When will my debts be paid off?
The average debt resolution program lasts 2-4 years. The speed at whichyou complete the program depends entirely on how much money you apply to your program. You can only pay off debt when you have the money to do so, which makes it essential that you build up your resolution account fund as fast as you can. Missing payments to your debt resolution program will hinder the negotiation process because there will be less funds to negotiate with. The more money you add to your account, the quicker your debts will be resolved.
Do I need to take out a loan to pay off all my debt?
No. Of course you can always decide to obtain a consolidation loan to work alongside the debt resolution program. Many people have found that simply paying for their debt resolution with a monthly payment into their resolution savings account is the best option, while others prefer to speed up the pay off process with a lump sum. The decision is up to you.
What are the tax consequences?
Can I negotiate with my creditors on my own?
Can creditors garnish my wages?
Yes. Even if you are in a debt resolution program, your creditors are able to garnish your wages. However, this can sometimes be a long process for creditors. First, the creditor must sue you, obtain a successful judgment, and then file for a garnishment action. When a person is working with a creditor to resolve their debt, wage garnishments can sometimes be avoided. At Rescue One Financial, we negotiate with each creditor as part of your debt resolution program.
Will the debt resolution program repair my credit?
No, Rescue One Financial does not provide credit repair services. Our goal is to resolve your delinquent accounts. Once you've done that, speak to our Financial Consultants for advice about how to best repair your credit.
Will the calls from my creditors stop coming?
No, Rescue One Financial cannot stop your creditors from contacting you. However there are laws enacted to help with harassment by third by collection agencies. It is important to remember that all collections agencies must adhere to principals laid out by the Fair Debt Collection Practices Act.
Can I be sued?
Yes. Your creditors have the right to sue you to recover their funds. However, lawsuits are usually meant to force a resolution of the debt. It is our experience that most creditors would rather negotiate a resolution than go to court. When you participate in the Rescue One Financial debt resolution program, you will have experienced debt resolution consultants on your side.
Can I still use my credit cards?
How will debt resolution affect my credit?
Is bankruptcy a better option for me?
Debt resolution does not guarantee that you are safe from bankruptcy now or in the future. It is strongly recommended that anyone considering the Rescue One Financial debt resolution program also seek advice from a bankruptcy attorney.
Who is eligible to enroll in the debt resolution program?
Are late paying their unsecured debts
Have no ability to make payments in the future
Bankruptcy is the only other option
How will Rescue One Financial resolve my debts?
- Advise you on a recommended savings level for the Trust Account
- Advise you on how to build enough savings in the Trust Account that will allow us to negotiate a resolution with one of your account creditors
-Usually, starting with the smallest balance, then work up
Reach out to your creditors and begin the debt negotiation process
- Present you with the offer
-Thoroughly discuss it with you
How do I apply?
Contact the Rescue One Financial team of debt resolution professionals to learn if you meet the criteria to participate in our program. Our experienced debt resolution consultants will review your application and information and contact you within 24 hours for a complimentary introductory consultation. 1-855-737-2831.