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If you have a $7,600 credit card balance with an 18% APR and only make 2% minimum payments, you'll need 53 years to pay off your debt. Total interest-$21,731!
The Debt Settlement Process
Debt Settlement is a process in which both debtor and creditor settle or resolve a debt for less than what is owed. If negotiated properly, a debtor's debt can be quickly, and in some cases, significantly reduced.
To ensure a successful settlement is brought to fruition, funds need to be readily available to pay the settlement amounts as negotiated by DMB on behalf of its client. And because these agreed upon settlements must be immediately paid, the funds are held in a client-owned, special purpose F.D.I.C. insured account to assure an expedient transfer. In the unlikely event that DMB is unable to negotiate with a particular creditor to settle a client's debt, the account would be dropped from the program. This action, in turn, would shorten the client's program length, reducing their administrative fees.
While the successful completion of DMB's Financial Guardian Program will ultimately result in the resolution of debt owed and an improved debt-to-income ratio following continued financial responsibility, there are associated risks with this type of program such as; the possibility of lawsuits by creditors, a credit score that will be negatively affected, and the debt that is settled will be identified on a client's credit report as "paid as agreed" or "settled for a lesser amount" rather than simply "paid in full". While these concerns are valid, we believe that for some consumers, the risks associated with choosing an alternate solution other than debt settlement could potentially have a greater detrimental affect on their long-term financial stability and well being.*
Throughout the duration of the debt settlement process, DMB's clients will have immediate access to their Client Services representative via our toll free number or Email. We even have extended office hours for those clients who reside on the west coast.
* Individual results may vary based on ability to save funds, amount of debt, willingness of creditors to negotiate, and the successful completion of all program terms. Program does not assume or pay any debts, nor provide legal or tax advice. Prudence should always be taken by consumers when reviewing contracts and disclosure materials. DMB's services not available in all states.