Free consultation from expert credit advisors
Knowledge is the key to success. Our program uses our team of experts to arbitrate your debt legally, ethically and morally. We take you by the hand, step-by-step, to help you actually get your debt eliminated.
We are frequently asked all of the questions you have. There are quite a few, and the following will give you an excellent grasp of some of them. Of course, we always recommend you contact us for a free consultation, but this information may be helpful when deciding how you would like to beat your debt.
There are great numbers of companies offering innumerable solutions to debt. This makes it difficult to understand which company will provide the appropriate course of action a client may pursue. As each situation is different and a function of many elements, the choice becomes even more complex. Ultimately, decisions should be made as informed as possible.
Click on the questions below to get the answers you need, Or scroll down and see all 29 questions and answers
- This has to be too good to be true. Why haven't I heard about it?
- What is Debt Settlement?
- Is Debt Settlement Legal?
- Will Debt Settlement work for me?
- When do I discontinue my credit card payments?
- Can I enter your program if I am not currently behind on my bills?
- Will I be able to acquire new credit cards?
- Will I still receive harassing phone calls?
- Are you a Non-Profit Consumer Credit Counseling Agency (CCC)?
- How much money are you typically able to save me?
- What types of Debts can be entered into your plan?
- Will I still be able to use my credit cards?
- What happens to my money that is being saved each month?
- How do I get started?
- How will a Debt Settlement Program affect my credit?
- Is a Debt Settlement Program the same as debt consolidation?
- Can I do this on my own?
- Do I have to include all of my debts or can I select which one's I want you to resolve?
- How long does settlement take?
- Will bankruptcy be deleted from my credit report?
- How does Credit Solutions differ from Consumer Credit Counseling Services (CCCS)?
- Will fees and interest continue to accrue?
- Can I go through this process more than once?
- Will I owe money to the IRS for my reduced settlement?
- Will your program stop legal action against me?
- What if I'm sued and they get a Judgment?
- Why should I use Credit Solutions?
- What makes up a credit score?
- What do the Numbers Mean?
1- This is too good to be true. Why haven't I heard about it?
Everyone feels the same way and that all this information is overwhelming.
This program is too good to be true, It has been utilized for decades and has been available to the public for about 15 years. We've helped thousands just like you, with a 100% record of success. Your creditors do not want you to hear of programs like this, or any program where they do not receive 100% of what they are owed plus all that interest. They would prefer to have you in debt with them paying a 19% interest rate till the day you die. It has been our experience, prospective clientele move through four stages as they consider our services. First, disbelief and skepticism. Second, education, understanding, and realization. Third, acceptance and urgency. And fourth, a belief and commitment to a course of action for financial recovery. After the initial period of education, discovery, and awareness, people realize this can be an answer to a very real concern they have about their financial stability and security. Ultimately, they are relieved to find that they too may qualify for a second chance to enjoy the freedom of a debt-free future.
2- What is Debt Settlement?
Debt Settlement is when an impartial third party (Credit Solutions) works to reach a favorable agreement for both parties (you and your account providers) concerning the repayment of the outstanding debt comfortably. Our debt settlement program is the most effective method to help consumers legally, ethically and morally get out of debt. We work for you not the creditors. Our expert settlors are paid based upon settlement percentages. That means the better settlement they arrange for you, the more compensation they receive. This ensures the settlement team is working directly for YOU and not the creditors, ensuring the best possible results for you and your family. As a result, the absolute best settlement deals are achieved with your best interest in mind. In today’s economy, consumers are demanding the most effective means to resolving outstanding debt. Debt settlement offers you an intelligent solution to becoming debt free within a realistic time frame. By reducing your total outstanding credit balances up to 70% with an effective 0% interest rate, people can begin to realize the only alternative to regaining control of personal finances is by negotiating the total balances, rather than just reducing interest. Debt settlement is the best debt reduction option as it creates an environment that totally benefits the consumer. We save you the most amount of money possible, Our program is confidential, we don’t have to report to the credit agencies and will not.
3- Is Debt Settlement Legal?
Debt Settlement is 100% legal and is becoming the most sought after type of any Debt Management Program. We will act on your behalf to arbitrate the Unsecured Debts owed without the emotional attachment many clients have when concerning the repayment of their accounts.
4- Will Debt Settlement work for me?
Yes, We've helped thousands just like you. Debt Settlement will give you the chance to become debt free while living comfortably each month. You definitely won't get out of debt by making minimum payments each month, paying outrageously high late and/or over-limit fees, paying your debt with high interest rates, or transferring balances between different cards all the time. Debt Settlement WILL work for you.
There are great numbers of companies offering innumerable solutions to debt. This makes it difficult to understand which company will provide the appropriate course of action you may pursue. As each situation is different and a function of many elements, the choice becomes even more complex. Ultimately, decisions should be made as informed as possible.
5- When do I discontinue my credit card payments? As part of the settlement process, you may stop payments immediately after entering the program and sending your creditors a copy of the cease and desist letter in your package on page 19.
6- Can I enter your program if I am not currently behind on my bills?
Yes. The biggest advantage to enrolling in Credit Solutions Debt Settlement Program is the benefit of an effective 0 % interest rate, decreased monthly payment amounts and a reduced payoff time. These are benefits that all consumers would like to take advantage of.
7- Will I be able to acquire new credit cards?
Yes - upon completion of your program, one immediate benefit is the enhancement of your credit scores. This, in turn, qualifies you for numerous credit card offers
8- Will I still receive harassing phone calls?
You might for the first month of the program since it takes time for your creditors to process the cease and desist letter you will send them. Changing your address and phone number to ours (4773 58th Ave N. suite C Saint Petersburg, Fl. 33714 (727) 491-0130) also helps, and that also puts the creditors in direct contact with us. To totally stop creditor calls just change your phone number with the phone company, remember to inform us of the new number. Most original creditors are cooperative and will update your records to indicate that you have sent a cease and desist letter and are participating in our debt settlement program. Sending the cease and desist letter to creditors and collection agencies compels third-party creditors or collection agencies to only communicate with us. The amount of time it takes for their records to update varies by creditor. In the meantime, you will keep a creditor log of every phone call or letter that you receive from any creditor and report it to us. Our Debt Settlement Group will contact them and make every attempt to redirect their calls to our office. Be aware that despite our best efforts, there are dishonest collection agencies that will not abide by a cease and desist letter and may continue to call you. This is against the law and you can formally complain as we will should this continue. You should also know that accounts are frequently moved or sold over time. We may prevent one collection agency from contacting you. However, they may sell or move your account to a new agency and the cease and desist process and change of address and phone will unfortunately have to be repeated.
9- Are you a Non-Profit Consumer Credit Counseling Agency (CCC)?
Absolutely Not. We work for you not the creditors. Non-Profit groups do not work on reducing the principle balance for you. They may be able to reduce the interest rates if the creditors you have allow it. With a CCC program you still pay the balance you owe PLUS interest. In return your creditors will show that you entered a CCC program on each of your credit reports with the 3 major Bureaus. Unfortunately lenders look at this remark negatively, and will not approve you for any type of new home or auto loan while the CCC is on your report. Our program is confidential,We are not required to report anything to the credit reporting agencies, and we will not. Non-Profits also make a lot more money than they lead you to believe. Your creditors kick back a percentage of each and every payment, and the "Non-Profit" organization will usually still charge a monthly fee. Simply put, "Credit Counseling Companies are paid by creditors to be their debt collectors." (Source: Ray Martin, financial advisor, CBSNews.com, June 26, 2002)
10- How much money are you typically able to save me?
Settlements are unpredictable and may vary greatly. We have successfully settled account balances of $10,000 for a mere $1,500 (85% savings) and have also settled account balances of $5,000 for $2,500 (50% savings). In most circumstances our clients end up saving at least 50% of the principle owed when officially enrolled in our program. The best part about Credit Solutions is we make our money based upon what we save you. Our expert settlors are paid based upon settlement percentages. That means the better settlement they arrange for you, the more compensation they receive. This ensures the settlement team is working directly for YOU and not the creditors, ensuring the best possible results for you and your family. As a result, the absolute best settlement deals are achieved with your best interest in mind. Our Certified Debt Arbitrators and Negotiators work even harder to save you the most money possible because the more we save you, the more we end up making and the happier our clients are while emerging debt free. Our debt settlement program is the most effective method to help consumers legally get out of debt. We work for you not the creditors.
11- What types of Debts can be entered into your plan?
We can resolve any type of Unsecured Debt for you. These are accounts that have no collateral attached. The greatest savings and most successful cases are credit card accounts. Department Store Cards and miscellaneous bills (past due utility accounts, business accounts, etc.) can be negotiated but with less predictable results. Medical bills are also often negotiable with favorable results for our clients. Student loans and tax debts will not be accepted. Auto loans, finance company loans, and Mortgages are not to be included in our Settlement plan.
12- Will I still be able to use my credit cards?
No. The accounts entered into the program will be closed. We can’t negotiate your accounts if your cards remain active. It is however possible to keep one card with a small line of credit for emergency purposes. Our goal is to save you enough money monthly and eliminate the outstanding debts quick enough that the need for keeping accounts open will not exist
13- What happens to my money that is being saved each month?
The payment that you will make each month based on your "ability to pay" will be deposited directly into YOUR new Settlement Trust Account. This is YOUR money deposited directly into YOUR account. The only time Credit Solutions will be able to disburse any of these funds is when we have reached an agreement with one of your creditors to settle the account. If for some reason you would have to cancel enrollment or withdraw from your Settlement plan early the money that is in your account will go directly to you
14- How do I get started?
First call the BBB to research our company (800) 535-5522 then Call us 1-866-575-8848. We have simplified the settlement procedure and has made client enrollment as easy as one, two, three. Credit Solutions simple three step enrollment process makes getting started a breeze. Because everyone’s situation is unique, it is essential to have an experienced person evaluate your particular situation. During the free savings analysis, all financial information, including credit cards, is evaluated to obtain an accurate assessment of your specific financial circumstances. With this information, our Counselors analyze your financial situation carefully. We develop a reasonable budgeting plan to enable you to develop a solid financial framework. Once enrolled, We immediately go to work for you. We outline an affordable monthly payment plan to accomplish settlement with your creditors. Typically this will be accomplished within 6-46 months. We recognize that admitting your debt and seeking help are two very difficult decisions; therefore, we work hard to make you feel comfortable and supported during the process. Our consultative approach is very unique to the industry, as we will be here to confer with you and not to “sell” you.
15- How will a Debt Settlement Program affect my credit?
Your credit rating is largely determined by two factors, your payment history and the amount of debt you have, or debt to income ratio. Any debt settlement program will affect your credit in the beginning. However, as you begin to pay off the accounts and obtain zero balances, you will ultimately lower your debt to income ratio and therefore improve that specific portion of your credit score. Understand this - no matter which direction you choose in getting out of debt you are looking at years of repayment. Our goal is to eliminate your debt in the quickest manner possible to get you back into a debt free situation so your life belongs to you again and not the creditors.
16- Is a Debt Settlement Program the same as debt consolidation?
No. Debt Settlement specifically reduces your current outstanding total balances up to 70% by negotiating agreed payoff amounts with your creditors. Conversely, debt consolidation programs combine your outstanding debts into one monthly payment and secure them with one of your most valued possessions - your home. Supported by statistical information available from bankruptcy court sources. By way of example, within 18 months of an attempt at consolidation, 80% of all clientele were reported to be in deeper financial difficulty. When the time line is extended to 5 years, 92% of participants in the consolidation process report continued or more severe financial hardship More than one third of debt consolidation participants eventually file for bankruptcy. It should not be necessary to discuss the time, frustration, expense, public humiliation, weight, and consequences associated with that option. Debt Settlement Programs can save you thousands of dollars and years of repayment. Typically settlements with all of your creditors will be accomplished within 6 - 46 months, with a lower monthly payment than any other debt resolution option. Because of the reduction in overall debt, Settlement negotiation is now becoming the ONLY viable solution for many Americans to rid themselves of burdensome unsecured credit.
17- Can I do this on my own?
Although it is possible, it is very difficult to negotiate debt on your own. 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 getting you to pay your debts. It's almost like you trying to change your own car transmission. Can you do it? Yes, but if you don't know what you're doing, nor have the tools to change it, it can be an extremely complicated task. The settlement process is usually very emotional and stressful, especially when you are the one being attacked by collectors. They will attempt to intimidate you and threaten you in order to get you to act. They cannot threaten us and surely do not intimidate us. We Understand your rights and we understand the process and techniques that creditors use to negotiate your settlements. We will ensure that your rights are protected and that you get the best settlement possible. By letting Us do what we do best, you will get better settlements with a fraction of the stress. Remember, we have years of experience in dealing with creditors and handling people's financial problems. The best part about Credit Solutions is we make our money based upon what we save you. Our expert settlors are paid based upon settlement percentages. That means the better settlement they arrange for you, the more compensation they receive. This ensures the settlement team is working directly for YOU and not the creditors, ensuring the best possible results for you and your family. As a result, the absolute best settlement deals are achieved with your best interest in mind. Our Certified Debt Arbitrators and Negotiators work even harder to save you the most money possible because the more we save you, the more we end up making and the happier our clients are while emerging debt free. Our debt settlement program is the most effective method to help consumers legally get out of debt. We work for you not the creditors. We've helped thousands just like you.
18- Do I have to include all of my debts or can I select which one's I want you to resolve?
In the Debt Settlement Program you can select which accounts you would like us to resolve. It may be recommended you include all or most of your unsecured debt and this will be discussed during your free initial consultation. (727) 432-5555
19- How long does settlement take?
This really depends on your total debt balance and the length of time it takes for you to build up the necessary funds to settle. Every situation is different. Our intent is to get you out of debt as quickly as possible but we also understand that you have other financial requirements. We will customize a program that meets your budgetary constraints and your financial goals. During your initial free savings analysis, the time necessary to complete your individual case will be discussed. Credit Solutions average client can be debt free in 6 - 46 months. The amount of time it takes to clear your debts is primarily dependent on your present financial situation. If, however, your budget is extremely limited, it may take longer, With a Bulk Settlement Shorter. Every situation is different and we will be happy to discuss this during your free confidential phone savings analysis. You can use the savings calculator on this web site to see exactly how the numbers will effect your program. Everyone should be able to reduce their monthly payments and take advantage of an effective 0 % interest rate. With the savings calculator you can see the situation you are in now with your creditors and see what our program can do for you. Go give the Savings Calculator a try or just call one of our enrollment specialists for exact numbers. 727-432-5555
20- Will bankruptcy be deleted from my credit report?
Generally - no - as bankruptcies are reported for ten years, shown for seven and are permanently on your IRS master file. However, it is possible in some cases, dependent on many variables. For certain, efforts will be made on your behalf. At the very least, your improved credit scores will entitle you to preferred rates for credit cards, mortgages, bank loans, etc.
21- How does Credit Solutions differ from Consumer Credit Counseling Services (CCCS)?
We work for you not the creditors. We legally, ethically and morally reduce your current balances by up to 70% CCCS companies DO NOT reduce any of the debt you owe, We give you an effective 0% interest rate CCC companies only reduce your interest rate if the creditor lets them and rather “sells” you on the concept of combining your total monthly payments into one payment - often times higher than your regular monthly minimums. For most people seeking debt assistance, immediate monthly cash relief (a lower monthly payment) is what they need. CCCS doesn’t necessarily provide monthly relief, and as consumers soon find out, the new payment has a relatively minute impact on the total outstanding balances. Hence, the 4-6 year plan they were originally told turns out to be much longer. Your credit report will indicate that you are enrolled in a CCCS program, which is considered a major infraction. Our Program is confidential we are not required to report anything to the credit reporting agencies, and we will not.
You should also not be fooled by the fact that CCCS is a Non-Profit Organization. It is true that you do not pay a fee for their services. However, someone has to pay for their operating expenses and their salaries. If you are not paying for their expenses, your creditors are. If you are seeking immediate monthly cash relief, Debt Settlement is a much better solution. Go to the savings calculator on this web site and put in your numbers and see how our program will benefit you.
22- Will fees and interest continue to accrue?
When we engage your creditors our debt settlors request to stop all fees and to reduce your interest to a nominal rate. However, the reality is that most creditors will continue to charge fees until the account Is written off (typically 120 – 210 days) in hopes of making more profits from you in your time of financial rehab. When our debt settlors work out a settlement offer we attempt to negotiate from a position of the principal amount you owe less any fee accumulated during the settlement process. Note: interest will continue to accrue in most cases until the debt is settled.
23- Can I go through this process more than once?
Theoretically, the process works as many times as attempted. Ethically, this is not recommended. Repeated efforts at debt settlement, though possible, can and do have very serious legal consequences. We will not knowingly or willingly assist anyone eliminate a debt they incurred with the foreknowledge and purpose in eliminating that debt.
24- Will I owe money to the IRS for my reduced settlement?
Once you have settled a debt, creditors are required to report any forgiven amount that exceeds $600 to the Internal Revenue Service (IRS). Additionally, you are supposed to report the same as income on your federal income tax return. Creditors that have forgiven debts at or above the required amount will send you and the IRS a Form 1099-C at the end of the tax year. The 1099-C will be filed along with your other tax related documentation. However, the IRS will allow you to write off any income from canceled debts up to the amount by which you were insolvent at the time of settlement. Consequently, if you did not have a positive net worth at the time of your settlement, you most likely will not be required to pay taxes on the forgiven amount. If you do not meet insolvent requirements of the IRS, amounts other than the principal balance may be deducted from the amount reported in your annual return. Insolvent: You are considered insolvent when you have liabilities in excess of a reasonable market value of your current assets. Note: This should not be considered tax advice. Credit Solutions does not provide tax, legal or financial advice. If you need any type of legal or tax related advice, you must contact a licensed attorney or a qualified accountant.
25- Will your program stop legal action against me?
Creditors have the right to use legal means to collect a debt. Some creditors are more likely to file suit than others. However, most creditors will only sue if there is a lack of communication or they feel that a consumer is trying to take advantage of them. If you are earning six figures, own a home with equity, and /or can afford to pay off your debts in full, then you may be sued if you fall behind on payments. Creditor lawsuits are not common but they do happen. It is also a common tactic of third-party creditors or collection agencies to threaten you with a lawsuit (which is illegal if they do not intend to sue). The reality is that third-party creditors or collection agencies rarely ever sue. You should be aware that a creditor could only sue you if it retains an attorney that is in your state. Furthermore, it takes time and costs money to file. Lastly, even if a creditor is to take legal action, they can only collect what you have. A wage garnishment takes time and always hinges on your employment and may not be applicable in your state. If you own a home it is difficult for a creditor to attach the equity in your home and it may be protected by your state’s homestead act. In conclusion, it is typically more cost effective for a creditor to settle than to pursue legal action. While we cannot guarantee that legal action will not be taken, we are confident that our experience in dealing with creditors can reduce the possibility of this happening. Despite any legal action that may or may not be taken, your account can be settled before, during or after the suit. Just because an account goes to legal action does not mean that we cannot settle it. The threat of legal action can be the scariest of all, IT CAN BE HANDLED. We recommend that our clients seek competent legal counsel in certain situations. Note: We cannot provide you with legal advice. We work with your creditors to find a solution that will satisfy everyone before legal action is taken.
26- What if I'm sued and they get a Judgment?
Here are some facts; Right now in the United States there are between 200 and 300 billion dollars of uncollected (Money Judgment debt). The court does not require the debtor to pay, and will not even help collect. Very few people know how to find these assets or what to do when they are found. The result is that millions of Judgments are just sitting in files. "Four of five winners of a Judgment never see a dime." We negotiate all unsecured debts, which include judgments. Regardless of what stage of collections a debt is in, it can be handled.
27- Why should I use Credit Solutions?
Our debt settlement program is the most effective method to help consumers legally, ethically and morally get out of debt. We work for you not the creditors, ensuring the best possible results for you and your family.
We are listed with the BBB and have never had a single complaint filed against us by customers, creditors or anyone we do business with.
We are someone our clients can trust with their finances, someone who has their best interest in mind an possesses the competencies and expertise to assist them.
The best part about Credit Solutions is we make our money based upon what we save you. Our expert settlors are paid based upon settlement percentages. That means the better settlement they arrange for you, the more compensation they receive. This ensures the settlement team is working directly for YOU and not the creditors, ensuring the best possible results for you and your family. As a result, the absolute best settlement deals are achieved with your best interest in mind. Our Certified Debt Arbitrators and Negotiators work even harder to save you the most money possible because the more we save you, the more we end up making and the happier our clients are while emerging debt free. Our debt settlement program is the most effective method to help consumers legally get out of debt. We work for you not the creditors.
You can always speak to a live person 9am to 9pm Monday to Friday Eastern Time Zone.
All costs and fees are always fully disclosed to you verbally and in writing before you commit to our program.
We have assembled an impressive team of dedicated individuals who work with one common goal… to save you Money.
We have extensive knowledge in consumer debt and the Fair Credit Reporting Act, as well as the Fair Debt Collection Practices Act. We have developed a creative technical administrative process that allows the creditor and the applicant to exit the relief transaction to their mutual satisfaction. Credit Solutions, is apprised within 24 hours of any and all changes made by the bankcard industry. Our programs are instantaneously updated to accommodate any challenge and are automatically retroactively applied to all clientele. Our debt settlement program is set up to work with your best interest in mind. We have created a win-win relationship, by implementing procedures to ensure the best results for our clients. As always, getting you out of debt is our job… keeping you out is our mission.
28- What makes up a credit score?
Payment history (35%). Your score is negatively affected if you have paid bills late, had an account sent to collection or declared bankruptcy. The more recent the problem, the lower your score -- a 30-day late payment today hurts more than a bankruptcy five years ago.
Outstanding debt (30%). If the amount you owe is close to your credit limit that is likely to have a negative effect on your score. A low balance on two cards is better than a high balance on one.
Length of your credit history (15%). The longer your accounts have been open the better.
Recent inquiries on your report (10%). If you have recently applied for many new accounts, that may negatively affect your score. Promotional inquiries don't count.
Types of credit in use (10%). Loans from finance companies generally lower your credit score. FICO says this is most important when there isn't a lot of other information upon which to base a score. Although this is a good guide as to what credit scoring companies deem important, keep in mind that some companies may consider different factors. Among the items that credit scoring companies cannot consider are age, race, gender, education, national origin, marital status and receipt of public assistance.
29- What do the Numbers Mean?
Excellent 750-900,Good 660-749,Fair 620-659,Poor 350-619 Credit scores range from 350 to 900, with the average around 700. According to the model, as your score increases, your risk of default decreases. Industry experience shows a direct correlation between low scores and high default rates. This means that you may have a hard time convincing a creditor to make you an affordable loan (or any loan at all) if your score is far below average. But just as your credit history can vary from credit bureau to credit bureau, so can your credit scores. It is possible to have a high score with one credit bureau (Equifax, Experian, or TransUnion) and a low credit score with another, just as you might have a clean credit history with one bureau and a muddied record with another. Wide-ranging credit scores are rare. However, some lenders admit to seeing borrowers with scores that vary by 100 points or more. To combat this, a lender usually uses the middle score, but that can be of little comfort if you have scores of 550, 570, and 700, and the interest rate for a borrower with a score of 570 is two points higher than the rate for a borrower who scores 700. Narrow ranges are more typical. For example, a person with good credit might have scores something like 685, 702, and 718.
We are not legal counsel and do not furnish any legal advice.
