FAQ
What is debt settlement?
Debt Settlement is an aggressive approach to unsecured debt reduction, which is appropriate for debtors with a serious amount of unsecured debt or those debtors who are considering bankruptcy. Contrary to popular belief, debt settlement is NOT A LOAN!
What type of debt qualifies for your program?
You must have a balance of unsecured debt of at least $7,500.00 to qualify for our program.
What is unsecured debt?
Unsecured Debt is any debt that is not attached to or secured by collateral. Typically, credit card debts, department store credit card debts, medical bills, repossessions, and payday loans are unsecured debts.
Who qualifies for your program?
You must be over the age of eighteen and have unsecured debt which is greater than $7,500.00.
How long are you on the program for?
Our program is tailored to the specific needs of each individual client; therefore the term of your plan will be calculated based on your particular financial situation. The typical client, that makes all timely payments, would be on our program for approximately 24-36 months. Shorter or longer terms may apply based on the client’s financial situation.
How much does it cost to be represented by your law firm?
There is a non-refundable retainer fee equal to 15% of your total amount of debt. There is also a non-refundable account maintenance fee of $50.00 monthly. That’s it - NO hidden fees or charges. The retainer and monthly maintenance fees are deducted from your FDIC insured money transmitter account as funds accumulate pursuant to the law firm agreement you sign when you enter the program.
Are we represented by your attorneys?
Yes. Our highly trained attorneys will be handling your debt. Our contract is a legal retainer, not a baseless contract from a non-attorney company. This is why our system works so well.
Why should I use an attorney?
Many creditor and collections firms will only negotiate and settle with a consumer’s attorney. Also, according to the Fair Debt Collection Protections Act, only an attorney can stop collection calls through the use of a cease and desist letter. In addition, attorney conduct is strictly observed and unethical behavior will result in severe penalties, which may even include having an attorney disbarred.
Who actually holds my money?
While on our program your money will be held and deposited with a third party FDIC insured money transmitter firm.
Will this affect my credit score?
This program may and probably will adversely affect your credit, HOWEVER not as bad as filing for bankruptcy, losing a home to foreclosure or not paying your creditors at all.
Why can’t I do this on my own?
We are attorneys trained to negotiate on your behalf. Not only do we have relationships with the creditors and their legal and collections teams, but we have the experience, training and knowledge to work out a settlement plan quicker than the average person or non-attorney debt Settlement Company.
Can I leave the program at any time, and what are the fees for doing so?
Yes. You may leave the program at any time. You will receive a refund on all monies paid into the third party money transmitter account minus the non-refundable retainer fee, and any monthly maintenance fee due through the date you cancel.
Where can I find more information on debt settlement?
One of the best resources to find out more information on debt settlement is searching the web or checking out the “Resourceful Links and Articles” section of our website. You can also call the law firm at any time if you have further questions.