Debt Negotiation
What if I am not comfortable with the settlement?
All settlements are subject to your approval, you will be contacted and have the opportunity to approve or disapprove the settlement. If you disapprove of the settlement, our negotiation team will go back in and try to make other arrangements with your creditor. If no amicable arrangement can be made, you owe nothing and you go on exactly as before. You have lost nothing in the attempt to try to handle your situation.
Who pays the creditor once the settlement is accepted?
You will pay the creditor directly once an agreement is reached and our fees are paid.
What if I can't come up with the funds right away to pay the creditor?
We will go back to the creditor and see if there is a possibility of a payment over time for the settlement amount, if not, then the settlement will expire and we will have to go back to the creditor at a later date to try to settle with them again.
How does Academy get paid?
All members have access to our Debt Negotiation services. Our members pay a monthly membership fee. To make it simple for our customers we incorporate our fees into this one monthly payment.
How will this affect my credit?
Yes, you can have derogatory marks added to your credit report throughout the program. Right now you are probably overextended and even though you could have perfect credit, you could also have very low credit scores. However, by reducing your debt you are increasing your credit score, your accounts will show paid in full or settled in full, if no settlement is reached then you will be no worse off than you were before.
Are my creditors going to continue contact?
We know that having creditors contacting you can be stressful. To stop them from contacting you we change your address and phone numbers on all your credit cards and creditors to our contact address and phone number. We feel that it's the best way to lighten your load.
Do I have to include all of my creditors into the program for settlement?
No. We recommend that you keep open at least one credit card. That way if something comes up you still have an emergency credit card that you can use. Any accounts that are included in the settlement will be closed.
What if my creditors won't settle?
There are very few circumstances where a creditor will refuse to settle. As with any negotiation, there are offers and counter-offers and given time, and in the majority of cases a settlement is reached. Creditors realize that settlement is in their best interest because if a debtor files for bankruptcy, most times the creditor will be left with nothing.
Our Personal Credit Mentors are the best in the business. Let us prove it to you.
At Academy Credit, we do more than just credit repair. Our members enjoy a full suite of services that help them find financial freedom and peace of mind. Debt Negotiation is an important part of that process. Learn more by clicking the links below.
Debt Negotiation Overeview
Is debt negotiation safe?
How does Academy Credit keep me in control?
What types of debt can be settled?
Other Debt Negotiation FAQs
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