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Services

Debt Settlements

Working with a company, you make monthly deposits into an account. The company negotiates with your creditors to accept less than the debt owed. That amount is then paid to creditors, from the account you deposited into, until the debt is resolved.

PROS
Significant savings over making minimum payments
One low monthly program deposit
Faster than making minimum payments

CONS
Debt collection calls
Legal risk, impact to credit
Results vary

Credit Repair

It can be a little frightening to realize just how much of an impact that a poor credit score can have on your life. Everything from housing availability and insurance premiums to job offers depends on whether or not your credit is acceptable to others.

If your credit ratings are less than ideal, calling one of the best credit repair companies to help you start the cleanup can make the difference between quickly improving your credit--or digging yourself deeper into a hole. In researching options to repair less than perfect credit, we realized that there are a lot of less-than-savory credit repair companies out there. We wanted to save you time, effort, and energy so we’ve the research for you. Let us refer you to one of the companies that we know can get the job done for you.

Private Student Loans

Private Student Loans

The bottom line is that college is costly. Private Student Loans are associated by higher and more inconsistent interest rates than Federal Student Loans. Students are likely to acquire a far greater debt if they take a private loan. With tuition fees increasing 2% to 3% annually and grants and awards shrinking at a faster rate, students are not able to rely merely on financial aid to pay for college. Taking a private student loan is fast becoming an alternative for college students to pay for the exorbitant tuition fees and is far from being a practical and maintainable option.

Student Loans Debt Facts:

  • $1.45 trillion in total U.S. student loan debt
  • 44.2 million Americans with student loan debt
  • Student loan delinquency rate of 11.2% (90+ days delinquent or in default)
  • Average monthly student loan payment (for borrower aged 20 to 30 years): $351
  • Median monthly student loan payment (for borrower aged 20 to 30 years): $203

Private Student Loan Statistics:

  • Private student loan debt is on the rise; $6.2 billion was borrowed in 2015-2016, up from $5.5 billion in 2014-2015.
  • From 2015-2016, borrowers didn’t take advantage of federal student loans as much as they could have: 19 percent didn’t take out Stafford loans, 8 percent didn’t apply for federal financial aid, 11 percent applied for federal aid but didn’t take out a Stafford loan, 28 percent had Stafford loans but borrowed less than they were eligible for.
  • In 2015-2016, 48 percent of private loan borrowers attended schools that had tuition costs of $10,000 or less
  • Nearly 1.4 million undergraduates borrowed private loans in 2015-2016

Government Student Loans

There are two principal types of government student loans: federal student loans and state student loans. Federal student loans include student loans such as the Direct Loan, Grad PLUS Loan, and Perkins Loan, and loans for parents, such as the Parent PLUS Loan. These loans are available to students who are enrolled at a school that participates in the Title IV federal student aid programs.

All federal student loans are formulated through the Federal Direct Student Loan Program (FDLP). These loans are financed by the federal government, expended through the colleges and universities, and examined by contractors to the U.S. Department of Education.

Federal Student Loans

Federal Student Loans

Student Loan Support Services specializes in helping Federal Student Loan Borrowers with the different options that are available to them when it comes to paying their Federal Student Loan Debt.

There are numerous government based assistance programs that borrowers could potentially qualify for. There are Loan Consolidation programs, Loan Forgiveness programs, Income Driven Repayment Programs and Loan Discharge Programs.

Most borrowers are able to qualify for at least one of the programs offered by the US Department of Education. We are a document preparation company that assists the borrower with the preparation and filling of all necessary documents and applications to enter into one or more of the assistance programs offered by the US Department of Education that they may qualify for.

We often see our clients being approved for payments as low as $0 per month based off their family size and income when enrolling into an Income Driven Repayment Plan.

If the borrower works for a nonprofit organization or is a government employee, they may qualify for Loan Forgiveness after 120 consecutive payments. Teachers often qualify for instant partial forgiveness of their loans based on what they teach and how long they’ve been teaching for.

We are able to review our clients Federal Student Loans and consult with them about what options are available when it comes to repaying their student loans. Once our clients have decided which program(s) they’d like to enroll in, we prepare all the documents and applications to submit on their behalf.

Credit Counseling

A counselor reviews your financial situation, sets up lower interest rates with your creditors if possible, and creates a debt management plan for you to follow.

PROS
One monthly payment
Lower rates and fees
No collection calls

CONS
Lenders may view you as credit risk
Principal debt not reduced
Credit card accounts closed

Tax Relief

Every year, many Americans are given tax refunds by the Internal Revenue Service (IRS). Some people, however, owe money to the IRS but cannot pay the taxes all at once. Many people think that they can catch up eventually but are wrong. It is this misconception that causes frightening problems.

Unfortunately, life brings unexpected events such as medical problems, costly repairs, legal expenses, or job terminations. When life's unexpected twists and turns cause financial problems for you and your family, you could suddenly find yourself wading in several years' worth of outstanding tax debts, sometimes even three to four times the amount that you were originally responsible for paying. You can only tread water for so long, and before you know it, your back taxes could cause you to sink underwater.

This scenario is all too common, and many individuals find themselves trying to paddle against the overpowering current of debt. If you are struggling with debt due to back taxes that you owe to the IRS, do not worry any more.

Legal Services

One of the biggest obstacles a consumer faces while in a debt relief program is the risk of creditor lawsuits and harassing collections calls. The Veritas Legal Plan provides an attorney to defend all creditor lawsuits and enforce consumer protection laws to ensure a smooth debt relief program experience. Be sure to ask your Debt Relief Company how they handle creditor lawsuits and what they do about the collection calls.

Everyone deserves legal protection but not everyone can afford it. Veritas Prepaid Legal is here to help, from defending creditor lawsuits and consumer protection laws to will, trusts, family matters and much more; we have your rights covered.