We made a list of common questions your friends and family might ask about debt settlement. These example answers will help you envision what you might say so that you don’t feel put on the spot.
- What is Debt Settlement?
- How Do You Qualify for A Debt Settlement Program?
- How Does Debt Settlement Work?
- How Much are You Paying Every Month?
- Are Fees Expensive?
- What are the Benefits of Debt Settlement?
- Is Debt Settlement a Scam?
- Does Debt Settlement Lower Your Credit Score?
- Couldn’t You Negotiate Debt on Your Own?
Tip: Don’t worry about memorizing these answers word for word. Instead, you can use them as a guide and come up with your own responses.
What is Debt Settlement?
Example Answer: “Debt Settlement is a debt relief program where a company negotiates and settles my unsecured debts for less than the total amount I owe.
The main goal of debt settlement is to reduce the amount of debt I owe and to resolve it faster than I could on my own.”
How Do you Qualify For A Debt Settlement Program?
Example Answer: “First, you fill out a free quote form and talk to a Certified Debt Specialist. They will ask you questions to determine your eligibility.
People with $10,000 or more unsecured debt who can make regular monthly payments are good candidates for the program. For many, it’s a great alternative to bankruptcy. A Certified Debt Specialist helped me decide if the program was the right fit for me.”
How Does Debt Settlement Work?
Example Answer: “The professionals at Beyond Finance work with creditors to negotiate lower settlements on enrolled accounts. They handle all communications with creditors so I can relax and focus on other things that matter to me.
My job during the program is to make my monthly payments on time and to approve settlements. The Client Dashboard allows me to monitor my progress and the Client Success Team is always available to answer my questions. Enrolling in the program has reduced my financial stress.”
How Much Are You Paying Every Month?
Example Answer: “Debt settlement can lower your monthly payment by up to 50% or more. The program is much more affordable than making minimum payments. I deposit my monthly payments into a Dedicated Account, and the funds are used to pay for my settlements.”
Are Fees Expensive?
Example Answer: “Program fees are based on a percentage of the total debt enrolled in the program. Fees are never charged upfront! The monthly deposits are designed to cover both the settlements and program fees.
I know I won’t get any surprise bills! Fees are deducted from my Dedicated Account when I approve and start making payments on a settlement.”
What are the Benefits of Debt Settlement?
Example Answer: “Debt settlement helps people experiencing financial hardship save a lot of money and time. Highly trained debt negotiation specialists can get the best possible settlements on enrolled debts.
The program will resolve debt in 12 to 48 months. It’s helping me pay off my debt years faster and for significantly less than what I would pay, making minimum payments.
The program could lower your monthly payments by up to 50% or more, which can make a huge difference right away.”
Is Debt Settlement a Scam?
Example Answer: No, it’s a legitimate debt relief strategy. Working with an accredited company with reputable reviews ensures that you are in good hands. There are also federal laws in place to protect consumers like me from bad actors in the industry.
Beyond Finance is an Accredited Member of the American Fair Credit Council (AFCC), an alliance that creates standards and guidelines to improve compliance, transparency, and consumer advocacy within the industry. So I know that my program is doing things the right way.”
Does Debt Settlement Lower Your Credit Score?
Example Answer: “Everyone’s credit situation is unique. In general, enrolling in debt settlement will lower your score. When you begin the program, you delay payment directly to creditors and start building funds in your Dedicated Account.
This can temporarily lower the credit score. When settlements are approved, the credit score should begin to recover.”
Couldn’t You Negotiate Debt on Your Own?
Example Answer: “Negotiating debt on your own is possible but not recommended. Debt negotiation is a full-time job! Successfully negotiating settlements with multiple creditors requires time and expertise that I don’t have.
I feel much better knowing that my debt is being managed by people who are trained professionals.”
Debt Settlement is the Right Choice for You
Everyone’s financial situation is unique and different. Struggling with debt is stressful and can disrupt many aspects of your life. When searching for debt relief, it’s normal to be overwhelmed by your options.
A Certified Debt Specialist will help you analyze your debt and finances to determine if debt settlement is the right choice for you. Beyond Finance only enrolls people who are good candidates for the program. If you have been accepted into the program, it means we are confident we can get settlements that will save you money and time.
Debt Settlement Benefits
- Highly trained debt negotiation specialists get proven results
- Pay off debt faster
- Pay a fraction of what you owe
- Reduces your monthly payments during the program
The minimum payment example is based on a credit card for individuals with fair credit, having an interest rate of 23% (rounded up to the nearest percentage point) and assumes a payment of 3% of the balance. Please note that, assuming the principal balance does not increase due to additional charges, fees, and interest, the required minimum monthly payment will decrease over time as additional minimum monthly payments are made and reduce the total balance.
Sharing Debt Settlement With Others
When you find immediate relief through debt settlement, it can be exciting to share that good experience with others. You may know people who could benefit from the program. If you have a family member or friend struggling with debt, share your positive experience with them.
You can also encourage them to speak with a Certified Debt Specialist. If the program is right for them and their debt, a specialist will help them enroll and begin their journey.