Our debt settlement program is designed for people who have had a severe financial hardship and want to find an alternative to bankruptcy. Below is a description of how our program works. However, before you make any decisions, we strongly recommend that you read and review all of your options. Speak with one of our experienced Debt Advisors who can explain the program in detail and see if you qualify.
Frequently Asked Questions (FAQ's)
- Who is qualified for our program?
- Who is NOT qualified for our program?
- How do you apply?
- How will Assista Financial Solutions settle my debts?
- Who can join Assista Financial Solutions' program?
- Is bankruptcy a better alternative for me?
- Does Debt Settlement have a negative impact on my credit?
- Can I still use my credit cards?
- What will I pay for your services?
- Can I be sued?
- Can Assista Financial Solutions stop my creditors from calling?
- Does Assista Financial Solutions repair my credit?
- Can creditors garnish my wages?
- Can't I negotiate my debts with my creditors on my own?
- What are the Tax Consequences?
1. Who is qualified for our program?
Assista Financial Solutions' debt settlement program is only for people facing financial HARDSHIP. This means people who are late on paying their debts, have little or no ability to pay their debts in the future and are facing a possible bankruptcy.
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Assista Financial Solutions does not advocate that any person default on their debts. This program is not designed to negotiate debts for people who have reasonable means to pay off their debts. If you have the ability to pay your debts in the normal fashion, by paying minimum payments, then you should honor your debts and do so. This program is NOT for people who have high credit ratings and can meet their monthly debt obligations.
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Complete the form online. A debt consultant will review your information and call you to review your situation. After a debt consultant has reviewed your financial situation & hardship, we will determine if you are qualified for our program.
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You will be asked to put aside and save a set amount of settlement funds on a monthly basis. This amount will be determined in your initial analysis based on total amount of debt and will be in line with your income and expense budget. Once you have accumulated enough settlement funds to make a reasonable offer to your creditors to settle the debt, Assista Financial Solutions will complete the negotiation process. Each person's situation is different and the negotiation process will begin at different times depending on the amount of your debt. Once the creditors agree to a settlement amount, we will present this offer to you. If you approve of the settlement, we will instruct the creditor to fax over the "settlement offer" in writing. Then have a three way recorded conversation with you, the creditor and us to settle the account. Debts can be settled in two different ways; one lump sum or a term settlement. One lump sum is just that, one payment and the account is paid. A term settlement is a settlement which is paid over an extended period of time until the account is paid. Assista Financial Solutions then moves through each debt until all of your debts have been settled.
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Assista Financial Solutions debt settlement program is a hardship program. This program is only for people who:
- Have a financial hardship
- Are late paying their unsecured debts
- Have no ability to make payments in the future
- Bankruptcy is their only other option
Examples of qualifying hardships are a loss of income, medical emergency, death of a member of the household who provided financial assistance, or a divorce. If you are currently meeting your monthly debt obligations and are able to continue to do so, then our Debt Settlement program is NOT for you.
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Anyone considering our program should also contact a bankruptcy attorney to determine if their situation warrants filing for bankruptcy. Using the Debt Settlement process does not guarantee that you will not have to file for bankruptcy in the future.
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YES. Debt settlement will have a negative effect on your credit report- showing late payments. How much it will decline depends on your circumstances prior to joining our program. Assista Financial Solutions DOES NOT provide credit repair services. Most of the accounts you place into negotiation are likely to "charge off", which will reflect negatively on your credit. However, once a settlement is reached, we will send a settlement document to forward to the 3 credit bureaus. This will verify that your account has been settled and paid as agreed. Settled accounts are positive compared to unresolved delinquent debts or bankruptcy. A high credit score is desirable to have, but if you have a financial hardship and are unable to pay your debts, then your first priority should be aimed toward getting out of debt and getting back on your feet financially, not about the short-term effect on your credit score.
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NO. All credit cards in the program will be inactive and you will not have new credit privileges with them. Any cards you DO NOT put into the program should not be used either. This program is for you to get out of debt.
All costs and fees are always fully disclosed and are you are required to sign for approval before you commit to our program.
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Assista Financial Solutions has an industry-average 15% fee which is calculated based on the total amount of debt that an individual brings into the debt settlement program. This program requires one or two down payments, small monthly service fees and most of the fee remaining is paid only when a debt is settled. Unlike most companies, Assista Financial Solutions receives most of its compensation after the successful completion of its settlements.
All costs and fees are always fully disclosed and you are required to sign for approval before you commit to our program.
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YES. Your creditors certainly have the right to sue to recover their money. But usually the purpose of the lawsuit is to force a settlement on the matter. In our experience, most creditors would rather not go to the expense of suing and simply try to negotiate a settlement at this time. The best advice is to stay focused on saving your monthly program amount so the funds are available to settle.
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NO. Your creditors have every right to try and contact you in order to collect a debt. The original creditor is notified to contact the consumer only by mail, even though they can contact the consumer once per day. The collector is required to stop contact if a 'cease and desist' is delivered to the collector. Some creditors go through this 'stop sign', so it is impossible for ANYONE to promise that 'no creditor will call'. If your account is in collections; collections agencies have to adhere to the FDCPA Guidelines. If you would like to learn more go to: Fair Debt Collection Practices Act.
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NO. Assista Financial Solutions does not engage in credit repair services. No company can remove legitimate negative items from your credit report- especially those appearing before enrollment in our program. Negative items will remain on your credit report according to the conditions imposed by the credit reporting agencies. The goal of a Debt Settlement program is to settle your delinquent accounts.
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YES, however this is can be a long process for the creditors. The creditor first has to sue you, successfully obtain a judgment, and then file for a garnishment action. If you're willing to work with your creditors, wage garnishment can normally be avoided
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YES, you can negotiate your debts with your creditors on your own. As a matter of fact if you successfully negotiate a debt it may cost you less in the long run to use this approach than to use Assista Financial Solutions service.
You should note however, that the Debt Settlement process can be a long and complex process for the average consumer. Our debt negotiators have the skills and knowledge of how your creditors negotiate and they have many years of experience negotiating the largest debt reductions. You don't have to spend all of the time and effort trying to negotiate with your creditors and hoping you can get a better result than our experienced and Certified Debt Arbitrators.
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Your creditors may send you a 1099 form for cancelled/settled debts (usually exceeding $600). However, the IRS permits you to write off any "income" from canceled debts up to the amount by which you were "insolvent" at the time (IRS form 982). You need to consult your own tax advisor for advice specific to your situation.
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