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What Debts
Don't Qualify?
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When will Express Debt Settlement begin settling my debt?
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Why should I use Express Debt Settlement to settle my debts rather than
handling it myself?
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Will I still receive harassing calls from creditors or collection
agents?
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Should I keep paying my credit card bills?
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How does settlement affect my credit score?
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Will I accrue penalties or fees if I miss a monthly payment to Express
Debt Settlement?
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What if my creditors won't settle?
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How long will it take to settle my debts?
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How is debt settlement different from debt consolidation?
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What is the difference between unsecured and secured debt?
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Who qualifies for a debt settlement program?
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Do I have to include all my debts into a debt settlement program?
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How is debt settlement different from bankruptcy?
When will Express Debt Settlement begin settling my debt?
Upon receiving your first payment, our
attorneys will immediately go to work by contacting your creditors and
debt collectors to inform them that they are now handling your accounts.
They will request a validation of your debts to locate the possible
billing inaccuracies and miscalculations on your account. However, we
can only settle a debt once all of the funds are available in your
settlement account.
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Why should I use Express Debt Settlement to settle my debts as
opposed to handling it myself?
We have experienced attorneys and debt
arbitrators that fight for your rights. We will be able to negotiate a
better settlement with the creditors, which are usually averse to
negotiating with the consumer directly. The attorneys have extensive
knowledge in Federal and State Consumer Laws and exercise the Fair
Credit Reporting Act, Fair Credit Billing Act, as well as the Fair Debt
Collection Practices Act to help settle your debt.
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Will I still receive harassing calls from creditors or collection
agents?
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 attorneys including a debt validation letter
and a cease and desist letter, which request 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 debt. A debt collector may not harass or abuse any
person in connection with the collection of a debt.
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Should I keep paying my credit card bills?
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 and make payments to your
creditors at the same time, then you probably don't
actually have a legitimate financial hardship.
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How does settlement affect my credit score?
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 and your credit report reflects less debt or none
at all, it should be easy to increase your score at that time.
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Will I accrue penalties or fees if I miss a monthly payment to
Express Debt Settlement?
No. Simply call your debt consultant and we
will work with you to complete the program. It is understandable that
circumstances may arise, and 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.
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What if my creditors won't settle?
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.
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How long will it take to settle my debts?
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.
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How is debt settlement different from debt consolidation?
Debt settlement is a program that will help
you save money to pay your unsecured debts in the future. Debt
consolidation, on the other hand, is a loan that is designed to simply
reduce your interest rates among your creditors. Depending on the amount
of debt that you owe, it may take literally decades to clear your name,
even with a reduced interest rate, not to mention, consolidation could
also negatively affect your credit score.
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What is the difference between unsecured and secured debt?
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.
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Who qualifies for a debt settlement program?
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. Express
Debt Settlement will not welcome anyone into the program that has the
intention of defrauding, deceiving, or swindling their creditors. We
only represent consumers who are truly in need of our services and stand
to significantly improve their financial situation.
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Do I have to include all my debts into a debt settlement
program?
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.
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How is debt settlement different from bankruptcy?
Bankruptcy is an option that is generally
treated as a last resort. It will remain on your credit report for 10
years and you can be denied employment, state licenses, insurance, and
tenancy of an apartment. Most importantly, you can be denied virtually
any type of credit with a bankruptcy on your record. 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.
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