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Debt Resolution reduces your balance. Your debt is negotiated to pay less than you owe. The creditor forgives the remaining balance in a transaction called a settlement.
Debt consolidation combines all of your debt into one loan with a single monthly payment, typically charges interest, and may require a higher credit score for approval.
Each creditor can vary the amount they may accept for a settlement, but we will work with each creditor to achieve our average negotiation rate of approximately 50% (excluding fees). Our experienced team of negotiators knows exactly how to present your situation with each creditor. They will look for solutions that support your needs. We won’t stop until we’ve reached the best deal possible.
It depends on how quickly you can build up your funds and save for the settlement offers. The faster you save, the quicker you get out of debt. It typically takes between 24-48 months with our program. In comparison, if you only make the minimum payments on your credit cards, you could be in debt for the next 10-20-30 years and the payments with interest charges can be doubled or tripled from the amount you originally borrowed.
We charge NO fees until you approve the resolution agreement and your debt are settled. There are NO sign-up fees, NO cancellation fees, and there’s absolutely NO obligation. Once debts are settled, the average client usually pays a fee of 25% of the total debt enrolled, and is included as part of your monthly payment.
If we can’t settle your accounts, you don’t pay us. It’s that simple!
Depending on your personal situation and whether you have already missed payments to your creditors, the debt settlement program may have a temporary negative impact on your credit score.
Even though a do-it-yourself (DIY) approach might be a good option for home renovation projects and other hobbies, you shouldn’t take any risks with your debt resolution plan. Your financial situation has a long-lasting impact on your lifestyle and peace of mind. We take care of the details of debt negotiations and help to remove the stress and emotion of a negotiation. We are very well aware of the influences we can present to the creditor to achieve the best results, do not make the mistake of providing more information to the creditor that may help them take other steps to collect.
There is a possibility that a creditor might sue you. But, lawsuits are expensive, and creditors try to avoid them. We aim to complete the program as quickly as possible to avoid any lawsuits. In some situations, we may recommend a legal assistance program that may help if you are with a risky creditor. This legal assistance is a separate service and not for everyone. Today's Debt Solution does not provide legal representation.
No, please do not use the cards. Please do not make any last minute large purchases before enrolling. During the Resolution process, you will not be able to use your credit cards that are enrolled in the program. In Addition, creditors will usually close your accounts after you’ve missed a few payments. Your debt resolution consultant will help you decide the best plan of action based on your current financial situation.
That depends. Your creditors may issue you a 1099-C form for any debt forgiven over $600. The forgiven debt counts as income. But, if you are insolvent (you have more liabilities than assets) at the time we settle with your creditors, you may not have to pay any taxes on the forgiven debt.
“A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may be excluded as income under the ‘insolvency’ exclusion. Usually, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. Please refer to the IRS.gov exclusion. It’s best to speak with a CPA or tax professional for help with this.
In following the requirements of federal law, we do not complete a settlement unless you approve it. We do not collect a fee associated with our efforts to settle a debt until you have approved that settlement and made at least one payment. If we can’t pay your debt or if you’re not satisfied up to the point of us settling your debts for any reason, you can cancel anytime without any penalties or fees other than any fees earned associated with prior settled debts. That’s right! We get results, or you don’t pay.
We normally recommend resolving all unsecured debt to help you get on the path to financial wellness faster. Creditors are generally more willing to negotiate when they see that most of your accounts are delinquent due to your hardship. The decision to resolve all or some of your debt is totally up to you. We are here to help you decide what strategies are best for you. Keep in mind that we are a performance-based company; we only charge a fee at the time the first settlement payment is paid to a creditor on a negotiated account.
Everyone’s situation is different, but we have assisted many clients to become debt free without having to file bankruptcy. Filing bankruptcy can have long-term impacts on your credit and your ability to apply for new credit and, in some cases, employment opportunities. Bankruptcy can last for as long as 7-10 years. For example, nearly all credit applications ask if you have ever filed bankruptcy in the past. There are also costly court and attorney fees that accompany the filing process. Finally, depending on which chapter of bankruptcy you qualify for, you may still be required to pay back all or some of your debt.
No. The decision to speak with your creditors is completely up to you. We contact your creditors at the appropriate time using the appropriate negotiation method. Our services begin working for you immediately. We will continue communicating with your creditors to finalize negotiation discussions as your funds accumulate. It typically takes 6 months or more before we can negotiate and obtain your first offer, which allows in order to settle your first debt.
A “charge-off” is the point where your creditor writes the debt off their books and use other methods in collecting the debt. This typically takes place once the account has been delinquent for around 180 days. A charge-off does not release you from the debt that is owed. The creditor may notify the three major credit bureaus that they are unable to collect, and your account may move to a 3rd party collection agency.
From day one, you will be working with a team of the industry’s leading experts in debt settlement negotiations. Our dedicated consultants will guide you through every step of the process and make sure you make informed decisions along the way to resolving your debts.
This is a savings based program, so if you are unable to accumulate funds, then we will not be able to resolve your accounts. It is imperative to the success of your program that you continue to make your monthly savings commitment on time; any delay could negatively impact your plan and compromise our ability to negotiate the debts successfully.
Yes, late fees and interest typically continue to accumulate. However, our experienced Negotiations Team will always attempt to settle your account with your original balance in mind.
No, we do not offer credit repair services and are not a credit repair company. Other firms specialize in assisting consumers in getting their credit back on track, in addition to providing additional services that will improve your credit score over time.
No. We accept clients in many states. Please call to see if the state you reside in is eligible.
Sometimes this will be necessary. For difficult creditors or creditors who say they will not work with debt settlement companies at all (like Chase, Discover, American Express, and Macy’s), your participation may be required to a greater extent. There may be times when you will be required to participate actively or even directly communicate with a difficult creditor, in some cases with us on the line with you.
No, you should never, under no circumstances, change your address to our address. We will provide you with an address so that you can forward to us any documents a creditor sends to you.
No, we cannot guarantee the results of any particular negotiation or that any specific creditor will negotiate with us. Please remember that we do not charge a fee if we cannot obtain a settlement.
Yes, you are entering a program for individuals where financial hardship needs to be present. We are relying on your statements that you have a financial hardship.
Yes, we issue a complete enrollment package at the time of enrollment. We provide you with a clear disclosure statement that helps you understand the program and services we provide.
Debt settlement services are not appropriate for everyone. Enrollment into the program may be adversely affect creditworthiness; May result in collections or legal motions by creditors or debt collectors; and may increase the balance owed due to accrual of fees and interest by creditors or debt collectors. to pay your monthly bills in a timely manner may result in increased balances and can harm credit ratings. Not all creditors will agree to reduce the principal balance.
Debt-settlement services are not appropriate for everyone. Failure to pay your monthly bills in a timely manner will result in increased balances and will harm your credit rating. Not all creditors may agree to reduce the principal balance, and they may pursue collection, including lawsuits. There are also required verbal and written disclosures and warnings.
