Community Debt Service - FAQs - Free Debt Information | Debt Advisory


	What happens to my creditors while I’m saving on my program? Creditors want you to pay the full amount of your debt, but they understand that lending money is a risk. They do not want you to file bankruptcy because they know if you do, they may receive nothing. They may try to recover the debt, assign it to a collection agency or sell it to another debt recovery agency altogether. However, creditors are typically open to debt arbitration once they understand that they cannot recover the full amount debt amount as a result of your financial hardship. This is why it is important that our clients have legitimate financial hardships. Debt arbitration is an established practice, but not everyone is qualified. Can’t I negotiate on my own; some creditors have already offered me a deal? Certainly, However our company and affiliates have a growing relationship with creditors ,a high success rate , and arbitrate debt in volume. Therefore our company can negotiate a substantially lower settlement amount. Whats the difference between debt settlement and debt consolidation? debt consolidation programs let you consolidate your monthly payments, often with a reduced interest rate and a lower monthly payment. With debt settlement you also have only one monthly payment, but instead of paying it to creditors each month it goes in a savings account until there is enough to offer your creditors a settlement. What type of results do your clients typically see? While individual results vary, Our average client typically between 25% to 50% of the balance owed . As of October 2007, our average client saved 37% of the balance owed. How will a creditor know I joined your program? When you complete your enrollment forms, we notify your creditors that you have joined our debt arbitration program and we will send them an official proposal that includes all the pertinent information that your creditors require. If there are no changes to the proposal, you can begin the program. If changes are necessary, we will notify you of the requested changes. The majority of creditors are willing to work with debt management plans. It’s a better alternative than if you decided to file for bankruptcy. In the end, a debt management program is more beneficial for them and you. What is the Fair Debt Collection Practices Act (FDCPA)? This is a federal law that protects consumers from harassment or threats made by creditors. It also prohibits creditors from making false statements. This law also prohibits a debt collector from disclosing what you owe to anyone but you or your attorney.

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