1. What is Debt Reduction or Debt Settlement?
Debt Settlement is when the creditor agrees to accept less then the full balance to settle the monies owed.
2. How will this affect my credit?
As long and the Loan officer directs their client to make all agreed monthly payments until the loan is funded and dispersed (and the cardholder makes the minimum monthly payment), there should be no negative information reported to the credit bureau. If the account is already with a collection agency, once settled and paid, will show closed with a zero balance. Some creditors may use the term settled for less noted under the account on the credit report and a zero balance. This in no way affects the ability to obtain a mortgage or automobile loan.
3. What is the difference between DebtHagglers.com and Consumer Credit Counseling, or Debt Consolidation Companies?
Credit counseling services not only work for you, but they also work for your creditors. Your creditors will send the Credit Counseling Organization a Fair Share Contribution (which is a percentage of the payment you send in each month). Credit Counseling will not lower the amount of debt you owe. They have pre-arranged interest rates with each creditor. Because credit counseling companies make their money by earning a percentage of the amount you pay your creditors, their incentive is to get you to pay 100% of your debt, rather than to try and settle with your creditors. Debt consolidators will loan you money (and charge interest) to "consolidate" your debt, and you will pay off your debt at 100% of the debt amount, sometimes including late fees and additional interest. DebtHagglers.com will settle with your creditors so you will not only save a big portion of what you owe, but you will cut down on any accrued late fees, interest charges and your accounts will be paid through a low interest mortgage loan.
4. Will I still be able to use my credit cards?
No. Most of the time unsecured accounts will be closed as a condition of your settlement. You can keep as many cards as you wish open, as long as they are not in the settlement program.
5. How long does the debt settlement program take to complete?
The length of your refinance. Once your Loan Officer completes your loan and you go to the settlement table to sign the final paperwork, it will take approximately 4 days for your creditors to get paid to complete DebtHagglers.com Debt Settlement Program.
6. What types of debts are allowed in DebtHagglers program?
Only unsecured debts, or debts without collateral, are permitted in our program. Examples of unsecured debts include: Credit Cards, Department Store Cards, Unsecured Bank and Personal Loans, Medical Bills, Collection Agency Debt, Repossessed Vehicle or Boat loans, Student Loans, Attorney's Fees, State or Federal Tax Debt etc. A secured debt is a debt that has collateral, such as your home or car. If these accounts are added to your program, the creditor can take away the collateral. However, if the collateral is repossessed or foreclosed already, we will be able to settle on the remaining balance (Deficiency Balance).
7. Does my debt have to be bad to be put into your program?
No. Any unsecured account can be settled.
8. How much money can I save?
In extreme cases, as much as 80% of the principal balance. The underlining factors are who the creditor is, your situation, and how quickly the account will be paid.
9. How does the program work?
While in the refinance process, you or the Loan Officer will fax us the statement or credit report of the debt(s) that you want to settle. We will negotiate your accounts within 3 to 5 days and fax the reduced payoffs back to your Loan Officer to complete your refinance. Thus, giving you more cash out, saving equity and consolidating more debt.
10. Will all of my creditors settle?
Most unsecured account will settle. Something is always better then nothing.
11. You negotiated a settlement for me; now what happens?
Once we reach a settlement, we will seek your approval. We will provide guidance on whether or not we believe you should accept the settlement offer. Once you approve it, your Loan Officer will get a faxed copy of the new payoffs so they can restructure your loan accordingly.
12. What if I do not have the money to pay the settlement?
That’s how we differ from any other company. You are already in the refinance process. The loan you are getting should be enough to satisfy your account(s). Your Loan Officer will guide you though the rest of the process.
13. What are your qualifications?
We are a team of professionals who have worked in the Management positions in all types of financial fields, from Mortgage Loan officer to Mortgage Manager, from Credit Counseling to Debt Settlement. We also work closely with Title companies and Attorneys.
14. Do I have to include all of my debts or can I select which ones I want to resolve?
You can select which debts you would like us settle and pay off in your loan. We may recommend that you include all unsecured debt. Your Loan officer will discuss what’s best for you.
15. Do you pay my creditors?
We do NOT disburse funds to your creditors. Once your refinance is complete, your title company will send you the settlement checks and you will forward those check to pay off your creditors. We are not a credit counseling program.
16. So what does the program cost and how do you get paid?
Our fee is 30% of the debt we SAVE you. We will invoice your Loan Officer and we will be paid from the proceeds of your refinance. You will have to come out of your pocket with nothing!
17. How do I get started?
Click!!!!
