Frequently Asked Debt Settlement Questions
- Why should I use a Debt Settlement service to settle my debts as opposed to settling my debt myself?
By using a debt settlement service, you get the advantage of a team of experts with experience in negotiating debt and working with creditors. CashSmartUSA.com's partners have an impeccable relationship with creditors and collection agencies, which are usually unforgiving when negotiating directly with the consumer. CashSmartUSA.com also makes sure our partners have extensive knowledge in consumer debt and the Fair Credit Reporting Act, as well as the Fair Debt Collection Practices Act.
- Once I enter a debt settlement program, when will my debts begin to be settled?
Once you have fully retained the services of a quality debt settlement service, your creditors will be notified and your debt settlement process will begin immediately.
- What if my creditors won't settle?
There are very few circumstances where a creditor will refuse to settle. As with any negotiation there can be offers and counter-offers during your debt settlement. Given time, an acceptable settlement is reached in the majority of cases. Creditors realize that settlement is in their best interest because if a debtor files for bankruptcy, most times the creditor will be left with nothing.
- Once I am in a debt settlement program, will I still receive harassing Creditor calls?
Avoid companies who guarantee that ALL creditor calls will stop. Creditors have the right to attempt to collect on the debts owed to them. They are not allowed to harass or threaten you. Partners of CashSmartUSA.com notify your creditors of representation and inform them that they should contact your debt settlement specialist with respect to settling your debt. Most creditor calls will stop within 30 to 60 days. If you continue to get calls, call the debt settlement company's customer service department and they will again contact the creditor informing them of our representation. In all cases, you should keep a log of all calls you get from creditors with respect to the debt you put into the debt settlement program.
- Do I keep paying my credit card bills?
Debt settlement companies will never ask you to or tell you to stop paying your credit card minimums. It has to be your decision and choice to honor your obligations to your creditors through the debt settlement process.
- How does debt settlement affect my Credit Report Score?
Unlike credit counseling or bankruptcy, entering a debt settlement program is NOT part of your credit report. Your employer, landlord or any other organization who may view your credit report will NOT see that you are in a debt settlement program. However, like all types of debt relief programs, your credit rating will be affected. How much your credit is affected depends upon your current credit score.
- Will I be dropped from the debt settlement program if I miss a monthly payment to my debt settlement company?
CashSmartUSA.com makes sure our partners will NOT drop you from your debt settlement program for missing a monthly payment. Simply call your client services representative and they will work with you and your situation. It is understandable that circumstances may arise and our partners will help you get back on track with your payment schedule.
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