Is there a minimum amount of debt?

If you have over $10k in debt and you continually pay your minimum payments, and you are not seeing your balances substantially decrease you should investigate a debt settlement program.

What are the steps of debt settlement?

Call a certified Signature Servicing Debt Consultant. They will go over all your debts and see if you qualify for a debt settlement program. Not everyone qualifies for a debt settlement program. If you don’t qualify, we will let you know what may be a better option for you.

If you qualify, we will need to create a budget that you can afford monthly. Those funds will be used to settle with the creditors. Typical budgets go from 24-48 months. Your consultant needs to explain to you how the fees and the settlements work.

You need to understand the fee that Signature Servicing will receive for the work they do on your behalf. Reputable debt settlement companies like Signature Servicing LLC should be members of the AFCC or the CSI. They are the watchdogs of the industry.

Under no circumstances are debt settlement companies allowed to receive upfront payments from their clients. The only way a debt settlement company can legally be compensated is if the company is successful in settling your debt with a creditor. If the debt settlement company is not successful in settling your debt, they are not allowed to receive any compensation. If you are not successful, the debt settlement company cannot be successful.

In most states, debt Settlement companies are allowed to receive 25% of the enrolled debt at the time of settlement. Meaning if you owe a creditor $3000 if the debt settlement company is successful in settling your debt with that creditor the debt settlement company will be entitled to $750 (35% of $3000). Also, all settlements need to be approved by the client prior to being accepted.

Once enrolled your debt consultant will open an escrow account for you. You are the only person who can move funds in and out of that account. According to your budget, you will be told to deposit funds into that account monthly. The funds will include settlement funds for the creditor and fees for the debt settlement company. Once a settlement is reached the client will be contacted and if the client agrees with the settlement, the client will release funds from the escrow account to the creditor as payment in full and the client will release found from the escrow account to the debt settlement company for their fees. If the client does not agree with the settlement, he does not have to authorize the transfers.

Also, the client may cancel at any time for any reason and move all fees out of the escrow account and back to his own personal bank account.

Once you are accepted into our program you will receive a debt settlement program coach. Your coach has guided 1000s of consumers through this program. The coach will set up a game plan for you Who we will settle first and why.

Step one– Your coach will want copies of all your statements. We want to make sure that the creditors are not overcharging you anyway. Just because you may be behind on your bills does not give the creditor the right to charge anything they want.

Step two-We will begin to reach out to all your creditors informing them that you are in our program, and they should reach out to us in the future. As soon as we have enough funds in your escrow account, we will offer it to the creditors as payment in full.

Step three-Once all of your creditors have accepted our settlements as payment in full, you will be graduated from our program and be 100% debt-free. At that point, we will explain to you how you can begin to fix your credit.