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How to Get Out of Debt - FAQ

Debt Settlement FAQ

If you want to learn how to get out of debt, you've come to the right place. We are dedicated to helping people become debt free fast while avoiding bankruptcy

At Premier Debt Solvers, we believe in full and honest disclosure regarding all aspects of our debt settlement program. The debt settlement FAQs below are provided to better assist prospective clients in understanding our service.

Question: Who is an ideal candidate for Debt Settlement?
Answer:

  • Someone who has some type of hardship such as (illness, disability, divorce, job loss, or a reduction in pay) and is having difficulty making payments on their credit card debt.
  • Someone who has past due credit card debt in excess of $5,000, with high interest rates and unsustainable payments such that the individual is considering filing bankruptcy.
  • Someone with a debt problem that he or she cannot resolve.
  • Someone who is having trouble staying current and is delinquent on their accounts or is receiving collection calls or is close to having suit for a judgment filed against them.
  • Someone considering bankruptcy, but would like to avoid it
Question: Can you settle your debt on your own?
Answer:

  • Yes, however, designing plans and settling debt is all Premier Debt Solvers does. You may be able to make your own plumbing repairs or install your own computer network, but most people don't have the time or expertise to deal with it.
  • Creditors deal with thousands of people who are in financial difficulty every day and have a vast array of sophisticated (and some rather blunt) methods of intimidating you into financial arrangements you cannot keep.
  • The settlement process is usually very emotional and stressful, especially when you are the one being attacked by collectors over the phone. Most people prefer to leave these tasks to experienced people who earn their livelihood doing that particular kind of work.
  • We have a staff of debt negotiators whose only job is to negotiate the settlement of unsecured debt, every day, five days a week. By letting PDS do what we do best, you will get better settlements.
  • PDS knows how to deal with creditors and has in-depth knowledge about how these institutions work. We can potentially save you thousands of dollars and free you from a considerable amount of stress.
Question: How long does the debt settlement program take?
Answer:

  • The time to complete the debt settlement program varies from case to case and is primarily based upon how much money you will be able to set aside each month to eliminate the debt of your enrolled accounts. During your initial free consultation, the time to complete the debt settlement program for your individual case will be discussed with you by our Debt Consultant. PDS's average client plan is 36 months. The amount of time it takes to clear your debts is largely dependent on your current financial situation. If your budget is extremely limited results may take longer. Every situation is different and we will be happy to discuss this during your free confidential phone consultation.
Question: Does Premier Debt Solvers keep my information confidential?
Answer:
  • Yes. We maintain your confidentiality at all times. We only disclose information to those persons that you have authorized. All creditors that you have contracted us to settle with on your behalf will be contacted by us and advised that you have retained PDS to represent you. All information is considered highly confidential and personal. Please see our Privacy Notice
Question: What is the difference between unsecured debt and secured debt?
Answer:

  • Unsecured debt is any loan or debt that has no tangible assets or property attached to it. The most common types of unsecured debt are credit cards, department store cards, medical bills, utility bills, and personal loans. Should you fail to make timely payments, the lenders only recourse is to pursue legal action.
  • Secured debt is debt for which the creditor has collateral in the form of a security interest in personal and/or real property. Should you fail to make timely payments on secured debt, the creditor is entitled to repossess the property and sell it. Please keep in mind that you may still be liable for any deficient balance remaining after the sale of the property. When dealing with secured debt, it is important to obtain advice from a licensed attorney in order to protect your interests
Question: Will fees and interest continue to accrue?
Answer:

  • Most creditors will continue to charge fees and interest until the account is written off (typically 120 - 210 days) although it may be longer
Question: What happens to my credit?
Answer:

  • The effect of our debt settlement program on your credit score will partly depend on your current credit status before starting the program. Few people with debt troubles have perfect credit to begin with. In general, your credit score (usually called the FICO score) will decline during the program, and will begin to improve again after you have become debt-free.
  • There are several key points to bear in mind here. We recommend against applying for new credit while going through the program.
  • It simply doesn't make sense to take on new debt while you're trying to tackle your existing debt problem. So the short-term decline in credit score is rarely a problem for clients.
  • Also, the credit score itself does not take into account the debt-to-income ratio, which is used by lenders (especially in the mortgage industry) to determine whether you qualify for a home or auto loan. In other words, you can have a high credit score due to a clean payment history (even though it's been killing you financially to keep up those payments) and still be denied a new loan because you already carry too much debt. By completing a debt settlement program, your debt-to-income ratio will improve dramatically!
  • Any way you look at it, the effects of Debt Settlement on your credit will certainly be less damaging than the 10-year derogatory mark made by bankruptcy.
If you have additional questions that are not covered in our debt settlement FAQs or would like further information on how to get out of debt using our debt settlement program, request your FREE, no obligation consultation by filling out our form or call 1 (888) DEBT–530 (332-8530).
 




Debts We Can Settle
  • Credit cards
  • Unsecured loans, personal loans, or lines of credit
  • Medical bills
  • Collections or repossessions
  • Business Debts

Debts We Can't Settle
  • Lawsuits
  • IRS debt or back taxes
  • Utility bills
  • Auto loans, government loans, or student loans
  • Mortgages or home loans
  • Other secured debts