What type of payment plans are available through debt relief law?

Under debt relief law in Virginia, there are several payment plan options available. The most common types of payment plans include interest rate reductions, extended repayment plans, and debt consolidation. Interest rate reductions are available to those who have higher interest rates than the state average, and they are often associated with debt settlement services. This type of plan lowers the interest rate on the debt, thus reducing the amount the individual must pay monthly. Extended repayment plans are offered to those with large debt balances compared to their income. This plan stretches the length of the debt, increasing the amount of time available for repayment and reducing interest costs. Debt consolidation is an option for those with multiple debts. This plan allows the individual to combine their debts into one payment, thus reducing the number of payments they have to make per month. It’s important to note that debt consolidation does not reduce the principal amount of the debt, but instead it reduces the amount of interest to be paid. In addition to these three options, other payment plans may be available depending on the individual’s situation. An attorney or other legal professional can help individuals determine which plan best suits their needs.

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What type of payment plans are available through debt relief law?

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