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Quick End Debt Debt Settlement Program
Our Debt Settlement Program is designed for people who have had a severe financial hardship and want to avoid filing for bankruptcy. Below is a description of how the program works. Also, speak with one of our experienced debt consultants who can explain the program in further detail and get you qualified.
1. Who is qualified for our program?
Quick End Debt debt settlement program is only for people facing financial HARDSHIP. This means people who are late on paying their debts, have little or no ability to pay their debts in the future, and are facing a possible bankruptcy. |
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2. Who is NOT qualified for our program?
Quick End Debt does not advocate that any person default on their debts. This program is not designed to negotiate debts for people who have reasonable means to pay off their debts. |
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3. How do I apply?
Complete the form online or call. A debt consultant will review your information and call you to review your situation. After a debt consultant has reviewed your financial situation, they will determine your eligibility for our program. |
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4. How will Quick End Debt settle my debts?
You will be asked to put aside and save a set amount of settlement funds on a monthly basis. This amount will be determined in your initial analysis based on total amount of debt, and will be in line with your income and expense budget. Once you have accumulated enough settlement funds to make a reasonable offer to your creditors to settle the debt, Quick End Debt will begin the negotiation process. Each person's situation is different and the negotiation process will begin at different times depending on the amount of your debt. Once the creditors agree to a settlement amount, we will present this offer to you. If you approve of the settlement, we will instruct the creditor to fax over the "settlement offer" in writing. We then have a three way recorded conversation with you, the creditor, and us to settle the account. Quick End Debt then moves through each debt until all of your debts have been paid and you are debt free. |
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5. Does Debt Settlement have a negative impact on my credit?
It can. Your credit score will decline due to entering this program. How much it will decline depends on your original circumstances. Most of the accounts you place into negotiation are likely to "charge off", which will reflect negatively on your credit. However, once this charged off debt is settled, the settlement is reported to the credit bureaus. Settled accounts are positive compared to unresolved delinquent debts or bankruptcy. After all the debts have been settled and paid, the credit score should begin to improve since the negative items have been resolved. |
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6. Can I still use my credit cards?
Absolutely not. All credit cards in the program will not be active and you will not have credit privileges. Any cards you DO NOT put into the program should not be used. |
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7. What will I pay for your services?
Quick End Debt has a service fee which is calculated based on the total amount of debt that an individual brings into the debt settlement program. All costs and fees are always fully disclosed and you are required to sign for approval before you commit to our program. This program requires one or two down payments then small monthly fees paid throughout the first year of the program. |
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8. Can I be sued?
It is possible. Your creditors certainly have the right to sue to recover their money. But usually the purpose of the lawsuit is to force a settlement on the matter. In our experience, most creditors would rather not go to the expense of suing and simply try to negotiate a settlement. |
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9. Can Quick End Debt stop my creditors from calling?
We can help, but we can't stop them from calling. Your creditors have every right to try and contact you in order to collect a debt. However, we have been successful in eliminating most harassing telephone calls. If your account is in collections; collection agencies have to adhere to the FDCPA Guidelines. If you would like to learn more go to: Fair Debt Collection Practices Act |
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10. Does Quick End Debt repair my credit?
Unfortunately we do not. Quick End Debt does not engage in credit repair services. Negative items will remain on your credit report according to the conditions imposed by the credit reporting agencies. The goal of a Debt Settlement program is to settle your delinquent accounts. When a delinquent account is settled, this is reflected on your credit report. A settled account is better than an unresolved delinquent account. Your credit score should improve after successfully completing our program. Also Debt-to-Income improves, which is not part of a credit score; however, it is an important measurement by which lenders evaluate applicants for auto and home loans. |
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11. Can creditors garnish my wages?
It is possible; however, this can be a long process for the creditors. The creditor first has to sue you, successfully obtain a judgment, and then file for a garnishment action. If you're willing to work with your creditors, wage garnishment can normally be avoided.
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12. What are the tax consequences?
Your creditors will report cancelled/settled debts exceeding $600 to the IRS, and you are required to report the same as income on your annual tax return. However, the IRS permits you to write off any "income" from cancelled debts up to the amount by which you were "insolvent" at the time. You need to consult your own tax advisor for advice specific to your situation.
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