Georgia Personal Loan Debt Settlement Lawyer
Personal loans are a leading source of consumer debt and one of the fastest–growing, alongside credit card debt. This is because personal loans are most often taken out to deal with unmanageable credit card balances. In other words, consumers look to personal loans for an outlet due to their generally better interest rates over credit cards. Although personal loan interest rates can be less than what credit cards charge, they can still be quite high. This is particularly the case when a borrower doesn’t have the best credit score while applying for a loan. The compounding interest from personal loans then become a new problem for borrowers – when they can’t repay on time, they find themselves sued in court.
This is where Konn LLC can step in. We are a debt settlement law firm. We’ll negotiate with the lender’s attorneys for a lower monthly payment or a lower balance altogether – and in most cases, interest free. Consequently, you are most likely to get a loan payoff you can afford without having a default judgment entered against you or having to file for bankruptcy. Call us for a free consultation to discuss your situation and how we can help. At our Sandy Springs office, we work with clients throughout Metro Atlanta and statewide via phone, email, and text. Please call our experienced Georgia personal loan debt settlement lawyer today.
How Konn LLC Helps With Personal Loan Debt Settlement in Georgia
While most personal loans are used as a form of debt consolidation to deal with credit card debt, consumers also turn to personal loans as stopgaps to their next paychecks. Often, the need is due to financial emergencies they aren’t prepared to meet, such as a major appliance repair or to finance a vehicle purchase or lease.
Unfortunately, personal loan rates and terms aren’t always as favorable as they first appear to be. If you are starting off with a low credit score (below 600), the interest rate and monthly payment you’ll be offered are likely to be high. Although personal loans are typically lent out at a fixed rate of interest, some lenders offer variable interest rate loans with lower introductory rates to attract consumers. However, this masks the total potential cost to your credit. While personal loan interest rates are typically lower than those of credit cards, variable loan interest rates can be substantially higher.
In any event, personal loan payments can require a significant chunk of your monthly income to service, becoming all too easy to fall behind in payments. Lenders won’t allow payment gaps to go very long before filing lawsuits. Unless you have valid defenses against a lender (e.g. incorrect balances, misapplied payments, failure to make required initial disclosures), the lender may receive a judgment against you, allowing it to collect by garnishing your wages, placing a lien on your property, or repossessing or foreclosing on your property.
Between the filing of a lawsuit and the enforcement of a judgment, Konn LLC can provide invaluable support by responding to the lawsuit on your behalf and negotiating a debt settlement with the lender. A bankruptcy filing could put an immediate stop to a lawsuit, but the impact to your credit score will last for 7 years. Konn LLC can help you avoid bankruptcy by resolving your debt for a lesser amount that you can afford. Our Georgia personal loan debt settlement lawyer is experienced in working with all the major Georgia law firms that represent lenders and creditors. We know their typical settlement percentages, so we are able to provide you an accurate and reasonable expectation of what your case will settle for.
Serving All Of Georgia
Contact Konn LLC Today
Finding yourself in default on a personal loan is distressing, but it shouldn’t be cause for despair. Konn LCC is here to help and has a resolution for you. Call our office in Lilburn for a free consultation. Let us advise you by assessing your financial situation, opposing counsel, and the other factors impacting your case. Help is here in metro Atlanta and statewide. Wherever you are in the state of Georgia, call us today at our Sandy Springs office.
