My monthly debt payments will be reduced?
Yes, your monthly debt payments will be consolidated into one, resulting in a lower overall payment. This simplifies your financial management as you'll only need to remember to pay one account instead of multiple accounts.
What is debt settlement, and how does it work?
Debt settlement involves negotiating with creditors to settle debts for less than the full amount owed. It typically requires making lump-sum payments or agreeing to structured payment plans to satisfy the debt.
Can I still use credit cards while enrolled in a debt settlement program?
While you can technically still use credit cards while enrolled in a debt settlement program, it's generally not recommended. Continued credit card use can complicate your financial situation and hinder your progress towards becoming debt-free.
How does debt settlement affect my credit score?
Debt settlement may have a negative impact on your credit score because it involves settling debts for less than the full amount owed. However, as you pay off your debts, your credit score can gradually improve over time.
How long does the debt settlement process typically take?
The duration of the debt settlement process can vary depending on factors such as the amount of debt, the number of creditors, and your ability to make payments. Generally, the process can take anywhere from several months to a few years to complete.
What types of debt can be settled through your firm's services?
Debt settlement firms typically work with unsecured debts such as credit card debt, medical bills, personal loans, and certain types of business debts. However, secured debts such as mortgages and car loans are generally not eligible for debt settlement. It's best to consult with a debt settlement advisor to determine which debts can be included in the program.
What types of debt do you guys not work with?
The Debt Free Club cannot work with secured debts, such as mortgages or car loans. We also cannot work with federal debt, such as student loans from the U.S. Department of Education. We may be able to work with private student loans, from private lenders.
