Mississippi Debt Relief | Controlling your Finance with CuraDebt
Do you feel as though the weight of your debt is causing havoc in your life? Are you looking for debt relief as a solution? Do you live in the Magnolia state and call Mississippi home?
Our Mississippi debt relief program is the ideal option for you if your answer is yes to these questions.
The debt market is flooded with so many different options. The amount of information that is out there can become overwhelming and it may feel impossible to decide on what is best for you.
This is where CuraDebt comes to your rescue. CuraDebt is one of the oldest, most experienced, licensed, and bonded organizations, saving thousands of people who are unable to manage their debt.
Since 1998, CuraDebt has been helping people to overcome financial struggles by providing them with a legal and ethical debt relief program. Our founder, Eric Pemper, has seen the negative effects of debt firsthand – he expanded nationwide in 2000 to help people who were struggling with debt fatigue.
Receive fantastic advice, tons of debt relief options, a personalized debt relief program, and estimated savings here.
Table of contents
- Mississippi Debt Relief | Get Your Finances Under Control With CuraDebt
- Debt Statistics
- Laws That Protect Mississippi Residents From Debt Collectors
- How is “fair debt collection” defined?
- What options do debt collectors have?
- What Are The Most Effective Debt Relief Options For You In Mississippi?
- Debt Settlement Programs and How Do They Work?
- Types of Debt Included in Mississippi Debt Settlement Program
- Debts Not Included In Debt Settlement Program
- Debt included in Tax Debt Relief in Mississippi
- Business Debt Relief Program in Mississippi | Types Of Debt Included
- What Are The Different Options You Have For Debt Relief In Mississippi?
- 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
- The state of Mississippi had state debt totaling 7.2 billion dollars for the Fiscal year 2020.
- Forecasts indicate that Mississippi state debt will be about 8.75 billion dollars by the fiscal year 2026, while the local government debt will be about 8.35 billion dollars.
- The average federal and private student loan balance for borrowers in Mississippi is $33,181.
- About 400,000 people in the state have student loan debt, and their average monthly payment is $225.
Undoubtedly, dealing with debt can lead to two conditions: financial misery and worry, both of which can significantly affect your daily life. Debt fatigue, which may completely upend your life, is particularly awful.
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 Mississippi Residents from Debt Collectors
How is “fair debt collection” defined?
Fair debt collection prohibits a debt collector from intimidating, oppressing, or abusing somebody while trying to collect a debt. The Fair Debt Collection Practices Act, which was passed by Congress, forbids certain actions by debt collectors when collecting debts. A debt collector, for instance, cannot call you at all hours to collect a bill. Additionally, a debt collector is not allowed to lie to you, threaten or harass you, discuss your debt with others, or call you every hour on the hour. If you request in writing that they “halt communications” with you, a debt collector is likewise required to stop contacting you about the debt. However, only collection companies or debt collectors that are collecting for another creditor are covered by the Fair Debt Collection Practices Act. For creditors who are pursuing their debt collections, it does not apply. Your right to be free from harassment by creditors who are pursuing their collection efforts is still protected by state law, not federal law.
What options do debt collectors have?
Debt collectors typically collect “unsecured debts.” This indicates that you have not pledged any property as security for the loan, such as your house, car, or furniture. Most debts from credit cards, medical expenses, and small loans are unsecured. As a result, a debt collector has limited legal options for punishing you if you do not pay the amount. Legally, they engage in the following:
- Stop transacting with you
- Report the default to a credit reporting agency – In most cases, the creditor has already taken this action before threatening to.
- Start a lawsuit to collect the debt – This threat could terrify you the most, but few creditors ever carry it through because it is costly to go to court and they might not be able to collect it even if they do succeed in getting a judgment against you.
Federal law prohibits threats to take any other action over an unsecured debt!
- Putting an end to debt abuse
- Do not allow debt collectors to harass you. If you do not pay your debt the collectors cannot pursue you unless you have secure debt. They frequently yell the loudest and the longest to receive their money because of this. The methods you may take to prevent debt collectors from ruining your life are listed below.
- Call the creditor and explain your situation to stop it before it starts. By doing this, a creditor can be discouraged from transferring your debt to a collection agency.
- Send a letter to stop communicating.
- Payment Plan – Refuse to be persuaded into making greater payments by the collector and just agree to pay what you can.
- Write to the Federal Trade Commission’s Bureau of Consumer Protection in Washington, DC, 20580, and complain about unfair collection practices.
What Are the Most Effective Debt Relief Options for You in Mississippi?
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 money, 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 receiving your settlement letter with all the negotiated terms, you could be debt-free in a matter of years.
Benefits Of Debt Settlement
If done right, debt settlement comes with a ton of benefits for your financial and even overall health. The benefits are:
- You pay the lowest legal amount possible as compared to a high initial amount.
- The goal is for you to become debt free in a shorter period rather than 15 to 20 years.
- With debt settlement, when your debts are resolved, you will be left 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 several 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 Mississippi Debt Settlement Program
- Credit cards
- Car repossession (repo)
- Credit unions
- Department store cards
- Old accounts in the collection
- Personal loans
- Personal lines of credit
- Student loans (Private)
- Signature loans
- Medical bills
- Any type of unsecured debt
Debts Not Included in Debt Settlement Program
- Car loans
- Credit Union debts
- Public student loans
- Home mortgages
- Some other secured debts
- Some Medical / Hospital bills
Debt Included in Tax Debt Relief in Mississippi
CuraDebt will point you in the right direction with your tax debts. CuraDebt can help you with these types of tax payments
- State Taxes
- Federal Taxes
- Payable Taxes
- Taxes from the spouse you feel you do not owe
- Interest
- Penalties
- Audit Tax Assessment
- Other Types of Tax Debts
Business Debt Relief Program in Mississippi | 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
- Suppliers
- Vendors
- Lines of Credits
- Merchant Cash Advance
- Other types of loans, which are not secured by the property
What Are the Different Options You Have for Debt Relief in Mississippi?
Before filing for bankruptcy, investigate the other relief options that are available to you. These options include:
1. 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 will take you yearsto become 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.
2. 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 make rates worse than before.
Finally, transferring a balance to a new credit card can potentially be seen as fraud by 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.
3. Mississippi 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 offer, and what their cons may be.
4. Unsecured Debt Consolidation Loans in Mississippi
A few 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 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? 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.
Would it not be easier for you to pay just one bill monthly 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 taking out one loan to pay off separate loans.
It is like the hero who comes to save 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 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.
5. Secured Debt Consolidation Loans in Mississippi
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 having a secure loan is that 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 will have room to breathe. With the lowest interest rates and high savings, CuraDebt will come to your rescue.
6. Mississippi 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 was a good option. However, over time, fees and interest rates rise tremendously.
Counselors answer your inquiries and provide information on various debt repayments options, such as payment plans or hardship exemptions from late fees or other costs.
7. Filing for bankruptcy in Mississippi
In Mississippi, 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 – whom you understand the ramifications that may stay with you for decades.
8. 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 arduous work. While leverage can be used to relieve yourself of debt, it seems like a promising idea. However, you seriously risk yourself, any employees, and your clients if this goes wrong.
Even worse, any risk to your revenue will make it harder for you to repay your debt if this business is how you generate your money exclusively.
Debt destroys 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.
Mississippi Debt Relief FAQs
How long can a lender pursue you to collect debt in Mississippi?
Diverse types of debt have a varying statute of limitations. Here are the differences:
- In Mississippi, Contracts, oral or written, and Promissory Notes have a statute of limitations of 3 years
- Judgment liens on real estate, orders by a court of law allowing a creditor the right to take possession of a debtor’s property after he or she failed to meet duties under an agreed-up contract, have 7 years of limitation but may be renewed by filing suit to renew the judgment before the expiration of the seventh year.
- Deficiency claims, or the balance left on a foreclosed mortgage, have a limitation period of 1 year from the sale of collateral.
.
Do you qualify for debt settlement in Mississippi?
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 Mississippi, there are various debt relief options, each with its requirements.
A few 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 faster 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 Makes CuraDebt One of the Best Debt Settlement Companies in Mississippi:
- 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!