Although we are a free online resource and do not charge you anything for our services, the law firm does charge a retainer equal to 15% of the debts that you include in the program, plus a small monthly service fee. Please remember that all program fees are included in your monthly payment and are not due in advance. In addition, they will not start until you execute the Legal Services Agreement which will be sent to you upon completion of your online enrollment.
If you can afford to make the monthly payments, you can afford to pay the fees. All fees are built into the program and are included in your payments. Simply make your monthly payments and all of the fees will also be paid.
Nobody wants to hire a lawyer, but if you are struggling with crushing debt or are being hounded by relentless debt collectors, then having a lawyer representing you is definitely the best solution. Plus, our program will save you much more than the legal fees. More importantly, effective legal representation can restore your peace of mind.
In the short-term, your credit rating will reflect that you are not current on your debt payments which in most cases will negatively affect your credit. Please remember however, that our plans are in no way a bankruptcy.
The good news is that as your debts are settled and paid, the amount of your total debt will decrease which in most cases will have a positive impact on your rating.
Fortunately, consumer protection laws are very strong, therefore, once debt collectors are notified that you are being represented by an attorney they will generally cease making calls to you and should contact the law firm directly. Stopping the harassing phone calls and giving you peace of mind is one of the main goals of the program.
Many people faced with financial hardship rush to bankruptcy as a method of resolving their debt concerns, although their problems might have had other solutions. We believe bankruptcy should ONLY be used as a LAST RESORT; pursued ONLY after all other debt relief remedies have been explored. A bankruptcy filing is a very detrimental entry on your credit history, and can remain on your credit reports from 7 to 10 years after the bankruptcy filling has been discharged.
Borrowing more money is not going to help you. Please understand that you're in a high risk category and the higher the risk for the bank, the higher the rate for you. Remember, you want to get out of debt not deeper in. Plus, if you could get a loan, the lender would most likely want it to be secured by your home or other assets. If you then defaulted, you would lose whatever precious assets you currently have.
As sufficient funds accumulate in your Settlement Deposit Account, settlement offers are submitted to your creditors. Therefore, "starting negotiations" is completely dependent on the available funds in your Settlement Deposit Account.
The credit grantor will close any account on the plan. We recommend that when joining, you close your accounts on your own. We believe that it will look better on your credit report if you close them. Don't worry; our pre generated letters to your creditors will take care of that for you.
No. Once an account is closed, that account number will never re-open. After your debts are paid off you can apply for new credit cards or start with a secured card.
Most likely the person who is telling you that is a paid collector who is self-interested and makes commissions or bonuses on what they receive from you. They may tell you they won't work with us just to get you to send money directly to them. Once you become a client, you will direct all creditor calls to the law firm.
The term "debt settlement" means negotiating with a creditor to reduce the amount of a delinquent debt down to a lower amount, that the debtor can then pay in order to fully satisfy (or pay off) the debt. The primary benefits of this strategy are to help you become debt free sooner, pay your debts on terms structured to your specific budget, avoid bankruptcy, and pay less than you would by making the minimum monthly payments.
No. Whether or not these additional charges can be added to your account is determined by the agreement you signed with each of your creditors when you first obtained the account. If the agreement allows for these additional charges, then we cannot prevent creditors from assessing them. Of course, if your creditors continue adding these charges, then your account balances will keep growing until we are able to negotiate settlements.
But remember, even if you were able to continue making the minimum monthly payments, these charges would be added. Also, even with these additional charges, we are going to negotiate a lump-sum final settlement, and this amount is typically far less than the total balance due. Therefore, in the long run, these charges don't really affect you.
With debt settlement you can choose which accounts you want to include. You should be aware that some accounts left out of the program might be closed if the creditors discover that you are in debt settlement.
We are able to resolve any unsecured debt, meaning credit cards, medical bills, etc. Debts that are secured by property, such as mortgages, car loans, or purchase contracts cannot be included. We also cannot service IRS obligations or government-backed student loans.
