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Debt Settlement Questions
Q: Do I have to put all my credit cards in the program?
Q: Will this affect my credit?
Q: Will I be able to get credit in the future?
Q: Will I receive creditor calls?
Q: Can I negotiate with the creditors myself?
Q: How long does the Settlement Process take?
Q: Do I qualify for your program?
Q: What does it cost and how does Island Credit Experts make money?
Q: Is my information kept confidential?
Q: Will my creditors continue to contact me by mail?
Q: What is secured debt versus unsecured debt?
Q: Do I
have to put all my credit cards in the program?
If you would like to keep one card for emergency use, you may. The
majority of your debt should be put into the debt settlement program
so that we can get the best outcome for you. Our mutual goal is
to get you out of debt and back on your feet financially so you
are living on cash rather than credit.
Q: Will this affect my credit?
This depends on what your credit history and current credit score
are. In many cases settlement will have little impact, and in some
cases it will improve your overall credit. Several factors affect
your credit score, including your total debt to income ratio and
your debt to credit limit ratio. Debt settlement may have a short
term negative impact on your payment history, but at the same time
it will have a positive impact on the other parts of your credit
score. Weighing all options, debt settlement may be the best option.
By the end of the settlement program you may experience improvement
in your credit scores because you satisfied the outstanding debt,
and your accounts will have been reported with zero balances.
Q: Will I be able to get
credit in the future?
Yes. When you have successfully finished the program, the debt you placed in our program will have a zero balance. Our clients are able to purchase homes, refinance, and obtain credit cards by re-establishing their credit.
Q: Will I receive creditor
calls?
We immediately notify the creditors that we represent you, and they
are put on notice to direct their calls and communication to us.
Our experienced staff is extremely knowledgeable in your legal rights
as a consumer, and we demand the creditors to adhere to such laws.
It is our job to manage your accounts, handle the creditor calls,
and take the stress and the burden off of you. We are here to protect
your rights, and we will make every possible effort to get the best
outcome for you.
Q: Can I negotiate with
the creditors myself?
Most people would enlist the help of a specialist if they needed
something outside their area of expertise. For example, if you needed
a tooth pulled, you would go to a dentist, and if your car wasn't
working properly, you would most likely take it to a mechanic. Creditors
are experts in using tactics to get you to pay, and unless you have
knowledge of the credit and collections industry policies and procedures,
and the laws that apply, your results may not be what you had hoped
for. We are experts in debt negotiation this is what we do. With
our skill and expertise and the leverage of multiple clients, we
can facilitate lower settlements and you will not have to endure
the stress of the creditor calls.
Your settlement program will depend on the amount
of your monthly installment. To accelerate the debt settlement process,
you may contribute funds beyond your monthly payment at any time.
However, this is not necessary. One of our debt specialists will
help you determine an affordable payment within your budget.
You must have $7,500 or more in unsecured debts and be able to maintain enough monthly income to make regular payments towards settling it. Also, you must be committed to becoming debt free and understand the process of our debt settlement program. Contact us now for a free consultation on becoming debt free.
We charge a flat rate fee which is a percentage of your total debt load. Our fee is already calculated in your monthly payment with no out of pocket cost to you. To find out what monthly payment works with your budget please contact us at: 888-600-5565 for a full explanation of the program.
YES - Island Credit Experts maintains your confidentiality at all times and is bound by "Rules of Professional Conduct." We only disclose information to those persons that you have authorized. All creditors that you have contracted us to settle with on your behalf will be contacted by us and advised that you have retained Island Credit Experts to represent you. All information is considered highly confidential and personal. Please see our privacy policy.
Q: What is secured debt
versus unsecured debt?
Secured debt is any debt that is collateralized by another asset.
If a debt is secured the creditor has the right
to sell the asset in order to satisfy the debt. We negotiate unsecured
debt only. There are exceptions, such as a car loan balance left
after repossession. In this scenario the secured debt becomes unsecured
and is then negotiable. Unsecured debt examples are: credit card
debt, medical bills, department store credit cards, oil/gas credit
cards and personal unsecured loans.