cash to cover various business activities.
If you need some extra cash to run the business, but your payments are stuck for any reason, you can take an MCA loan.
An MCA loan secures the loan against business receivables. If the business is unable to repay the loan due to any hardship, the lender can collect receivables to recover the loan amount.
While there are benefits to MCA loans, the biggest drawback of MCA is that without receivables, your business might suffer. If cash deficiency prolongs, you might run out of business. Hence, it may not be the best choice for your business.
Debt is a double-edged sword. If it is not managed mindfully, it is going to backfire. That is why a professional company like CuraDebt is necessary for the Debt Relief Program. Learn more about it here.
Debt Relief Washington FAQs
How long can a lender go after you to collect debt in Washington?
Several types of debt have varying statutes of limitations. Here are the differences:
- Credit card debts: 6 years for the statute of limitation.
- Auto loan debt has 4 years for the statute of limitation.
- State tax debts have 4 years for the statute of limitation.
Do you qualify for debt settlement in Washington?
If you can write a check and pay your debts in full, then you do not qualify for debt settlement. In short, it is not a get-out of paying your debts program.
Rather, this is a program for people facing hardships like loss of income or unexpected expenses.
Even after paying minimum payments regularly, you realize you are going nowhere except under the debt that is impossible for you to pay.
To see if you qualify, speak with a counselor at CuraDebt. They will make an estimate of your cash flow to see if you qualify for this program. They will get you a free estimate of your savings on the debt relief program.
CuraDebt will work for you and make your debt settlement extremely cost-effective. With CuraDebt, you can be debt-free in 3 to 4 years instead of 10 to 20 years if you remain committed to the program.
How Much Will It Cost?
There are many types of debt relief programs available in Washington, each with different terms and conditions.
Some programs provide immediate help while others require that you wait until their payment plan begins before getting any money back in return for paying off your debts faster than normal.
CuraDebt’s fees are guaranteed to be the lowest in the industry which can beat the competitor’s offer too. The CuraDebt Debt Relief Program does not require an upfront fee.
What Makes us One of the Best Debt Settlement Companies in Washington:
- 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 approval, 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 of beating 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!