Debt Management Program (DMP) FAQ:

Q: What is a Debt Management Program?
A:A Debt Management Program is a process that allows a professional firm to reach an agreement with your creditors to achieve the lowest and most affordable monthly obligation needed to satisfy all your unsecured credit accounts. A large benefit to this type of program is that you will obtain one monthly payment (consolidate). Although this is NOT A LOAN, we are able to assist clients in dramatically reducing their overall interest rate, charges, monthly payments, and most importantly pay-off time.

Q: Is this a loan?
A: No. The whole concept is designed for you to get out of debt; not put you further into debt. Think of it as getting on "New Terms" with your creditors. If you try to obtain a bank loan, you will end up in this same situation years down the road. They say the definition of insanity is doing the same thing over and over, but expecting a different result. Why would you obtain further debt, when you want a solution?

Q. Will this affect my credit?
A. American Debt Solutions does NOT report to the credit bureaus. The DMP is not factored into your credit score. But don't take our word for it! Read what the inventor of your FICO® score, Fair Isaac Corporation, has to say on its' web page titled, "What's Not In Your Score" -- and see for yourself how Credit Counseling participation does not affect your FICO score.

Q: Can I still use my credit card?
A: You cannot use any credit cards that are put in the Debt Management Program. The creditors see it as doing you a favor, putting you on these terms. Because of this, they don't want consumers abusing the system on these new terms.

Q: What do I need to do to get started?
A: All you need to do is to fill out our FREE QUOTE form. - Click Here

Q: What kind of debt can I Include?
A: You can consolidate unsecured debt(s) such as credit card debt, department cards, personal loans, judgments, medical loans, collection accounts, IRS, repos, and past due utilities. To qualify for our services, your debt must total a combined amount of at least $3,000+.

Q: What are the benefits to this program?

A:
- Consolidate Debt(s) into ONE payment
- Consolidate into a lower payment
- Reduce or even eliminate Interest Rates
- Late, Limit, Finance Charges may be reduced or eliminated
- By having a lower payment, expect to get out of debt much sooner!
- No credit check or home required!

Debt Settlement Program (DSP) FAQ:

Q: Is Debt Settlement the same as Debt Management?
A: No. Debt Settlement does not work similiar to the Debt Management Program. The whole point to Debt Settlement is to reduce the overall amount of debt, by negotiating agreed payoff amounts with your creditors. This will actually reduce your balances, unlike Debt Management. Debt Settlement can save you thousands of dollars and years of re-payment.

Q: How long does the Debt Settlement Program take?
A: The length of the Debt Settlement Program varies from case to case and is based on how much money you can put aside each month. Unlike Debt Management, the actual payment amount is flexible. Upon your free consultation, the time to complete the Debt Settlement Program will be discussed with by our Advisors. Again, the actual term depends on how much YOU can afford to pay each month. The average case is 12 to 36 months.

Q. Is the Debt Settlement Program guaranteed?
A. If a settlement is not done by the processing agent, any amount(s) accumulated subtracting the financial analysis fee will be refunded.. Any refunds provided to the client will exclude Financial Analysis fees.

Q. How will Debt Settlement affect my credit?
A. Unlike Debt Management, Debt Settlement may have a negative effect on your credit while in the program. If your accounts are already delinquent it may not have much effect. Debt Settlement does not pay your creditors every month similiar to a Debt Management Program. Because of this, your creditors will go unpaid for X amount of months until the estimated amount has been built to settle out that specific account. If you're concerned of your credit, we advise you seek Debt Management (scroll above).

Q. Will I continue to get calls and collection leters from my creditors?
A. You may, but most creditors will not. Most creditors are cooperative and will update your account records to display your Debt Settlement enrollment. We send notifications to your creditors explaining that you've enrolled into a Debt Settlement Program and to direct any correspondence to our office. Receiving calls for the first 30-60 days is to be expected, but think of this as "temporary stress". Usually, the calls will cease after the creditor receives notice from us that you've entered Debt Settlement.