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| Tuesday, March 16, 2010 |
| How does your service and program work? |
How does your service and program work? Top After obtaining details about your personal finances we will see if there is a proper balance between your income and living expenses, including debt payments. The goal is to locate the source of the pressure you are experiencing, and more importantly to identify workable options for you. This is all part of our no cost Full Review. If it is just advice you need or providing other options you can pursue on your own, then we will be pleased to guide you. If though, you are struggling with debts, having difficulty with your required debt payments, or receiving collections calls, we can offer you a Debt Management Plan based on your realistic income and ability to pay.
What is a Debt Management Plan? Top With a Debt Management Plan we can arrange new terms with your unsecured creditors to eliminate or substantially reduce the interest rates, along with lower monthly payments. You then make a single, lower monthly payment through the Debt Plan, while we distribute the payments to the creditors and manage the plan for you. This will allow you to repay your debts with one affordable payment within five years or less. Overall a Debt Management Plan will feel like a consolidation loan. The difference of course is that you have consolidated your debt payments and lowered your interest costs without borrowing more money!
What type of debts can I include? Top Virtually all forms of unsecured consumer and private debt such as: credit cards, lines of credit, personal loans or accounts in collection can be included. Secured creditors, such as those who have registered collateral such as an automobile, boat or a mortgaged home, are excluded from the repayment plans.
How long will it take to repay my debts? Top In a Debt Management Plan the reduced interest charges and consolidated, lower payment will allow the debts to be repaid within a 4½ to 5 year period. This is always much less time than repaying the debts under the existing terms. In certain circumstances we can also arrange discounted Debt Settlements which will complete the Debt Management Plan sooner.
How much does your service cost? Top Our initial assessment and financial review is free of charge. If you choose a Debt Management Plan, administration fees, included in any quoted payment, are based on the number of creditors involved, the complexity of your case, and your ability to pay. All fees will be disclosed to you in detail once we have reviewed your situation. As you are not borrowing money you do not pay us interest charges. Any fees are more than offset by the substantial interest rate concessions we negotiate with your creditors. If you successfully complete your program, our service should not have cost you anything, and in fact will result in significant cost savings.
Will a Debt Management Plan affect my credit rating? Top Almost all people who move into a Debt Management Plan have either had a history of debt pressures, missed payments or are at risk of missing payments, usually as a result of growing debts or a change in life circumstances. Chances are your credit rating is already affected, but, it is possible you are completely up to date but, realize you are relying on credit to meet all your expenses and payments. Any positive or negative information on your credit record will remain there for 6 years. When you enter a Debt Management Plan your creditors will suspend collection activities and report to the Credit Bureau that you have entered a repayment or consolidation program. This will downgrade your rating on those debts included, but, will not affect any secured debts outside the Debt Plan. Information relating to your Debt Management Plan will be purged from your credit record either 3 years after repayment of the Debt Plan or in 6 years maximum.
Is this like filing for bankruptcy? Top No! When you file for bankruptcy all of your assets and debts are involved and in most cases your creditors will write-off the money you owe to them. With bankruptcy, your credit record will bear the worst possible rating of R-9. This will remain on your credit history for at least 7 years. When you go into a Debt Management Plan you will be repaying your debts in full, in good faith, under the terms of a voluntary payment and interest reduction plan that is based on your ability to pay. You are asking your creditors to reduce or waive interest on your account and to accept a more realistic payment that will allow you to meet your obligation to them.
Can you stop legal actions and garnishments? Top Yes! Usually creditors use legal action or more likely the threat of it as an effective pressure tactic to encourage you to pay. We can get involved at virtually any stage of the legal process and work towards an agreeable arrangement with your creditors. In addition we will guide you through the process to secure a payment schedule that is within your ability to pay. Once you are securely within the Debt Management Plan, with acceptances from the creditors, all collection and legal action will end.
What happens if I am unable to make my Debt Plan payment? Top If your circumstances change and you are unable to make your regular payments it is critical that you discuss the situation with us, so we can make altered arrangements with the creditors. If your situation is short-term, we can hold or reduce your payment and advise your creditors of the reasons. If long-term, we can revise your proposal with a lower monthly payment.
Can you negotiate discounted settlements? Top Yes! We specialize in discounted settlements with creditors when a lump sum of money is available. An administration fee is charged and is based on the number of creditors involved, the complexity of your case, and your ability to pay.
How do I know if I qualify for your help? Top If you are experiencing difficulty paying your creditors, feel you are locked-in and unable to reduce your debts, getting collection calls or concerned about your financial future then contact us today. If you have a regular source of income, can live within a realistic budget, need one affordable monthly payment, and have a sincere desire to be debt free, you are a candidate for our program.
How do I get started? Top It is confidential and convenient. Choose from three online services: a Full Review, a Quick Assessment, or you can ask a question or request a call back with Ask a Consultant all with just a click on our Options Center above. If you prefer, call us Toll Free at 1.877.556.3500
Are you Licensed and Bonded? Top Yes, mydebtsolution.com, a division of Fraser Valley Credit Services Ltd, and all our consultants, are licensed provincially and in addition, we maintain bank guaranteed bonds in accordance with the appropriate provincial authority.
Are you a member of the BBB Better Business Bureau? Top We are a proud member of the BBB Better Business Bureau and have consistently maintained the highest A+ rating awarded by the bureau. Trusted and reliable, we have never had a complaint filed with BBB or our licensing authorities.
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| "You have really helped me regain my confidence. I went from a successful businessman to zero and back with your help" W.M. "Thanks for helping me out! This time last year I was feeling desperate and not sure how I was ever going to get out of debt. Now I really can see the light at the end of the tunnel." M.G. "I would really like to thank you very much for all of your help. It feels like a big weight has been lifted off my shoulders". L.K. |
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