|
|
|
Debt
Consolidation Program
The Debt Consolidation Program industry is booming,
and it is not hard to understand the reasons. Levels of consumer
debt across the
country have never been higher, and unfortunately personal savings
rates have never been lower. Few people have managed to
put aside the three to six months salary experts recommend keeping
as an emergency fund. For this reason, a financial setback
like home repairs, car repairs or the loss of a job can quickly
create a downward spiral that leaves an individual drowning
in debt and unable to pay his or her bills.
|
- Customer Information
-(Secure
Debt Consolidation Form) |
American Debt Foundation
http://www.americandebtfoundation.com
Debt Consolidation
Call Us Today For A Free
Debt Consolidation Quote!
1(866)411-3328-
1(866)411-DEBT
Debt
Consolidation Program
It is precisely these consumers that the Debt Consolidation
Program industry seeks to help. There are many of these debt
consolidation and credit counseling services around. A quick look
at your local telephone directory or internet search
engine will likely reveal more than one option in your
neighborhood.
Unfortunately for consumers, separating the reputable Debt
Consolidation Program firms from the fly by night operators can be
difficult. It is often better to go with a non-profit, community
based Debt Consolidation Program company. These non-profit
corporations are often more likely to have their clients best
interests in mind as they make their recommendations.
The number of years the company has been in business can be
another important factor when looking at Debt Consolidation
Program
services. A company that has changed names frequently or just
moved into town should be a red flag to the careful shopper.
Also be sure to check the firm’s rating with the Better Business
Bureau and check to see if they are a member of the local
Chamber of Commerce. If you can, check references on their past
clients to see what kind of service they received from the
company.
The types of services offered can also be a good guide to finding
a reputable Debt Consolidation Program firm. A quality debt
consolidation firm will want to do more than just get you out of
debt. A good Debt Consolidation Program company will want to help
you stay debt free. Look for services like budgeting classes,
credit counseling services and consumer education programs.
These types of programs can be a good sign that you have found the
right Debt Consolidation Program help. You definitely do not want
to deal with a Debt Consolidation Program firm that relies on
repeat business!
Debt Consolidation Program firms work by negotiating with your
creditors on your behalf. These specialized Debt Consolidation
Program
companies often have their own contacts established with the major
banks and credit card companies. These contacts can
allow them to negotiate terms that you would be unable to achieve
on your own. This can make using the services of a debt
consolidation firm really pay off for you.
Of course, consolidating and eliminating your debt should only be
the first step of the process. It is just as important that
you take advantage of the consumer education and budgeting classes
offered by the Debt Consolidation Program expert. Learning how to
handle credit and debt will give you a big advantage and help you
to remain debt free for the long term.
American Debt
Foundation, Inc.
Debt settlement is a form of debt relief that can assist you in
overcoming the burden of overwhelming debt in less time and for
less money than other debt relief options.
On average, consumers who complete the American Debt
Foundation's debt settlement program do so in 3 to 5 years and
generally pay less than half of the balance owed.* That amount
typically includes any interest charges, late fees, and the debt
settlement company's fees.
American Debt Foundation's debt settlement program is an
alternative to bankruptcy, which exists to assist consumers with
significant debt due to personal or medical hardships.
Too often, consumers join consumer credit counseling services
in an attempt to repay their debt, but soon find that it may
have not been their best debt relief option. Some estimates show
over 75% of people who turn to consumer credit counseling
services either quit or are dropped from the program. As a
result, many clients end up filing for bankruptcy. Debt
settlement is an alternative solution for people who
legitimately cannot afford to repay their debts and are looking
for an honest way out of a debt-burdened life.
Debt settlement serves an important role in the debt relief
industry because it is not like consumer credit counseling, debt
consolidation and other debt relief options that coach you
through repaying your entire debt, even if you cannot afford to
do so. Instead, debt settlement involves negotiating with your
creditors to settle your debt for a reduced amount. This is why
debt settlement is a growing debt relief solution.
Many credit card companies have debt negotiation and settlement
departments for the specific purpose of negotiating with debt
settlement companies like American Debt Foundation. While they
prefer that you repay the entire amount you owe, creditors
understand that lending credit is a risk, and sometimes
consumers experience legitimate financial hardships that prevent
them from repaying the full debt.
It is important to us that you understand the debt settlement
process or any other debt relief option you choose before
committing to a program. The following pages explain how and why
the debt settlement process works. Keep in mind that not all
debt settlement companies are alike and others may not have the
same process and steps described here.
What is debt settlement?
Debt settlement is when you repay your creditors less than you
owe to satisfy your debt. People with overwhelming debt can
enroll with a debt settlement company who will negotiate with
their creditors to settle their debts for a fraction of what
they owe.
In a debt settlement program, you deposit money into a savings
account each month, instead of paying your creditors. Once
enough money builds up, the company negotiates with your
creditors to accept a lump sum payment. If the creditor accepts,
this agreement settles the account. Your debt is considered paid
and you can begin saving for the next settlement offer.
What settlement results do your clients typically see?
On average, we settle our clients' debts for about 30-50% of
the entire amount owed.
How long will it take me to get out of debt?
Our program graduates are typically out of debt in 12 to 36
months.
Can American Debt Foundation help with harassing collection
calls?
No company can completely stop debt collector calls. However,
we ask your creditors to contact us directly about your
accounts. We also offer specific advice for dealing with
unwanted collector calls that come to your home.
Does American Debt Foundation offer any guarantees?
American Debt Foundation is one of the few companies in this
industry to offer a 30 day money back guarantee.
How much is American Debt Foundation's debt settlement program
going to cost me?
Our professional debt consultants will work with you to create
a customized payment plan according to your financial situation.
Our fees are a percentage of the total amount you owe.
Why would my creditors accept less than the full amount I owe?
Your creditors prefer to collect the full amount you owe;
however, they know that if you file bankruptcy, they may receive
no payment at all. Creditors are usually open to debt settlement
once they recognize that you are facing significant financial
hardships and are trying to avoid bankruptcy. Your creditors
would rather accept a lump sum payment of 50% of your debt than
risk getting nothing at all.
Can I be sued by my creditors while enrolled in your program?
We do everything in our power to negotiate a mutually agreeable
settlement, but there is the possibility a creditor can take
legal action to get you to pay. This usually happens when
creditors think they can recover the full amount you owe through
the courts. We are not a law firm and we recommend you speak
with a licensed attorney in your state for more information.
How will debt settlement affect
my
credit?
Debt settlement can have a negative impact on your credit.
However, debt settlement can also get you out of debt faster
than many other debt relief options so you can begin rebuilding
your credit sooner. If you are already behind on payments, or
you might be shortly, your credit is already impaired - you have
too much debt compared to your income. This is known as a high
debt-to-income ratio. To be considered credit-worthy again, you
must drastically reduce or eliminate your debt, thereby reducing
your debt-to-income ratio.
Remember, you can always rebuild your credit and it's much
easier to rebuild your credit without the burden of overwhelming
debt or a bankruptcy mark on your
credit
report.
Once I've enrolled in American Debt Foundation's debt
settlement program, who maintains control of my finances?
You maintain control of your finances. Instead of paying us or
your creditors, you deposit money into a third-party savings
account every month. When enough money accrues and your
creditors are ready to settle, the money from that account goes
toward your settlement. Because you ultimately maintain control
of your finances, your commitment is essential to the success of
your program.
What if I need to cancel the program?
You can cancel the program and withdrawal the money in your
set-aside account at any time. We do not have a long term
commitment, so you are under no contractual obligation to stay
if you decide the program is not right for you. You will not be
charged any penalty fees, closing fees or any other hidden
charges.
Does everyone qualify for American Debt Foundation's debt
settlement program?
Not everyone qualifies for debt settlement. Debt settlement is
an alternative to bankruptcy for people with overwhelming debt
who have endured personal or financial hardships that prevent
them from repaying their creditors.
What types of debt does American Debt Foundation settle?
There are generally two types of debt: unsecured and secured.
Secured debt is backed by collateral such as a house or a car.
American Debt Foundation cannot settle secured debts because
creditors can simply repossess the assets if you fall behind in
payments. Unsecured debt is not backed, or secured, by
collateral and therefore it can be negotiated. Unsecured debts
include credit card debt, medical bills, repossessions, etc.
|
 |
|
 |