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Debt Settlement

Disclaimer:



​Debt settlement, debt negotiation, debt resolution or balance reduction programs (the “Program”) are not an offer or promise to lend money and neither they nor Debt Negotiators, LLC. (“DEBT NEGOTIATORS”) assume or pay any consumer debt or make monthly payments. DEBT NEGOTIATORS is not affiliated with any lending institution, bank, collection agency or collection law firm. Debt negotiation only applies to debts enrolled in the Program (the “Program Debt”) with DEBT NEGOTIATORS. Whereas DEBT NEGOTIATORS shall work aggressively to negotiate the Program Debt, not all debts can be negotiated and not all creditors negotiate. Individual Program results may vary and are based on but not limited to the ability of clients to save funds and successfully complete their Program terms and conditions, the amount and type of debts and creditors, history of accounts and financial standing of clients. Any specific or general reference to “debt free”, “savings”, “eliminate” or “reduce” debts only refers to clients that have successfully enrolled and completed their Program resulting in all Program Debt being settled for less than the original balance enrolled. Any figures given or statements made are examples of past performances and are not intended to guarantee future results and DEBT NEGOTIATORS does not guarantee that debts successfully enrolled in the Program will be settled, lowered by a specific amount or percentage, settled in a specific time period or that clients will be “debt free” in a specific time period. All Program terms and conditions are subject to change without notice and not all applicants are approved. The Program is not available in all states and other restrictions apply. Please read and understand all Program terms and conditions prior to enrollment. DEBT NEGOTIATORS is a California based Debt Settlement company that is partnered with ethical and highly experienced attorneys. We work exclusively for the client and NOT the creditors. Neither DEBT NEGOTIATORS, the Program nor this offer have been approved, endorsed or made by any government agency and DEBT NEGOTIATORS is not an agency of any government nor should this offer be construed as such. DEBT NEGOTIATORS is not liable for or guarantee the accuracy of the record from which recipient was selected. DEBT NEGOTIATORS also serves as a marketing company and may refer you to an alternate debt relief company or law firm for debt related services. 



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Debt Settlement Process

The first step we take here at Debt Negotiators, LLC is to ascertain the type of debts you are dealing with. We can work with most unsecured debts such as, credit cards, personal loans, medical bills, private student loans and more. Once we identify the accounts we add up their respective balances to see the total amount. We require a minimum of $7500.00 in combined unsecured debt to be considered for the program.


The next step is go over your budget. This is a very comprehensive process and very important. When we are negotiating on behalf of our clients it is critical for us to know as much about you as your creditor does or more. If your creditor knows more than us it could put us at a disadvantage when negotiating. Most creditors maintain access to your credit report and your original application for credit on file. Some of this information may not be accurate or outdated, therefore it is important for us to know.  If you call us for a quote it is best to have a list of all your creditors, monthly obligations and income. If you don’t know who your creditors are or have not paid them in a while you may provide us a credit report or we can run one for you. Once we have this we can provide you an estimate of your new program payment and overall projected savings. The fees are included in the monthly payment and are formulated and discussed in detail.


The next step is comparison. We want to compare two things. Are we improving your situation? Are there more appropriate options for your situation? In other words, some clients may need to file bankruptcy if they are facing law suits or other more serious matters while others may only need to manage their money a little better.


The final step is enrolling in to the program. Once you have made the decision to enroll we take your application over the phone. The application covers everything mentioned above. Upon completion of your application our representative will submit your file to our attorney’s office for final review and approval. Upon final approval, you will receive a welcome call (usually the next day) to confirm the application and terms. During the welcome call, we will schedule a face to face meeting with our attorney or his representative where the agreement will be signed and notarized. The notarized agreement is important because many creditors do not accept electronic signatures while others require a notarized authorization to represent you.


After the Debt Settlement agreement, has been finalized and notarized the process begins. The program monthly payment is debited each month from the banking institution specified by the client. The client also chooses the date (at the time of application) when their checking account will be debited. For example, the client may desire to have their program payment deducted on the 21st of every month. The first payment is usually required to be debited within the first 2 weeks of enrollment. The program payments are then deposited into a special purpose account (SPA). This is an FDIC insured account set up in the client’s name. This account accrues funds and is utilized to make settlement payments to the client’s creditors. In order for the program to be successful, the client elects to accept the new program monthly payment while voluntarily choosing not to pay the creditor directly. Debt Settlement companies do not send monthly payments to the client’s creditors until a settlement has been reached. This is because the creditors are typically not willing to negotiate any principle forgiveness if they are currently receiving the full monthly payment with contracted interest. Once a settlement has been reached the creditor will receive settlement payment(s) for the amount agreed. Program fees are also deducted from the account as specified in the agreement. For example, when an account is settled the creditor receives settlement payments that will be disbursed from the clients SPA and the Debt Settlement company will deduct settlement fees for resolving the account. Each of the clients’ accounts are paid throughout the term of the program in this manner. Program lengths are typically 24-48 months long depending on the client’s budget and our guidelines. Whenever an account is settled, the client will receive notification via phone call or email on the settlement as well as periodic updates throughout the process. Client is also welcomed to call our friendly and knowledgeable customer service staff at any time for updates or account changes.