Frequently Asked Questions
Elevare Debt Solutions is a partnered with the Freedom Financial Network, one of the country’s largest and most reputable debt relief companies. We’re proud to be associated with a partner with an A+ rating with the Better Business Bureau (BBB) – and thousands of positive client reviews. By graduating from the program, many of our clients experience the financial independence they never thought they’d find. To help you gain a better understanding of what to expect, take a look at answers to some of our more commonly asked questions.
What Will the Program Cost Me?
Elevare Debt Solutions is a partnered with the Freedom Financial Network, one of the country’s largest and most reputable debt relief companies. We’re proud to be associated with a partner with an A+ rating with the Better Business Bureau (BBB) – and thousands of positive client reviews. By graduating from the program, many of our clients experience the financial independence they never thought they’d find. To help you gain a better understanding of what to expect, take a look at answers to some of our more commonly asked questions.
How Long Does the Process Take?
The process typically takes 2-4 years, depending on how
quickly you can accumulate funds for settlements.
Can I Settle Debts on My Own?
Yes, it’s possible to settle debts on your own, but it
requires good negotiation skills, considerable organization and a firm
understanding of financial rights.
Is This Debt Consolidation?
No, debt settlement reduces your debt balance. Debt consolidation combines your debts into a new loan, but the total balance remains the same.
Is Debt Settlement a Good Idea?
While debt settlement can be a helpful tool to escape
crushing debt, it’s best used by those people who don’t want to file bankruptcy
and need a way to reduce their debt and monthly payments so they can get on a
new financial path.
What Will My Interest Rate Be?
Debt settlement is not a new loan, so there isn’t an
interest rate, but 100% of your new monthly payment will go towards paying off
your reduced debt balance after settlement.
How Much Will My Monthly Payment Go Down?
Every situation is different, but often debt settlement can
result in your monthly debt payment being 30-60% less than what you pay now in
multiple payments.
Will This Impact My Credit Score?
Depending on your personal situation and whether you have already missed payments to your creditors, debt settlement may have a negative impact on your credit score. However, many times your credit score will be higher once your debts are settled than it was when you started because you will have significantly
reduced your debt balance.
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