DebtQuest
Talk To A Representative Now: 800-736-0660

How State Laws Affect Debt Management Services in Virginia

Virginia Debt: The Basics

Debt is a big concern for many people across America. However, the average amount of debt does vary from state to state. States each have their own laws regarding debt and the bankruptcy process. This makes debt management in Virginia unique from any other state. Other factors that may influence the average amount of debt held by consumers in each state includes the median household income and the unemployment rate.

Though Virginia’s median household income is quite higher than the national median household income, the unemployment rate varies widely depending on what city you live in. On average, consumers in Virginia carry a bit more credit card debt in comparison to the national median rate. However, the average credit score for Virginia consumers is also a little higher than the national average of 687. Despite these numbers, there is still a need for debt relief in Virginia. This is where a debt relief agency, such as Debt Quest USA, can help you to become debt free through debt management programs such as credit counseling, debt consolidation and debt settlement in Virginia, among other options.

 

Debt Collection in Virginia

When working to become debt free in Virginia, it is important to know about some laws. Virginia follows a set of federal laws called the Fair Debt Collection Practices Act, or FDCPA. These laws deal with collection agencies and the law firms that collect debt.

In addition to these federal laws, Virginia has some state laws as well. One of these laws is in regards to the maximum allowable interest rate a collection agency can charge, which is 6%.

Another law in Virginia provides wage protection up to 75% of disposable weekly income, or 30 times the federal minimum wage.

To have a more in-depth understanding of the laws regarding debt collection in Virginia, it is recommended that you seek legal advice from an attorney or an agency that offers debt management programs in Virginia.

Statute of Limitations of Virginia

The statute of limitations in Virginia for debt relief is based on a maximum period of time in which legal actions may be initiated against the debtor. These statutes of Virginia are based on a period of time after the debtor has become delinquent on payments. Statute of limitation laws vary from state to state, so it is important to seek help from a trusted agency that offers debt management services in Virginia.

Types of Debt Management Programs in Virginia

If you are seeking to become debt free in Virginia, Debt Quest can offer you help with a professional debt management program in Virginia. There are a variety of options available to you for debt relief in Virginia. These options include: debt consolidation in Virginia, consumer credit counseling, debt settlement in Virginia and bankruptcy (including both bankruptcy chapter 7 and bankruptcy chapter 13).

Types of Debt Management in Virginia

There are several options available to help you become debt free. After examining your personal debt situation, a trained professional from a debt relief agency will be able to help you decide which course of action is best for you, whether that is debt settlement, a debt consolidation loan in Virginia or some other option. The great news is that several of these debt relief programs in Virginia can help you save money in the long-run.

Debt Consolidation in Virginia

One option for debt management in Virginia is debt consolidation. A debt consolidation loan in Virginia is when all of your debts are consolidated into a single loan that often has a lower interest rate. This makes payment of your debts more affordable. Virginia debt consolidation programs are perhaps the most used forms of debt management to help consumers become debt free in the state. When working with a debt consolidation company in Virginia, that agency will negotiate the terms of the consolidated loan on your behalf with your creditors.

There are few other important things to note when using debt consolidation loans in Virginia to become debt free. In some cases, once you have paid down enough of your debts through a Virginia debt consolidation program, some debt relief agencies may choose to move to debt settlement in Virginia with your creditors. However, not all debtors will qualify for debt settlement. It is also important to note that debt consolidation loans in Virginia do not lower the total amount of debts owed, just the interest rate on those debts. To better understand which form of debt management in Virginia is best for you, consult with a trusted debt relief agency.

Debt Settlement in Virginia

Another option for a debt relief program is debt settlement in Virginia.  This is when a debt relief agency negotiates with your creditors on your behalf to lower the principal amount of debts owed. The agency may also be able to lower the interest rate on those debts. Because this type of debt relief eliminates some of the debt you owe through debt forgiveness, debt settlement in Virginia can be very appealing. Unfortunately, not everyone will qualify for this debt relief program in Virginia. More often than not, debtors will qualify for debt consolidation in Virginia. By working with a trusted debt consolidation company in Virginia, you will be able to learn if debt settlement or debt consolidation in Virginia is the best course of action for you.

Consumer Credit Counseling

Our goal at Debt Quest USA is to help you to a spot where you are able to thrive financially. This is why consumer credit counseling is such a great option for so many debtors. Credit counseling is when a debt relief agency provides you with classes on how to better manage your finances, including any current debts. The goal in taking credit counseling classes, is that you will better be able to handle your finances on your own in the future. Consumer credit counseling is often used in tandem with other forms of debt relief, such as debt consolidation loans in Virginia.

 

 

Bankruptcy in Virginia

Filing for bankruptcy in Virginia should be considered a final resort after having exhausted all other forms of debt relief in Virginia. This is because the bankruptcy process can have long-lasting negative effects on your credit score.

Filing for bankruptcy in Virginia includes two core options: bankruptcy chapter 7 and bankruptcy chapter 13. Before filing for bankruptcy in Virginia, it is advised that you consult with a trusted agency that provides debt relief in Virginia or a bankruptcy attorney to ensure there are no other options available to you, such as debt consolidation in Virginia.

Getting mounting debt under control can be very stressful. Before taking any action, it is best to consult with a trusted company that provides debt relief in Virginia, such as Debt Quest USA. By speaking with a licensed debt program official, they will be able to understand your unique circumstance. Once they have analyzed your personal debt situation, they will be able to recommend the best course of action for you to take, whether that is debt consolidation, credit counseling, debt settlement or bankruptcy in Virginia.

Debt Settlement Is Your Start To A Debt Free Future
Contact US

How Much Can You Save?

How much debt do you owe?

$1

$100k+

What is your desired
monthly program deposit?

$1

$5000

Debt Quest Debt Settlement

$500

Your monthly
program deposit

$5,750 Savings

Your Savings

39 months to pay off your
current debt listed above.

Your monthly program deposit:
$500

Your Savings:
$5,750 Savings

39 months to pay off your
current debt listed above.


Debt Consolidation or Credit Counseling

$500

Your monthly
payment

You pay $14,478 more

No Savings

79 months* to pay off your
current debt listed above.

*Assumed average interest of 15%

Your monthly Payment:
$955

No Savings:
You pay $14,478 more .

36 months to pay off your
current debt listed above.

*Assumed average interest of 15%


Paying Minimum Monthly Payments

$500

Your monthly
payment

You'll Pay $29,199 More than you owe currently

No Savings

9 years* to pay off your current debt listed above.

*Assumed average interest of 20%

Your monthly Payment:
$500

No Savings:
You'll Pay $29,199 More than you owe currently.

32 years* to pay off your current debt listed above.

*Assumed average interest of 20%

We know what we are doing
Check our licenses
DebtQuest USA, LLC BBB Business Review