~ What will Debt Resolution Program do for me?
~ How will the Debt Resolution Program affect my credit report?
~ Will Creditors/Collectors call me at home?
~ Where does APT Escrow Service keep my money?
~ Debt Free in 24 to 36 months and Settles Debts for Pennies on the Dollar?
~ How do you obtain Monthly payments that you can afford and be successful with?
What will Debt Resolution Program (DRP) do for me?
Ultimately, the plan will get you debt free in the shortest amount of time possible while saving thousands of dollars. On average the DRP program reduces client's debts 40%-60%, and debts are resolved in a single lump sum payment. Creditors then consider the debt satisfied. Many Creditors welcome our efforts.
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How will the Debt Resolution Program affect my credit report?
In most cases a client's credit report is already negative prior to enrollment. Non-payment of the monthly payments to creditors will be reported by creditors to the major credit reporting bureaus. The settlement organization strives to manage the reporting of each settled account as "Paid as agreed" or "Settled". A positive credit reporting is negotiated when possible. Your credit score improves as debts are settled.
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Will Creditors/Collectors call me at home?
With few exceptions, creditors are forbidden from calling clients who are enrolled in the DRP. Phone calls from bill collectors should stop 10 days after certified mail notification. At any time a creditor's conversation is harassing in nature, the client should contact American Payment Technologies immediately for further instruction.
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Where does APT Escrow Service keep my money?
All client funds are held in an escrow account and maintained according to strict accounting principles. The name and location of the financial institution is available upon request.
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Debt Free in 24 to 36 months and Settles Debts for Pennies on the Dollar?
This program is based on the principle – “as debt becomes unpaid for longer time it becomes less collectible by the owner of the debt”. By law each state has a statute of limitation where the debt is legally not collectible at all after a certain time period with no payments. The sad fact is that as soon as you make ANY payment on the debt the time period for legal collection starts all over again.
This is why credit card companies actually “sell” accounts that are over 6 months overdue to other parties for as little as 5% of the amount owed by you. They get zero payment typically in bankruptcy due to other “secured” debts taking all the money.
The cost to obtain legal judgment and garnishment against you makes this an effective option for larger balances only. Our settlement organizations have designed specific strategies for each creditor and balance to negotiate a “win-win” situation where your payment is around half the value of the debt and the creditor gets around half the value of the debt.
The “Escrow Agent” (American Payment Technologies) holds your funds as they accumulate to prevent attachment by creditors. When your balance approaches the settlement guidelines, the settlement organization contacts the owner of the debt to negotiate. If not accepted, the negotiator contacts the next debt owner, etc.
After a debt is settled, your regular monthly escrow starts to build up again to remove the next debt. This process results in payout around 50% of the debt “50 pennies on each dollar owed” with the Total time to payoff regardless of the balance reduced to 24 – 36 months with a reasonable monthly payment and consistent payments.
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How do you obtain Monthly payments that you can afford and be successful with?
Unlike traditional credit counseling, you will NOT be rejected out of the plan when you have to miss one or more payments. However, ANY reduced or missed payment extends the amount of time needed to complete the program. Typically you should pay each month AT LEAST 1.5% of the original debt owed. Payments will HAVE to be $125 or more each month to achieve acceptable buildup of funds to continue the program.
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