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We have the ability to structure settlement programs anywhere from 36 to 60 months depending on your financial capabilities. Settlement companies in our network will send out intro notices to each creditor enrolled in the program informing them that they now represent you with regards to the debt and the account/s you have with them. They're trying to accomplish two things when notices go out: 1) Redirect as much of the correspondence and communication to their offices and; 2) Move your accounts into the departments that have the authority to settle. However, it is important to understand that creditors can still contact you if they choose to. Too many settlement companies sugar coat what we do and tell people that they can stop the phone calls and that's absolutely false. At the end of the day you are still their client. In the later stages of a program some creditors may contact you simply to confirm you are still enrolled.
During the program, your main responsibility is to make sure that the money you are to set aside for settling with your creditors is being set aside on a monthly basis. The last thing you want to do is misrepresent your financial situation to your creditors. Most creditors want lump sum payments when settling accounts which means your money will have to accumulate over time before a settlement is reached. All legitimate offers from creditors will be conveyed to you. If the offer falls within your forecast and the funds are available, then and only then will you cut a check to that creditor to settle that account. This process will continue until all of your accounts have been settled. Please understand, it takes time…it took you a while to get into debt and it will take time to get you out of debt. When you enroll in a settlement program, you are taking a proactive step towards paying back as much as you can to your creditors as alternative to bankruptcy or avoiding them altogether.
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