Your minimum
monthly payments to your creditors will cease throughout the debt
settlement process. Instead, you will make a fixed monthly deposit
into an FDIC-insured Special Purpose account. The account is in your
name and is accessible online every day of the year. Your Personal
Account Manager will contact your creditors and negotiate
settlements on the balances as money builds up in the account. We
settle each account individually until they are all settled. Our
normal program estimate is from 24 to 48 months, depending on how
many accounts are enrolled and how much money you have available to
spend.
Designed to
align with your financial capacity, the debt settlement program
offered by City Debt Relief aims to assist you in reducing your
current debt amount through a manageable monthly payment
arrangement. Our method serves as a practical alternative to
bankruptcy, offering affordability and flexibility that surpasses
traditional credit counseling. Our debt settlement program doesn't
impose credit prerequisites, nor does it require new loans. It's
important to note that participation in our program is not suitable
for all consumers and may not be accessible in all states. We take
pride in transparently presenting our program alongside all
available choices, empowering you to select the optimal path that
aligns with your needs.
Customer
Service
Within the
first few months after enrollment, your file will be assigned to a
customer service, depending on your particular circumstances.
Throughout the entire bargaining process, your customer service will
act as your advocate. Your customer service will get in touch with
you each time a settlement is reached, explain the details, and
request your consent to move forward. Every settlement requires your
consent and must be made in writing. By doing this, you maintain
control over the entire procedure and have the final word about all
settlements.
Client Care
Speak with a trained debt
professional at City Debt Relief for free. They can walk you through our
straightforward method.
Our Client
Care team will go through every part of the program with you during
our initial Welcome Call to ensure quality assurance and that you
understand it completely.
In order to
assure quality assurance and that you have a complete grasp of the
program, our Client Care representatives will go through all program
components with you during our initial Welcome Call.
These calls
offer assistance with handling creditor calls, acquiring required
paperwork, and logging into your special purpose account.
Getting
Approved for Debt Resolution
To qualify
for our debt settlement program, the debt in question must be
unsecured. Unsecured debt pertains to financial obligations without
associated collateral, encompassing items such as credit card debt,
personal loans, payday loans, medical bills, and outstanding
balances from repossession-related matters. While credit card debt
constitutes a significant portion of the cases we manage, we have
achieved notable success across various categories of unsecured
debt. Should your accounts all be in collections or if you lack
clarity on balances, one of our debt specialists can conduct a soft
credit inquiry to assess your account list and gain a comprehensive
understanding of your financial standing. Generally, meeting the
eligibility criteria for the debt settlement program requires having
at least $10,000 in unsecured debt
Our staff
will examine your creditor accounts and then evaluate your existing
spending plan.
To come up
with a program payment and estimate that will work for you, we
consider every source of income and every expense you have each
month. Our objective is to help you eliminate your debt as quickly
as possible with a payment that is convenient for your budget. Our
program estimate will frequently be substantially shorter than a
traditional credit counseling program, and the program payment we
can give is sometimes significantly less than the whole of your
existing monthly payments.
One of our
Debt Specialists will email you a secure registration packet as soon
as we determine that you are qualified. We go through everything
with you to make sure you comprehend every aspect. Your Debt
Specialist will send your file to our Client Care team for service
once the documentation is finished.
Considerations for Debt
Resolution
Debt
settlement offers a rapid and effective avenue for eliminating debt,
but it's not without its drawbacks. A primary concern for
individuals is the impact on their credit score. As payment history
significantly influences credit scores, most clients tend to witness
a decline in their credit rating during the initial phases of the
program. Particularly, if your accounts are maxed out, you're
delinquent on payments, or you're hindered by steep interest rates,
your credit score might not align with your expectations.
Although settling debts may lead to a temporary dip in your credit
score, the long-term outcome is an improved financial situation.
Often, clients' credit ratings remain stable or even increase by the
time they complete the program. Through responsible credit
management and prudent usage, credit scores have the potential to be
restored over time
You Can
Achieve Financial Stability Through Debt Settlement If You:
Are Ineligible To Pay
Your Debt Off
Need A New
Beginning
Desire Financial
Independence
Want to Regain Financial
Stability
have unplanned medical
costs
have a lot of monthly
loan and credit card payments
