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- What
is Debt Consolidation?
- How
does the program work?
- How
long will it take to complete the program?
- What
is the REDUCED INTEREST RATE PROGRAMŽ?
- Is
a debt consolidation loan an option?
- Is
bankruptcy an option?
- How
much does this service cost?
- Will
I still receive harassing phone calls?
- What
is an unsecured debt?
- What
is a secured debt?
- Do
I have to include all of my debts?
- How
will it affect my credit?
- What
is your refund policy?
1.
What is Debt Consolidation?
Debt consolidation program is a process that allows a
professional firm to reach an agreement with your creditors
to achieve the lowest and most affordable monthly obligation
needed to satisfy all your credit accounts. Although this
is NOT A LOAN, we are able to assist clients in dramatically
reducing their overall interest rate, monthly payments,
and most importantly pay-off time.
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2.
How does the program work?
All of your accounts are consolidated into one manageable
monthly payment that is then disbursed to your creditors
each month on the same date.
We work with your creditors to reduce or lower your interest
rates, re-age your accounts, and eliminate late & over
limit fess. Creditors recognize that people who enter
into a debt consolidation program are making a good faith
effort to repay their obligations.
By joining an established debt consolidation program,
you solve the underlying problems of high debt without
taking drastic steps such as declaring bankruptcy or committing
yourself to a long-term debt consolidation loan.
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3.
How long will it take to complete the program?
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The length of time necessary to complete the program varies
from case to case and will be discussed with you in your
free consultation after review of your online consultation
form. Depending on the total amount of your debt, the
pay off time can be reduced from 15-30 years down to 4-6
years. This process can drastically save you thousands
of dollars in finance charges. |
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4.
What is the REDUCED INTEREST RATE PROGRAMŽ?
The REDUCED INTEREST RATE PROGRAMŽ is a program designed
to reduce or eliminate your interest charges and help
stop over limit & late fees. It is specifically designed
to reduce your unsecured debt by lowering interest rates.
With this exclusive program, we are able to:
- Reduce
interest rates to an average of 6-12% (Sometimes rates
are reduced to 0%)
- Stop
over limit fees & late fees
- Cut
your overall payment time in dramatically
- Re-age
your accounts (Bring them up to current status on
your credit report)
Creditors
often charge average interest rates of 22-25% and often
as high as 30%.
By enrolling the REDUCED INTEREST RATE PROGRAMŽ, we are
often able to save you thousands of dollars in interest!
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5.
Is a debt consolidation loan an option?
Simply, a debt consolidation loan usually requires collateral
(i.e. home, car, 401k or retirement funds, etc.). This
type of loan will not reduce the amount of money you owe.
It will only place your assets at risk and extend your
debt further into the future.
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6.
Is bankruptcy an option?
Bankruptcy is the option of last resort and a serious
decision in which an attorney should be consulted. Although
it will eliminate your debts, taking this action will
have a long-term negative effect. First consider the cost;
filing for bankruptcy can cost $1,200 - $1,500. You must
go to court and may have to face some of your creditors.
Additionally, a bankruptcy remains on your credit history
for 10 years and may impact your ability to get credit,
or possibly employment. Also, a bankruptcy on your credit
history can affect the cost of various types of insurance
and even a place to live.
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7.
How much does this service cost?
Although funding for many programs comes through voluntary
contributions from participating creditors, clients are
always approved for a Debt Management Program (DMP) regardless
of whether or not their specific creditor(s) support Fair
Share contributions. These programs are designed to save
our clients money and liquidate debts at an excellent
rate.
Creditors realize that if they don't help you out a little,
you may file for bankruptcy and they will likely collect
nothing. By enrolling in a debt consolidation program,
creditors can at least recoup the principal on your debt.
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8.
Will I still receive harassing phone calls?
Upon enrollment into the REDUCED INTEREST RATE PROGRAMŽ,
your collection calls will begin to dissipate as we begin
to handle your account. Within as little as 2-4 weeks,
you can begin to answer your telephone again knowing it
will not be a creditor.
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9.
What is an unsecured debt?
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An unsecured debt is debt for which a creditor holds no
collateral or property that they can take back if the
debtor fails to pay. These debts generally arise out of
a contract you enter into with a creditor which enables
you to obtain goods or services on credit in exchange
for your promise to pay that creditor back. If you fall
behind on this type of debt, the only recourse the lender
has is legal action. |
EXAMPLES
| Credit
Cards |
Medical
Bills |
Personal
Loans |
| Department
Store Cards |
Legal
Bills |
Unsecured
Personal Loans |
| Cellular
Telephone Bills |
Magazine/Record
Clubs |
Health
Club Memberships |
| Collection
Agencies |
IRS |
Some
Judgments |
| Student
Loans |
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10.
What is a secured debt?
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A secured debt is a loan where the creditor retains a
security interest in an item of real or personal property
such as a house or automobile. Most secured loans such
as mortgage payments and auto loans cannot be consolidated,
as well as, any loan cosigned by another person. The laws
regarding home mortgages vary from each individual state
the lenders rights are usually dependant on the terms
of the mortgage, in addition to, other mitigating factors.
With these types of debts it is important to seek competent
legal advice to protect your interests. |
| EXAMPLES
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11.
Do I have to include all of my debts?
You can select which accounts you would like us to resolve.
It may be recommended that you include all or most of
your unsecured debt. These options will be discussed during
your free initial consultation.
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12.
Do I have to include all of my debts?
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Upon joining a DMP your creditor score may be affected
negatively or positively depending on your present status
and your future payment history. |
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13.
What is your refund policy?
You may cancel this agreement without any penalty or obligation
within 5 business days from the date the agreement is
signed. If you cancel within the prescribed period of
time any payment made by you under this agreement, will
be returned to you less your monthly service fee, within
30 to 90 days following receipt of your cancellation notice,
depending on method of payment made.
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