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Alaska Debt Collection Laws and Statutes

Below you will find important information on Alaska state debt recovery laws including: Alaska Statutes, Judgments, Garnishments, Interest Rates, and Bad Check Laws.

STATE: ALASKA

Interest Rate

  • Legal: 9.25% (for 2007) Re-set every Jan 2
  • Judgment: 9.25% (for 2007) or contractual

STATUTE OF LIMITATIONS (IN YEARS)

  • Open Account: 4
  • Written Contract: 6
  • Domestic Judgment: 10
  • Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)

Damages in amount equal to $100 or triple the amount of the check, whichever is greater, but no more than $1000 over the amount of the check.

GENERAL GARNISHMENT EXEMPTIONS

$438 per week for earning exemption. May be increased to $688 per week if qualified for head of household (no one else in household earning any money).

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Debt Settlement Guide – What to Expect When You Use a Debt Settlement Company

 

If you have a problem with outstanding debt, then using a debt settlement company may be the best option for you. Debt settlement is when you reduce and negotiate down the principal on your outstanding debts. It is possible to reduce the amount that you owe anywhere from 40 to 60 percent. You can settle most types of debts, including credit card debts and medical bills. By reducing the amount of debt you have and lowering your payments, it will help avoid bankruptcy. The settlement company can also reduce or eliminate late payment fees and over the limit fees from a credit card company.

The way it works is a debt settlement company will offer a settlement program to those who need help and the company will negotiate with your creditors. Most of the time you will be charged a fee for service upfront, but sometimes companies will only charge you if they save you money. When you use a debt settlement company you will stop paying your bills to your creditor and make a one-time payment to the collection company. The settlement companies will deposit that into an account for you and when you have accumulated enough money in the account, the settlement company will then begin to negotiate with the debt collectors. Debt settlement companies will usually charge a percentage of what you have saved or the amount that was eliminated. The factors for the fees from the settlement company include the amount you will save by settling, how much debt is owed in total and the amount of accounts you have. The amount of time it will take to complete the program will be approximately two to four years, but this depends on the amount of debt you owe. After a creditor eliminates part of the debt, it is possible that you may owe taxes on the eliminated debt. The debt that you will not have to pay is called cancellation of debt income and may be taxable under IRS guidelines. Once your debt is settled you will not be able to get sued for the debt in most states.

To get started today, call our toll free 1-877-680-6064 to speak with an associate or fill out the form below and we will contact you within 24 hours.

Debt Settlement – What It Stands For?

 

Debt settlement is an important process for people who have debts that they are unable to pay. Many companies think debt settlement is a simple process and often feel they can handle it themselves. This can be a huge mistake. Most companies that provide credit to customers do not have large legal departments, specifically structured to locate delinquent customers and ensuring they are able to recoup as much of their outstanding debt as possible. If debtors are unwilling or unable to pay, the company’s best option is to engage a collection agency with experience in debt settlement to recover the debt on their behalf.

Collecting outstanding debt can be a complex process. Debtors often try hiding assets so they do not have to repay the money they owe. An experienced collection agency is aware of a number of ways to get debtors to settle their debts. Debt settlement can take a long period of time and a good deal of negotiation. Most companies do not have the time or the manpower to locate debtors and negotiate with them. Collection agencies, on the other hand, understand the intricacies of debt settlement and have the staff trained to handle the debt recovery process.

Working with debtors often requires a delicate balance between stern, aggressive action and working to understand what a debtor can afford. This requires a staff that is able to conduct in-depth research. They often have to locate the debtor and work to find out what assets they have and how that can be leveraged to ensure both the debtor and the creditor get a deal with which they are both satisfied. Reaching this kind of debt settlement combines both art and science. An experienced collection agency knows how to use collection letters and skilled agents to cajole the debtors and convince them that it is in their best interest to reach a debt settlement.

These are challenging times for both businesses and individuals. Many individuals take loans in good faith with every intent of repaying them. When adverse circumstances prevent them from repaying their loan, it put both debtors and their creditors in a difficult situation. The best way to resolve the situation is to let a collection agency handle it. With the resources at their disposal collection agencies are uniquely qualified to handle the debt settlement process.

To get started today, call our toll free 1-877-680-6064 to speak with an associate or fill out the form below and we will contact you within 24 hours.

Debt Settlement Programs – Are They Effective Debt Relief Solutions?

 

Debt settlement is an important process for people who have debts that they are unable to pay. Many companies think debt settlement is a simple process and often feel they can handle it themselves. This can be a huge mistake. Most companies that provide credit to customers do not have large legal departments, specifically structured to locate delinquent customers and ensuring they are able to recoup as much of their outstanding debt as possible. If debtors are unwilling or unable to pay, the company’s best option is to engage a collection agency with experience in debt settlement to recover the debt on their behalf.

Collecting outstanding debt can be a complex process. Debtors often try hiding assets so they do not have to repay the money they owe. An experienced collection agency is aware of a number of ways to get debtors to settle their debts. Debt settlement can take a long period of time and a good deal of negotiation. Most companies do not have the time or the manpower to locate debtors and negotiate with them. Collection agencies, on the other hand, understand the intricacies of debt settlement and have the staff trained to handle the debt recovery process.

Working with debtors often requires a delicate balance between stern, aggressive action and working to understand what a debtor can afford. This requires a staff that is able to conduct in-depth research. They often have to locate the debtor and work to find out what assets they have and how that can be leveraged to ensure both the debtor and the creditor get a deal with which they are both satisfied. Reaching this kind of debt settlement combines both art and science. An experienced collection agency knows how to use collection letters and skilled agents to cajole the debtors and convince them that it is in their best interest to reach a debt settlement.

These are challenging times for both businesses and individuals. Many individuals take loans in good faith with every intent of repaying them. When adverse circumstances prevent them from repaying their loan, it put both debtors and their creditors in a difficult situation. The best way to resolve the situation is to let a collection agency handle it. With the resources at their disposal collection agencies are uniquely qualified to handle the debt settlement process.

To get started today, call our toll free 1-877-680-6064 to speak with an associate or fill out the form below and we will contact you within 24 hours.

Debt Settlement: Pros and Cons

 

With the current slump in the economy, many people find themselves unable to make their normal payments on their debt balances. Facing the risk of going into default on these debt balances, many people are considering debt settlement as an option. While debt settlement will allow them to negotiate paying a lower amount in order to cover their outstanding balance, the process does have its pros and cons.

There are definitely benefits to debt settlement. Having to pay less than the entire outstanding balance can save people money and improve their cash flow. Those seeking debt settlement can expect to save 40-60%, depending on which bank holds the debt. Once the debt is settled, it will mean that it is no longer eligible for legal action and the collection calls will end. Debt settlement is generally faster than other options for debt reduction as it doesn’t involve any long-term debt restructuring. Finally, debt settlement is an excellent way for those who are really struggling to avoid bankruptcy.

There are also some disadvantages to debt settlement. First of all, the person’s credit report will reflect a settled debt balance rather than a balance paid in full. This will cause a reduction in their credit rating for a period of time. Any savings from debt settlement is reported to the Internal Revenue Service as forgiven debt. This is considered income to the person and faces income taxes. Many banks will require a lump sum of cash for the negotiated settlement balance. For someone who is having a hard time making regular payments, coming up with a lump sum of cash is often not possible. Finally, there are a number of unethical debt settlement companies that exist. It is a good idea to shop them around and look for trustworthy references before choosing a company.

It is important to get something in writing from the debt holder or collector saying that the negotiated amount satisfies the entire outstanding balance. Failure to do this can allow them to sell the remaining balance to another collection agency who can then seek legal recourse.

It is important to look at the pros and cons of debt settlement before making a decision to move forward with the process. While it has its advantages, it is not for everyone. It is important to do your homework before getting started in order to achieve the most favorable outcome possible.

To get started today, call our toll free 1-877-680-6064 to speak with an associate or fill out the form below and we will contact you within 24 hours.

Debt Settlement and Debt Consolidation – What’s the Difference?

 

The differences between debt settlement and debt consolidation are the methods used to repay the debt. In debt settlements the process engages a degree of negotiation with the creditors, generally reducing the debt’s balance by as much as 50 percent in some cases. The remaining balance consists of the principle debt and an agreed amount of interest or fees, establishing a new debt balance.

Home equity loans or refinancing an existing loan is generally a form of debt consolidation, placing all of the debt into a single loan amount. Restructuring the loan balance with a better or lower interest rate usually results in a more manageable monthly payment. Neither of these arrangements erases the debt, they provide an alternative method for repayment of the amount owed.

Determining which of these solutions work best for you, you need to take a look at your financial situation. Both debt settlement and debt consolidation require some form of available cash or credit. If you’ve chosen debt settlement, you need to speak with the creditor or credit collection agency to discuss the options available. Be prepared to negotiate the debt balance and be sure to have the arrangements in writing, along with acknowledgements to your creditors and credit reporting agencies.

Debt settlement services will work with you charging a fee for their services. You may also need to quality before a debt settlement service agrees to take on your situation. Those qualifications may include income requirements with a specific amount of debt balance. Debt settlement may be the best solution if you are strapped for cash and unable to make a large settlement payment. There are precautions when considering a debt settlement company; first be sure they are accredited to provide these services. More important be sure that you are able to make the monthly payments towards your bills and the fees for debt settlement service. Debt settlement may affect your credit ratings as you go through the process.

Selecting debt consolidation works with good credit and may be easier for home owners with the available equity. Once again there are qualifications to quality for this method, which has less of a negative affect against your credit score, when the payments are made on time. Taking a personal loan may also be an option as long as the loan conditions are met or you have another form of collateral to be used.

To get started today, call our toll free 1-877-680-6064 to speak with an associate or fill out the form below and we will contact you within 24 hours.

How to Choose a Debt Settlement Company

 

With the nation’s economy still in a dire period of recovery, many families and individuals like you are attempting to tackle mounting bills and financial responsibilities with shrinking wages. This is probably the best time for you to consider some workable options like selecting a debt settlement company to assist you with the myriad of unmanageable debt. You may consider this option as a way of making an assumption you are unable to fix your bill paying troubles on your own and that negatively effects your credit score. In actuality, by pursuing this option which has proven highly successful for many individuals, you are taking the first critical step toward building financial stability.

How To Choose

Be prudent when you begin your search for a debt settlement company, just as you would be if you were selecting a bank or financial institution to handle your credit or other financial instruments. One of the benefits of beginning your search for a debt settlement company is that there are a great many of them, as many offer a variety of services as well as options to settle your debt. Narrow your focus to a few that will meet your needs and check with the Better Business Bureau. This is important because you need to know if there have been customers who have lodged complaints concerning service, reliability or even if litigation has been initiated.

Interview The Debt Settlement Officer

After you have decided on two or three debt settlement companies, the next crucial step is to be assertive and make inquiries about the process that will be used to settle your debt problems. Find out about all of the fees that they will be charged for the process and how the firm will be handling any and all of the creditors who are now hounding you for payments. In fact, make a list and make certain you fully understand the answers, as well as how long the process will take, until your debt problems are solved. Also, check to see if the debt settlement company is accredited, which will indicate the degree of professionalism and service reliability that you can expect.

What Are the Costs?

Before you sign on the dotted line, make absolutely certain that you are able to afford the terms, fees and conditions you are obligating yourself to. Debt settlement companies will work with you to help you settle your financial problems, but you should not select terms that are out of your financial ballpark. Do not attempt to consolidate your debt by adding more debt to your avalanche of bills and always request in writing what their guarantees and fee refund policies are. Highly reputable firms are not afraid to guarantee results.

To get started today, call our toll free 1-877-680-6064 to speak with an associate or fill out the form below and we will contact you within 24 hours.

What is Debt Settlement?

 

Many people are confused with debt settlement and they sometimes think that this is the same as dept consolidation. Dept consolidation is a little different. It is when you would make payments every month to the dept consolidator. The consolidators then take a small fee for their service and then pass you off to the creditor. This is where you would continue to make your payments too, so that they will continue to receive the money from the dept.

During a dept settlement, you who is the debtor would make your monthly payment. The dept settlement agency or company then take out their fee and your money is then placed into an account for special purpose. The creditor would not collect its money until you have settled. The dept settlement company usually tells you not to make any payment to the creditor until you have settled your case. Doing this will help push the creditor into having to workout a price that is usually lower than what you own. One of the problems with this is that you can worry about the creditors coming after you in court. This is considered one of there collection procedures that they take. If you would stop making your monthly payments, this could result in the creditors issuing different fines and interest on what you originally owed.

One of the best ways for the consumer to work on the dept is to hire out a dept settlement company. In most cases, dept settlement companies can really help that person. Most of the time is would cost a small fee or a monthly fee for their service and to represent you, just like a lawyer would. Some of the best settlement companies you should look for are the ones that wont charge you until the case is taken care of and finished. Therefor the company wont charge you during the time that it’s working with the creditor, saving you some money in the process.

Since that the economy is in turmoil, many people are looking for dept settlement companies. Mainly because the consumers have a bulk dept from overused credit cards and such like this. Since these settlement companies work so much with the credit card companies, they have a faster rate of coming to an agreement over the consumers dept. This can happen to be a win win for both you and the dept settlement company.

To get started today, call our toll free 1-877-680-6064 to speak with an associate or fill out the form below and we will contact you within 24 hours.

Choosing an Experienced and Qualified Debt Settlement Company

 

There are many debt settlement companies that one can choose from. Debt settlement companies use the process of restructuring or arranging debt settlements for consumers to pay the lender. However, if you are in the position of having to collect a debt, you can find a debt settlement company or collection agency that will take over the process of collecting payments. It is imperative as a business owner to find the right agency to collect your debt so it can be done in a timely fashion. The company should know how to effectively collect a debt. An individual does not want to hire a company that is going to waste a great deal of time and will only be marginally effective when it comes to debt recovery.

A qualified debt settlement company can go a long way toward either collecting a debt or reaching a mutually agreed upon settlement with the debtor in question. One should pick a debt settlement company that has been in business for a number of years. Experience counts for a lot and the company should have proven methods of debt collection. They should also know the law and what they can and cannot do in regards to methods of debt collection.

A business owner should also choose an ethical collection service. Threats toward consumers or prior business partners could come back to haunt the business and if the collection or settlement agency is prosecuted you may not be able to collect your debt at all. One should work with an agency that knows the process of wage garnishment and judgments, should it come to that. Many collection agencies will try many methods to settling debt and they should be well versed in all debt collection strategies.

A debt settlement agency can be your best friend when it comes to collecting a debt. They can work with consumers to find a resolution that is suitable for all parties involved. A debt collection agency can employ negotiating techniques to settle the debt as should be experienced in this as well. Many people can use these agencies to settle debt and pay their charges comfortably. It is really helpful to all to be able to settle debt effectively.

To get started today, call our toll free 1-877-680-6064 to speak with an associate or fill out the form below and we will contact you within 24 hours.

Red Flags For Debt Settlement Companies

 

Debt settlement companies provide their clients a valuable service, but as with any industry, there are some firms that use fraudulent practices. There are several red flags that are associated with these firms, and this can help consumers find the right company. Debt settlement is a way that debtors can arrange for a third party to pay off an unsecured loan. Payments are made to a debt settlement company who holds it in a trust account. This account accumulates and can be used to make a lump sum payment to the creditor. Many firms charge fees for their services, and the amount that’s charged should be clearly understood. The payments may also be made for several months, and a consumer should be sure they’ll be able to pay for the entire term.

Most firms charge a fee for their services, and it’s usually a percentage of the debt settlement amount. Different firms vary the amount they charge, and a smart shopper checks around. There are a variety of red flags that should alert debtors to be wary of certain debt settlement companies. Fees that are excessive should be avoided.

The terms of the payment is another area that can raise red flags. Most of the terms that debt settlement companies offer run from 12 to 60 months. Debtors are in trouble because they have trouble making their payments. If a consumer is unsure of their ability to pay for the entire time, or the term seems far fetched, this can provide the debtor a chance to reconsider. There are reputable firms that provide their clients with a valuable service, but consumers should ensure the company, they hire, is the right one.

Debt settlement can benefit consumers, but there are many firms that take advantage of people’s situations. Luckily, there are a variety of red flags that consumers can use to recognize fraudulent practices. One of the first considerations is the fee that a debt settlement company charges. This is usually a percentage of the debt, and a smart consumer shops around to see what the market bears. Another issue has to do with the terms of the payment plan. Terms that are unusually protracted should be avoided. Many people are unsure of what the future holds, and long terms can lead to trouble. There are many reputable debt settlement companies that provide a valuable service to their clients, and they can benefit debtors.

To get started today, call our toll free 1-877-680-6064 to speak with an associate or fill out the form below and we will contact you within 24 hours.

Frequently Asked Questions

We are the professionals! Third-party intervention significantly increases successful debt recovery.

The individual’s credit score will be negatively affected. We will also audit the claim to determine if the claim warrants legal action.

We will happily accept your old debts! The statute of limitations varies in each state so call us at 877-680-6064 to see if your debt is still valid

We use cutting edge technology to locate your debtor’s whereabouts, contact information and assets; all of which are critical to successful recovery of your money.

That’s great news! Report the payment to us ASAP and we can bill you for our commission.

Many debts are collected within the first 30 – 90 days.

Yes! Since there are costs associated with taking someone to court, this phase is always optional and we will never take legal action without your authorization.

You can access our Client Portal 24/7! You can also call us anytime at 877-680-6064.

Once your debtor’s payments adequately clear our account, we’ll get a check out to you thereafter.

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