Everyone has been there. When you wake up in the middle of the night, your heart is racing, anxious, and stressed wondering how you are going to find a way out, out of this financial mess. If your debt is affecting your daily life, we empathize with you and understand what you are going through.
When your debt and finances become an issue, it can be extremely overwhelming. However, the issues do not end and over time your woes become worse. We call this the ‘set and forget mindset; better known as debt fatigue.
Do you live in Maryland and want to figure out what the best debt relief option is for you? Then, CuraDebt is just what you need.
CuraDebt is a highly trusted company that aids individuals in fixing their debt. With over 20 years of experience, CuraDebt might be the perfect solution to resolve your debt issues!
Founded in 1998, CuraDebt has helped thousands of individuals overcome their financial issues and debt fatigue by delivering the best advice and solutions to debt issues.
Get yourself a helping hand with a CuraDebt professional who has debt expertise. Learn more about how we can help you here.
If you are suffering from debt and seeking out a solution, consider working with CuraDebt.
Forget your debt issues, make your whole Debt Relief journey a lot smoother, and take control of your financial situation.
The Fair Debt Collection Practices Act (FDCPA) and state law both govern debt collectors in Maryland. Every state must comply with the FDCPA, which shields customers from unfair and dishonest debt-collection tactics. The FDCPA also prohibits debt collectors from contacting you at specific times and locations. In a similar vein, Maryland has legislation preventing debt collectors and other parties from acting dishonestly against consumers.
The Maryland Consumer Debt Collection Act (MCDCA), which regulates behavior by both creditors and debt collectors, significantly strengthens consumer rights. Often, only debt collectors are covered by the FDCPA.
The federal FDCPA places restrictions on what debt collectors can and cannot do while trying to recover a debt from you. As an example, the FDCPA:
The FDCPA covers debt collectors and some third-party debt buyers, although it frequently does not cover collection operations by original creditors. (However, if a creditor uses a different name that implies a third party is trying to collect the debt when collecting its own debts, it must abide by the FDCPA.)
Consumers in Maryland are protected from unfair and dishonest debt collection practices by law. Although the Maryland statute is similar to the FDCPA, it also gives consumers more protection. For instance, it includes both creditors and debt collectors. (Maryland Code Ann., Section 14-201).
Additionally, a state board must license and oversee collecting firms under the Maryland consumer protection law.
Any collector is widely covered by the MCDCA. “A person collecting or seeking to collect an alleged debt arising out of a consumer transaction” is referred to as a collector. Maryland Code Ann., Section 14-201). In contrast to the FDCPA, which (with a few exceptions) only applies to individuals engaged in the business of debt collecting, the MCDCA applies to all individuals, estates, businesses, and other types of legal entities. Therefore, the MCDCA must be followed by any individual or entity seeking payment, such as a creditor, as well as any collection agency or attorney engaged to collect a debt.
The Maryland Act applies to any activity involving a person who seeks or obtains “real or personal property, services, money, or credit for personal, family, or household reasons.” (Maryland Code Ann., Section 14-201). Therefore, most consumer debts, including credit card bills, charge card accounts, auto loans, consumer leases, and mortgages, are covered by the law.
A debtor may not be threatened by creditors or collectors by:
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 can be debt-free in a matter of a few years.
If done right, debt settlement comes with a ton of benefits for your financial and even overall health. Some of the benefits are:
The ultimate saving after debt settlement depends on a lot of factors including
CuraDebt will point you in the right direction with your tax debts. CuraDebt can help you with these types of tax payments
CuraDebt understands how important your business is to you. CuraDebt will help your business with these types of debt.
In addition to the above-mentioned cities, we serve all cities and residents in Maryland.
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
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 at the moment – this option is not great for you long-term.
This sounds like a great idea, on paper. Transfer the balance from one credit card to another. Voila, you’re in the clear…right? Well, if it’s too good to be true, it’s probably 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 aren’t helpful to many people.
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.
Some years ago, DMP appeared because of the 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.
Keeping track of bills and their due date is a headache. One day it’s 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 and that too 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 good idea when you have several debts that are out of control.
You can get 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.
Generally speaking – this option has its pros and cons!
It’s like investing, when done correctly – it can be very 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 get some room to breathe. With the lowest interest rates and highest savings, CuraDebt will come to your rescue.
Undeniably credit counseling may seem like a good idea from the start. When offered by professional counselors, it can be a valuable service if you’re 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 membership, etc.). Further, one thing many forget about 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 Maryland 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.
Generally, 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. Above all, it affects your ability to get 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.
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.
Generally, 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 handled 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.
For most types of debt in Maryland including mortgages and credit card debt, the statute of limitation is 3 years.
Presently, the statute of limitation for loans taken out through a written contract is 3 years. For state tax debt, the statute of limitation is 10 years.
If you can write a check and pay your debts in full, then you cannot 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 will be debt-free in 3 to 4 years instead of 10 to 20 years if you remain committed to the program.
There are many types of debt relief programs available in Maryland, 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.
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!
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