We are dedicated to helping you achieve debt relief by negotiating with your creditors. Our goal in these negotiations is to obtain agreements where your unsecured debt is settled for a substantially lower amount than its original value. The speed of resolving your debt depends on several factors, including the state of your credit report when you enroll and the potential impact of other debts, including those owed to us. It’s important to note that this process can affect your credit score, possibly resulting in a decrease
What Happens if my Creditors sue me?
If you receive a summons or any other legal documents from one of your creditors, please send them to us immediately. We have partnerships with law firms in every state that can handle your case and assist with expedited negotiations.
What Happens if i dont’t pay My Monthly Bill?
Every individual’s circumstances are different, so if an unforeseen event happens, you may need to adjust your payment schedule. If changes are necessary, we are happy to assist you in making them. To cancel any automatic scheduled payments, please contact our Customer Relations Team at least seven days prior to your planned deposit date.
Will My Forgiven Debt be Taxable?
You might need to pay taxes on the amount of debt forgiven by your creditors, although this is unlikely. For any forgiven debt exceeding $600, your creditors will issue a 1099-C form, as debt forgiveness is considered income. However, if you are insolvent at the time of the settlement, you might not have to pay taxes on the forgiven debt. To fully understand your specific situation and any potential tax implications, you should consult with your tax advisor regarding any debt forgiven through a debt relief program.
How does the Progress of Debt Relife Work?
The debt analysis is entirely free, confidential, and comes with no obligations. There are no upfront fees when joining Wisdom. Fees are only charged once the debt is resolved. Our rates generally range from 15% to 25%, though they may vary by state. How can Clear Canvas Financial help you with your debts? If you have unsecured debts such as credit card debt, department store card debt, medical bills, private student loans, payday loans, or business debts, consider exploring options from Debt Solutions.
Will i Get a Call From Debt Collectors?
While phone calls are a typical aspect of the debt settlement process, you are safeguarded from collection harassment by federal and state regulations. Many of our clients receive calls from collectors from time to time. We offer tools and guidance on managing these communications to prevent such phone calls and enhance comprehension. To learn more about the federal statutes regulating the behavior of debt collectors, visit the provided link.
Is this a loan for debt consolidation?
This isn’t a loan intended for debt consolidation. What we offer is the ability to consolidate all your debts into a single, typically lower monthly payment than what you’re currently making.
Do i have a Good Change of Resolving my Debt?
Debt settlement is usually suitable for individuals with unsecured debt surpassing $7,500, who struggle to meet credit card obligations or have utilized their available credit. An optimal candidate seeks faster debt resolution, ideally within one to four years, rather than the extended timeframe of 20 to 40 years with minimum payments. By reducing monthly payments, debt settlement can hasten debt clearance. For those facing financial challenges and burdened with a debt load unmanageable within the next one to four years, debt settlement provides a route to decreasing monthly payments and attaining quicker debt relief.
Is debt relief valuable?
Absolutely! Experiencing the strain of living paycheck to paycheck, managing significant credit card balances, and struggling to meet minimum payments can lead to unnecessary stress. This stress not only affects you but also impacts your loved ones. Enrolling in our program alleviates the stress, anxiety, and worry associated with excessive debt, while also assisting you in organizing your finances and negotiating down your debt. This allows you to focus more on what truly matters, such as your family, career, and enjoying life to the fullest.
Who Meets the Program's Requirements?
Individuals facing financial challenges and struggling to meet the required minimum payments to creditors on their unsecured obligations are eligible for the program. To qualify, you must owe each creditor $500 or more in unsecured debt and have a total unsecured debt of at least $10,000.
Can I Use My Credit Cards While I’m Registered for the Program?
While enrolled in the program, you won’t be able to use your program-enrolled credit cards, unfortunately. We do recommend setting aside one card for emergency use in case of any unforeseen circumstances. It’s best if this card is one you intend to keep and has an available balance.
Can I Handle My Creditors on My Own in Negotiations?
While enrolled in the program, you won’t be able to use your program-enrolled credit cards, unfortunately. We do recommend setting aside one card for emergency use in case of any unforeseen circumstances. It’s best if this card is one you intend to keep and has an available balance.
