A debt settlement program is certainly not for everyone. Qualified candidates are those who have a legitimate financial hardship, which has caused them to fall behind on their payments to creditors, or will cause them to fall behind in the near future. Save My Finances will not welcome anyone into the program that has the intentions of defrauding, deceiving, or swindling their creditors. We only represent consumers who are truly in need of our services & stand to significantly improve their financial situation.

Any method used to improve your debt situation other than making scheduled payments to your creditors will negatively affect your score. There are too many unknown variables to predict how much your score will actually decrease, however the intention of this program is to settle your debt, not to improve your score. Once the program is completed & your credit report reflects less debt or none at all, it should be easy to increase your score at that time.

Bankruptcy is an option that is generally treated as a last resort. It will remain on your credit report for 10 years & you can be denied employment, state licenses, insurance, as well as tenancy of an apartment. Most importantly, you can be denied virtually any type of credit with a bankruptcy on your report. In addition, since the bankruptcy laws have changed recently, it is even more difficult to qualify for Chapter 7, the method of liquidating assets to eliminate your debt. You will not be allowed to discharge alimony, child support, taxes, student loans, judgments, or any loan on the bankruptcy petition. Under Chapter 13 bankruptcy, your debt payments are simply restructured meaning you will still have to pay a percentage of your debts while you suffer the consequences of bankruptcy. Debt settlement is an attractive alternative to bankruptcy. It provides a convenient method to save money to help pay your debts in the near future. You’ll be able to restore your credit much quicker through a settlement program.

Due to your legitimate financial hardship, you are able to participate in this savings program in order to help pay your debts in the future. We are not here to advise you not to pay your debts now, however if you continue to make payments to your creditors, there may be less debt or possibly none left at all for us to settle. If you are able to save money in this program & make payments to your creditors at the same time, then you probably don’t actually have a legitimate financial hardship.

In regards to the creditors, they have the right to attempt to collect on the debts owed to them. They will receive several letters from our arbitrators including a debt validation letter & a “cease & desist” letter, which requests that all further communication in reference to your account be directed to them. Often times, creditors will continue to contact you, which is completely legal. However, once your debt is sold to a collection agency, the Fair Debt Collection Practices Act is implemented; meaning that it would be illegal for a collector to communicate with you in connection with the collection of any debts. A debt collector may not harass or abuse any person in connection with attempts to collect a debt.

It is extremely rare for a creditor not to settle. Due to the fact that you have a legitimate financial hardship, creditors realize that a settlement is in their best interest because if you file for bankruptcy, they can be left with nothing. Creditors lose billions of dollars per year from consumers filing bankruptcy.

No. Simply call your debt consultant & we will work with you to complete the program. It is understandable that circumstances may arise, we will help you get back on track with your payment schedule. We are much more reasonable than your creditors, who unfortunately capitalize on your mistakes.

No. You may choose which debts you would like to enroll in the program. Your debt consultant will help you decide the best plan of action based on your current financial situation.

Our experienced debt arbitrators have established impeccable relationships with the creditors & collection agencies. We will be able to negotiate a better settlement with the creditors, which are usually averse to negotiating with the consumer directly. Our arbitrators have extensive knowledge in Federal & State consumer laws & exercise the Fair Credit Reporting Act, Fair Credit Billing Act, as well as the Fair Debt Collection Practices Act to help settle your debt & stop the harassing phone calls.

The settlement time on each account will differ depending on the amount of debt in question. Some accounts may take up to 12 months to settle, while others may take much less time depending on the status of the account. Remember, although an agreement may be reached with your creditor in just a few months, the settlement will not take place until the monies are available in your settlement account.

Unsecured debt is derived from credit that is extended without the use of collateral. Credit card debt, medical bills, department store card debt and personal loans are all examples of unsecured debt. A signature promising to repay the creditor is all that is required to obtain this type of debt. Secured debt is a loan that is tied to something tangible. A mortgage and an auto loan are common examples of secured debt.

Upon receiving your first payment, our arbitrators will immediately go to work by contacting your creditors & debt collectors to inform them that we are now handling your accounts. They will request a validation of your debts to locate any billing inaccuracies & miscalculations on your account. However, we can only settle a debt once all of the funds are available in your settlement account.