You can try.  Most times creditors are not willing to work with individuals and will not offer very favorable settlements. Plus, if you don’t have the necessary negotiation skills and experience, you will never know if the creditor is giving you the best terms available.  Because a Certified Debt Specialist works with thousands of creditors and has thousands of clients, creditors are willing to work with us. Certified Debt Specialists are trained in the “ settlement language”.  They know the special terms that are available, and what solutions have been successful for others in similar situations.

For more information on Debt Settlement or Credit Repair

Q. Is Debt Settlement like Bankruptcy?

A: There is a major difference between Debt Settlement and Bankruptcy in many areas. Chapter 7 Bankruptcy remains on your credit report for a minimum of 10 years, whereas your charged-off accounts (the derogatory accounts) may remain on your credit file for only 7 years. Sometimes, these may be removed by a competent credit repair firm earlier. But be advised that most credit repair companies will just take your money and not deliver the promised results.

Never enter a Debt Settlement program, under the assumption that you will get the negative accounts removed in less than 7 years. To be safe, base your decision on the 7 year rule, then, if you are successful in removing negative accounts earlier through a credit repair program (www.phxfast.com), it will just be frosting on the cake. 

Bankruptcy reporting on your credit file may also affect other areas of your life. Bankruptcy is a PUBLIC RECORD. Most counties report recent bankruptcies in the newspaper every month or every quarter. The is also a publication that most lenders subscribe to the provide them all the recent filings. Bankruptcies filings can be found at the county registry as it is considered public information.

So its important to understand that a bankruptcy is not easy to hide from and is considered public information.Most employers pull credit files on potential candidates. It is likely that the candidate without bankruptcy will have a better chance at the position. Additionally, some employers will not hire an individual with a bankruptcy on their credit file, period. Lastly, some positions will absolutely exclude a candidate with a bankruptcy. This is especially true for security jobs, high level management jobs, jobs at banks and financial institution and many other types of positions.

Bankruptcy can also cause issues with renting. Many landlords will not rent to individuals with a bankruptcy file. While, landlords cannot discriminate, they may legally not rent to someone based on their credit profile.

Bankruptcy can also exclude you from loans in the future. While its true that some creditors will grant credit after a person files bankruptcy, (although there is typically a waiting period) some creditors will not grant a loan to anyone with a bankruptcy on their credit file. Most loan applications ask if you have filed bankruptcy in the past 10 years, and some actually ask if you have ever filed for bankruptcy. Although the question - have you ever filed for bankruptcy may not be a lawful question, nonetheless, if you do not answer it, it will raise a red flag and if you answer "no" you will not be truthful.

No matter how you cut it, bankruptcy can affect many areas of your life and should be avoided at all cost. It should be your last resort. You should not file bankruptcy until all your options have been exhausted or at the very least explored. Unless you have come to the decision that you have no other viable options.

www.phxfast.com/DebtSettlement

Q. What is the difference between a Debt Settlement Program and Debt Management Plan (DMP)? 

A:
Debt Management

In a debt consolidation programs, also known as a Debt Management Plan (DMP), you pay back 100% of your debt plus interest. Interest is commonly reduced to the 8% to 10% range. Additionally, Most Debt Management Companies have a monthly service fee tacked on to your monthly payment. Most people pay back about 130% of their debt over 5 to 6 year period. Debt Management has a moderate affect on a good credit file and will improve most poor credit files.

Debt Settlement

In a Debt Settlement program, most pay back an average of 40-50% of their total debt, including all agency fees as well as accruing fees and interest. This 40-50% figure is based on your starting balances. 

In some cases, where a client has very challenging creditors combined with a good income, liquid assets, etc., Certified Debt Specialists may end up with what they consider to be a less than perfect result and pay back may be in the 60% range. This is still a substantial savings for most clients and proves to be an effective program.  

Also, the contrary is true. Certified Debt Specialists often are able to obtain total settlements including fees in the 40% range when the factors are just right.  

Most clients are able to liquidate their debt in 2 to 3 years vs. 5 to 6 years in the DMP and the monthly payment is commonly smaller than a Debt Management Payment for the same debt.  

Debt Settlement has a major impact on good credit but will improve credit for people that are 6 months or more past due. This improvement in credit profile is caused by bringing outstanding balances down to a ZERO balance.

For more infomation visit www.PhxFast.com/DebtSettlement  888-601-3071

Programs Starting at $49 monthly

What is a FICO Credit Score?

A credit score is a number generated by a mathematical formula that is meant to predict
credit worthiness. The most common of the credit score standards is the FICO score by Fair
Isaac. The FICO score ranges from 350-850 and is intended as a predictor of whether or not
you will be 90 days late on a loan obligation. Typically calculated as:

1.        35% - Payment History
2.        30% - Debt Ratio
3.        15% - Length of Credit History      
4.        10% - Types of Credit
5.        10% - Number of Credit Inquiries  

To maximize increases to your credit scores, we typically recommend adding trade lines to
your credit files to improve your debt use ratio, #2 as listed above. For more information
regarding trade lines, Click Here

Service Features

·        No enrollment or initiation fees- All fees are for service.

·        Toll Free support-We include toll-free support as well as automated email updates at
no additional cost to you.

·        Pay as you go -Service are billed after having been performed. No Advance charges.

·        Surety Bonded Service- We are Surety Bonded for your protection.

·        State Registered Service- We are registered with the Secretary of State of Texas to
perform the services listed herein.

Service Includes

·        Unlimited Disputes- No matter how many items we have to dispute, you will only be
charged our low monthly fee. Dispute is only one of seven score improving actions.

·        Security locking- Against unauthorized information release and promotional inquiries.

·        Goodwill interventions- Recommended for mild late-pay accounts, this intervention
leverages your fiscal relationship with your creditor in an effort to positively impact the
record and reporting of your credit.

·        Debt validation- Recommended for certain charged-off and collection accounts. This
intervention affirms your Federal Consumer Protection Rights by demanding a complete
accounting of the listing or its removal.

·        Cancel anytime-We charge for our services one month at a time, only after work on
your case has been completed. While we recommend retaining the services of our firm for at
least 6 months, you are free to cancel the service at any time without penalty or further
obligation.

•        New book by Mark Darner- At your option, the new book "Real Credit Repair"- The way
the professionals do it! 350 pages. Additional charges apply. Click Here

Enroll Now     www.PHXFAST.COM

Bonded

State Registered

Contact us:

214-227-9644

888-601-3071

512-366-9789  Fax

Admin@PhxFast.com

PO BOX 568
Denton, TX
76202