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When will Express Debt Settlement begin settling my debt?
Upon receiving your first payment, our attorneys will immediately go to work by contacting your creditors and debt collectors to inform them that they are now handling your accounts. They will send out an authorization to speak with them and a cease and desist letter. You will be able to contact them at any time regarding questions about the program and your creditors. Once we have collected all of the fees, one by one each of your creditors will be settled, and all of your unsecured debt will be resolved by the end of your program.
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Why should I use Express Debt Settlement to settle my debts as opposed
to handling it myself?
We have experienced attorneys and debt arbitrators that fight for your
rights. We will be able to negotiate a better settlement with the
creditors, which are usually averse to negotiating with the consumer
directly. The attorneys have extensive knowledge in Federal and State
Consumer Laws and exercise the Fair Credit Reporting Act, Fair Credit
Billing Act, as well as the Fair Debt Collection Practices Act to help
settle your debt.
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Will I still receive harassing calls from creditors or collection
agents?
In regards to the creditors, they have the right to attempt to collect on the debts owed to them. They will receive several letters from our attorneys including the authorization letter and a cease and desist letter, which requests that all further communication in reference to your account be directed to them. Often times, creditors will continue to contact you, which is completely legal. However, once your debt is sold to a collection agency, the Fair Debt Collection Practices Act is implemented meaning that it would be illegal for a collector to communicate with you in connection with the collection of any debt. A debt collector may not harass or abuse any person in connection with the collection of a debt.
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Should I keep paying my credit card bills?
Due to your legitimate financial hardship, you are able to participate
in this savings program in order to help pay your debts in the future.
We are not here to advise you not to pay your debts now, however if
you continue to make payments to your creditors, there may be less
debt or possibly none left at all for us to settle. If you are able to
save money in this program and make payments to your creditors at the
same time, then you probably don’t actually have a legitimate
financial hardship.
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How does settlement affect my credit score?
Any method used to improve your debt situation other than making
scheduled payments to your creditors will negatively affect your
score. There are too many unknown variables to predict how much your
score will actually decrease, however the intention of this program is
to settle your debt, not to improve your score. Once the program is
completed and your credit report reflects less debt or none at all, it
should be easy to increase your score at that time.
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Will I accrue penalties or fees if I miss a monthly payment to Express
Debt Settlement?
No. Simply call your debt consultant and we will work with you to
complete the program. It is understandable that circumstances may
arise, and we will help you get back on track with your payment
schedule. We are much more reasonable than your creditors, who
unfortunately capitalize on your mistakes.
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What if my creditors won't settle?
It is extremely rare for a creditor not to settle. Due to the fact
that you have a legitimate financial hardship, creditors realize that
a settlement is in their best interest because if you file for
bankruptcy, they can be left with nothing. Creditors lose billions of
dollars per year from consumers filing bankruptcy.
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How long will it take to settle my debts?
The settlement time on each account will differ depending on the
amount of debt in question. Some accounts may take up to 12 months to
settle, while others may take much less time depending on the status
of the account. Remember, although an agreement may be reached with
your creditor in just a few months, the settlement will not take place
until the monies are available in your settlement account.
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How is debt settlement different from debt consolidation?
Debt settlement is a program that will help you save money to pay your
unsecured debts in the future. Debt consolidation, on the other hand,
is a loan that is designed to simply reduce your interest rates among
your creditors. Depending on the amount of debt that you owe, it may
take literally decades to clear your name, even with a reduced
interest rate. Not to mention, consolidation could also negatively
affect your credit score.
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What is the difference between unsecured and
secured debt?
Unsecured debt is derived from credit that is extended without the
use of collateral. Credit card debt,
medical bills, department store card debt, and personal loans are
all examples of unsecured debt. A
signature promising to repay the creditor is all that is required
to obtain this type of debt. Secured debt
is a loan that is tied to something tangible. A mortgage and an
auto loan are common examples of
secured debt.
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Who qualifies for a debt settlement program?
A debt settlement program is certainly not for everyone. Qualified
candidates are those who have a legitimate financial hardship, which
has caused them to fall behind on their payments to creditors, or will
cause them to fall behind in the near future. Express Debt Settlement
will not welcome anyone into the program that has the intentions of
defrauding, deceiving, or swindling their creditors. We only represent
consumers who are truly in need of our services and stand to
significantly improve their financial situation.
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Do I have to include all my debts into a debt settlement program?
No. You may choose which debts you would like to enroll in the program.
Your debt consultant will help
you decide the best plan of action based on your current financial
situation.
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How is debt settlement different from bankruptcy?
Bankruptcy is an option that is generally treated as a last resort. It
will remain on your credit report for 10 years and you can be denied
employment, state licenses, insurance, and tenancy of an apartment.
Most importantly, you can be denied virtually any type of credit with
a bankruptcy on your record. In addition, since the bankruptcy laws
have changed recently, it is even more difficult to qualify for
Chapter 7, the method of liquidating assets to eliminate your debt.
You will not be allowed to discharge alimony, child support, taxes,
student loans, judgments, or any loan on the bankruptcy petition.
Under Chapter 13 bankruptcy, your debt payments are simply
restructured meaning you will still have to pay a percentage of your
debts while you suffer the consequences of bankruptcy. Debt settlement
is an attractive alternative to bankruptcy. It provides a convenient
method to save money to help pay your debts in the near future.
You’ll be able to restore your credit much quicker through a
settlement program.
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