DebtCorp.Net

Frequently Asked Questions

Are you a collection agency?

No! We work for you! We will stop creditors from harassing you once you join our program.

Can you consolidate things like a home mortgage and/or a car loan?

No, we work only with unsecured debt which is debt that is not backed or underwritten by an asset (like a car or home).

What is debt consolidation?

Debt consolidation is a process by which we negotiate with all of your creditors to obtain the lowest monthly obligation needed to satisfy all of your current accounts. You pay one "lump" sum monthly which, in turn, is portioned out to your creditors. This monthly payment will in almost all cases be lower (perhaps by as much as 50%) than the sum of your individual account obligations.

What is debt settlement?

Debt settlement is a process by which a specialized lawyer will negotiate on your behalf with your creditors the balance on your accounts. They reduce the amount owend and needed to satisfy all of your past due accounts. Once agreed on the discounted amount the lawyer request a letter from the creditor accepting the negotiated amount and stating that upon receive this amount, your account will be satisfied. Once the agreement letter is received, the lawyer will send the funds to the creditor and you will be copied with a confirmation letter to inform you that account was settled and closed. The process continues until all creditors are settled and you are debt free. Tipically Debt Settlement Programs (DSP) are designed to take you out of debt in 36 months or less, depending on an affordalbe monthly budget payment every month. You can also set uo a lump sum payment, when available, to settle accounts faster. Your credit will suffer while in this program but have in mind you will be paying around 50% of what you owe. Once all your debt has been eliminated your score will improve due to the debt to income ratio which weights 30% of your Fico Score.

Do you charge a fee?

Yes, however this fee is structured into your monthly payment program and is far below the amount of money we save you in reduced interest charges, late fees, and total monthly expenditures.