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Who is qualified for our program?
US Credit Solutions debt settlement program is for those individuals that are experiencing financial hardships. This would include late payments, inability to pay debts now or in the future or considering bankruptcy as a solution. |
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When does US Credit Solutions begin settling my debt?
Once you have retained our services, your creditors will be notified and US Credit Solutions will begin the settlement process. However, we can only settle your debt once the full funds are available in your settlement account. |
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If I miss a monthly payment, will I be dropped from the program?
No, simply call your counselor and we will work out the problem. We understand that circumstances may arise and we will work with you to get you back on track. |
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Will my creditors continue to call me?
After enrollment, we notify your creditors that they should contact us with respect to settling your debt. However, US Credit Solutions or any other debt management company cannot stop creditors from trying to contact you. We will provide you with a script to follow to help with the creditors who do call to get them to stop. Most call will stop within 60 to 90 days. |
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Will this program have a negative effect on my credit?
Any debt management program will negatively affect your credit score in the beginning. As you begin to reach settlements and pay off the accounts, you will be lowering the balances and therefore begin to improve your credit score. Once your debt has been negotiated and settled, your creditors will report the accounts as “settled” on your credit report. |
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Why shouldn’t I just file for bankruptcy?
With the new bankruptcy law that was passed in 2006, it is more difficult to file for bankruptcy. A bankruptcy stays on your credit report for 10 years, but usually has some effect on your credit forever. Bankruptcy is a permanent decision that should only be considered as a last resort. |
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How much does your service cost?
US Credit Solutions has one of the lowest rates in the industry. We charge only a $39.00 set up fee and a 12% service fee which is calculated on the total amount of debt that an individual brings into out program. The $39.00 is the only out of pocket expense to you, as the 12% fee is spread out in your monthly payment over the first 12 months. |
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Do I have to include all my creditors into the program?
No, you can keep open at least one credit card to use for emergency use only. Any accounts that are included in the settlement process will have to be closed. Creditors won’t settle accounts that are still open. |
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Can US Credit Solutions stop late fees and interest from accruing on my accounts?
No, we cannot stop a creditor from adding interest or late fees to an account. However, your individual program will reflect those fees and/or interest, and is incorporated into the debt settlement program. Because we negotiate the debt down to a fraction of what you owe, your savings are far greater than any interest or late fees that could accrue. |
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What if my creditors won’t settle?
There are very few circumstances where a creditor will refuse to settle. As with any negotiations, there are offers and counteroffers and with time, the majority of cases settle. Creditors realize that settlement is in their best interest because if a debtor files for bankruptcy, most creditors would get only a fraction of the debt spread out over several years or get nothing. |
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Can creditors garnish my wages?
Yes, however this can be a long and costly process for them. The creditor has to sue you, successfully obtain a judgment and then file for garnishment action. If you are willing to work with your creditors, wage garnishment is usually avoided. |
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Can I be sued by my creditors?
Yes, your creditors have the right to sue to recover their money. But usually the purpose of a lawsuit is to force a settlement. Most creditors prefer not to go to the expense of suing and would rather try to negotiate a settlement. |
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What are the tax consequences?
Your creditors may report cancelled or settled debts over $600 to the IRS. However, the IRS permits you to write off any “income” from cancelled debts if you were “insolvent” at the time. You need to consult with a tax advisor about your specific situation. |
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Can I negotiate my debts with my creditors on my own?
Yes, you can negotiate with your creditors on your own. However, you should note that the debt settlement process can be long and complex. Our professional debt negotiators have the knowledge and experience negotiating with the creditors. By using US Credit Solutions’ services you won’t waste time trying to negotiate with your creditors and can rely on US Credit Solutions’ team of professionals to negotiate the best possible debt reduction. |
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How long will it take for me to become debt free?
It typically takes anywhere from 12 to 36 months in our program before you have saved enough and we have negotiated the total amount of your debt down to 40% to 60% to become debt free. This includes all fees. |
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