FAQs

Discountdebtrelief.com debt settlement program is oriented on dealing with unsecured debts including personal loans in the absence of collateral, credit cards, and medical bills. Our organization cannot offer assistance with secured debt so you may still have secured debt remaining after the program’s completion. Bear in mind however, the money you regain from being out of debt after you have fully paid your unsecured debts can be utilized to pay any remaining secured debts you still have after you complete the program.

You’ll remain in full control of an account that is established in your name. The monies deposited into the account remain your money, and the established account will be separate from your current accounts. The establishment of a separate account is essential to your success in the debt settlement program; we will automatically deduct the fees from the separate account each month as per the agreement you reach with us before you begin the program. Any savings that are accumulated in the account remain yours.

Discountdebtrelief.com does not charge upfront fees rather, our fees are taken from an established settlement account every month. We will span our fees over an 18 to 19 month period of time, and such fees include our retainer fee, and our service fee. Discountdebtrelief.com retainer fee is paid off within a three to four month period, and our service fee is paid off throughout the remainder of your agreement: usually within 15 months time. Our account executives will supply you with a quote before you enter into the agreement and this quoted fee is included in a single monthly savings amount.

Discountdebtrelief.com recommends that you enroll all of your high balance credit card accounts into the debt settlement program, especially those credit cards that have a debt accumulation that is greater than $500.00. If you’re willing to negotiate on all of your credit cards, it is easier for us to work with your creditors: this is because creditors are usually not satisfied with individuals who will negotiate certain credit card debts and not others. If however, you have a credit card debt that has a low balance and you will be able to pay the balance down to zero quickly, it is perfectly acceptable for you to maintain that credit card for use in emergency situations.

Whether or not you decide to enroll in our debt settlement plan, any time you are expected to make minimum payments to a creditor and you break the agreement to do so it will have a negative effect on your credit. Your creditors will report your actions to the major credit bureaus and your credit score will reflect your failure to pay your debts in a timely manner. The condition of your credit before you enroll in the debt settlement plan may already adversely affect your credit score as well. Discountdebtrelief.com primary goal is to assist you in getting out of your debt with minimal costs to you and in the fastest time allotted so that you can avoid having to file for bankruptcy. After you are finally out of debt, our organization will then refer you to a trusted credit repair organization for further assistance. We however, do not offer credit repair services.

In truth, you may still experience some collection calls, especially if you have secured debts that you are still dealing with as you work through our debt settlement program. There are state and federal regulations that have been established that can protect you from harassment from creditors, but bear in mind that the creditor does have a right to contact you about neglected payments. Our chief aim is to get your creditors to contact us when they are seeking payments and we make every effort to minimize the amount of collector phone calls that you will receive. We will also work along with you to ensure that any violators of the Fair Debt Collection Practices Act are appropriately dealt with and handled.

According to the Internal Revenue Service forgivable debt is a taxable income. Thus at the year’s end you will have to pay taxes on the settled debt. In contrast, the Internal Revenue Service does offer a form, document 982, which can be used to file for hardship situations. Doing so may make your forgiven debt tax exempt. You’ll want the knowledgeable assistance of a qualified tax advisor for further information.

As you work with our debt settlement program if your account goes delinquent at any time your creditors may begin to add late fees and/or interest onto your debt balances. These balances will continue to rise until a debt settlement is agreed to meanwhile, interest will continue to accrue even while you are making minimum payments on debt. Discountdebtrelief.com primary goal is to negotiate your existing debt to reduced balances even after late fees and/or interest has accrued on the account.

You can negotiate your own debt settlement but there is much to gain when you have an expert at your side helping along the way. Our team of debt negotiation experts has a single focus: negotiating and reducing your existing debt. We have the experience that allows us to stand up for you as you work with creditors so the best possible debt settlement can be achieved. Our team has experienced in negotiating more than $10 million in debt each month, and our expertise are at your disposal.

After a one to two week period, once you’re signed up for our debt settlement program we begin to contact your creditors. This is true in every instance except when we are dealing with difficult creditors. We contact creditors, we notified them that we have received Limited Power Of Attorney, and we then request that the company contact us instead of you in all dealings with the debt in question. We are limited in the negotiation process until monies have accumulated in the established account for making payments to creditors. Many creditors are unwilling to make negotiations until they know that there are available funds to pay such negotiations. The first debt settlement will occur within six to nine months of joining the program.

Legally, creditors can send debts out to third parties for collection: this includes law firms. When this occurs, we will treat the issue as a priority and we will begin negotiations with third party collectors. We will make every effort to resolve the debt expeditiously. In a few instances, a lawsuit can eventually result; we will continue to try to settle the debt, but often the lawsuit will result in a higher debt settlement negotiation. If a lawsuit results we will make an effort to put you on a payment plan for the full balance of the debt over a long term period. Bear in mind we are not a law firm and we do not offer legal counsel.

We can negotiate debts, but if a creditor is not willing to enter into negotiations or if a creditor demands a higher percentage than we offer, we cannot in anyway guarantee that the negotiated debt will be at a set percentage. Our success at debt negotiation is also partly in your hands: you will have to have the available funds every month to make payments on the debts that we negotiate for you.