Upon enrolling, our Negotiation Team will contact your creditors and begin the settlement process in an effort to resolve your debts for less than what is currently owed. Below are some additional items you should be aware of as you begin your journey in becoming debt free.
In the First Few Months
You will receive a Welcome Call
✔ Your Client Success team will be your point of contact throughout your program. You will hear from them as soon as you enroll to complete your welcome call. This will confirm your information, and make sure you have a good understanding of how the program works.
You will receive a Welcome Package
✔ This will come via email shortly after your enrollment and contain important program information including an authorization to communicate form that we request you send back to us, and frequently asked questions. Please make sure to complete and return your authorization form to us, by email or fax.
You will receive Courtesy Calls
✔ We will contact you on a monthly basis in the beginning of the program just to check on you and see how you are doing. We will confirm your draft and see if you have anything new to update.
You may begin to receive Creditors Calls
✔ Some creditors will try and contact you on a daily basis using an automated dialer. As long as you do not answer you will probably not receive a message. If you answer, it will connect you to a live person. We don’t recommend you speaking to your creditors.
You will receive Collection Notices
✔ You will receive collection notices on a regular basis. They will write scare tactics and threats to try to get you to call them to make a payment. We know you are delinquent, so you do not have to keep us updated with general delinquent notices.
Your Debt Balances will Increase
✔ Your accounts will continue to accrue interest and late fees until we reach settlement. We take this in to account when we give you the estimated cost of your program.
Your Accounts will be Delinquent
✔ Your accounts will be delinquent until we reach a settlement. Your accounts are usually not eligible for settlement until they are delinquent. Delinquency times vary.
After the Third Month
You will see Settlements Reached at Various Times
✔ You may see your first settlement reached within 4-7 months of the program. Then we will continue settling each account individually, one or more at a time throughout your program as your funds accumulate and the creditors accept settlement.
Your Credit Rating will be Impacted
✔ Your creditors may report delinquency to your credit bureaus, which negatively impacts your credit rating initially. Once we settle the debt in full, it will be reported as a zero-dollar balance and noted as settled in full, potentially improving your credit rating. Most creditors update their reporting within 9 to 90 days after receiving payment, but this varies by creditor. If you find delays in updates, consider contacting the creditors directly to confirm that they have reported the updated status to the bureaus.
You may be asked for Additional Funds
✔ As we are actively negotiating, we may contact you to see if you can add funds. Some settlements are really great and we do not want to miss the opportunity, so we may ask if you can add funds in order to accept it. We want to see you graduate the program as quickly as possible and the best way to speed up your program length is by adding additional funds. If you wish to not receive requests for additional funds, then please advise your Client Success team.
Strategies for Improving Credit Scores
Participating in a debt relief program may temporarily lower your credit score, but there are steps you can take to facilitate recovery and improvement:
Ensure Creditors Update Bureaus: Contact your creditors to confirm they submit updated account information to the credit bureaus promptly.
Settle Remaining Accounts: Focus on settling or paying off outstanding accounts, as this allows creditors to submit positive updates to your credit report.
Monitor Your Credit Report: Regularly check your credit report for errors or delayed updates to ensure all settlements are accurately reflected.
Rebuild Your Credit: Actively rebuild credit post-program by responsibly using credit products, maintaining low balances, and making timely payments.