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How long does it take to complete the program?
We recognize that each individual's situation is unique. The time required to complete the program varies. The average client who adheres to their plan typically takes between 25 and 48 months, depending on the amount of debt and ability to save funds.
How do your debt settlement services differ from debt consolidation?
Debt consolidation programs combine all your outstanding debts into a new, large loan and sometimes require you to secure the loan with higher-value collateral (such as your home). You'll still be required to pay the full principal of your debt plus interest on the new loan. If you miss payments, the lending institution can repossess your collateral. Instead, we negotiate directly with your creditors to significantly reduce your debt balance, allowing you to pay less than you're currently paying. Our services typically take about 36 months to complete, while consolidation can extend longer depending on the size and terms of the loans.
What type of team will I work with to resolve my debt?
From day one, you'll work with a team of industry-leading debt reduction experts. Our dedicated credit counselors will guide you through every step of the process and ensure you make informed decisions on the path to financial freedom.
Do I have to include all my debts or can I choose certain accounts to resolve?
We typically recommend settling all unsecured debt to help you get on the path to financial freedom faster. Creditors are generally more willing to negotiate when they see that most of your accounts are delinquent due to your hardship. The decision to resolve all or part of your debt is entirely up to you. We're here to help you decide which strategies are best for you. Please note that we are a performance-based company; our fee will only be charged when the first settlement payment to a creditor is funded on the negotiated account.
How will my debts be negotiated?
We have established relationships with many of the major creditor networks, allowing us to negotiate your accounts through our offices. This lays the groundwork for future settlement opportunities on your accounts, many of which you will receive before you have sufficient funds ready to fund the settlement offers. Creditors are willing to offer discounts based on your hardship, and you may receive fewer collection calls if your account is placed with our program.
Yes, although this is possible and occasionally happens, it is not typical. However, your creditors will likely continue collection efforts on delinquent accounts. These collection efforts will include, among other things, phone calls and letters to you, charging an account, referring accounts to collection agencies, or filing a lawsuit. In the event you are sued, please be aware that J & E Financial will manage the entire lawsuit process and will inform you of the steps to take to assist you.
Does J and E Financial communicate with my creditors?
Yes, we contact your creditors at the appropriate time, using the appropriate negotiation method. We will continue to communicate with your creditors to finalize negotiation discussions as your funds accumulate. It typically takes six months or more before we negotiate a settlement. Sometimes, you will need to contact certain creditors directly to resolve your debt, but our advice is always available.
What does it mean when an account is "charges off"?
A charge-off is the point at which your creditor removes the debt from their books and uses other methods to collect. This typically occurs once the account has been delinquent for 180 days. A charge-off does not release you from the debt owed. The creditor may notify the three major credit bureaus that they cannot collect, and your account may be turned over to a third-party collection agency.
Does J and E Financial charge a fee if you were not involved in a deal?
No, we do not charge a fee if we are not involved in a particular settlement, such as if you receive an unsolicited 1099 that cancels your debt for zero dollars. We charge a fee for our service on accounts where we have some involvement, either directly or indirectly. If we are involved in obtaining a settlement, we charge our normal performance fee. As always, you should understand that our guidance, experience, advice, support, and service surrounding the receipt of settlement offers are valuable and important.
What's wrong with filing for bankruptcy?
Each person's situation is different, but we have helped many clients become debt-free without having to file for bankruptcy. Filing for bankruptcy can have long-term effects on your credit and may affect your ability to apply for new credit or, in some cases, a job. Bankruptcy doesn't always disappear after 7 to 10 years, as some bankruptcy attorneys may claim. For example, nearly all credit applications ask if you have ever filed for bankruptcy in the past. There are also costly court and attorney fees that accompany the filing process. Finally, depending on the bankruptcy chapter you qualify for, you may be required to repay all or part of your debt. J and E Financial is not a law firm and cannot provide legal advice. Consult an attorney for more information about bankruptcy.
How does the IRS treat forgiven debt?
Although you have not hired us to provide you with tax advice, financial institutions are generally required to provide a Form 1099-C if a forgiven or settled debt exceeds $600.00. This does not necessarily mean you will owe taxes on the forgiven portion. In many cases, clients can legally and ethically exclude forgiven debt from their income through the "insolvency exclusion" provided by the IRS code. This exclusion means that your liabilities exceed the fair market value of your assets, or that you "owe" more than you "own." We strongly recommend that you consult a licensed tax advisor regarding your particular circumstances. Again, Sin Dudas does not offer or provide tax advice.
Does J and E Financial make monthly payments to my creditors?
No, we do not make any payments to your creditors. Our goal is to resolve your debt for the lowest possible amount. You are responsible for payments to your Special Purpose Savings Account, which will be used to fulfill negotiated offers, as well as our fees.
Is it wrong for me to avoid calls from debt collectors?
No. The decision to speak with your creditors is entirely up to you. We contact your creditors at the appropriate time, using the appropriate negotiation method. We will continue to communicate with your creditors to finalize negotiation discussions as your funds accumulate. It typically takes six months or more before we negotiate and obtain your first offer, allowing you to accumulate funds to settle your first debt.
How will your negotiation services affect my credit?
That depends on how your credit looked when you first hired us. Generally, if you don't make payments to your creditors according to the terms of your agreement with them, your credit will suffer while you work and recover from your financial hardship.
Will I have to speak directly with creditors?
Yes, sometimes that will be necessary. Your participation in the process is very important. For difficult creditors or creditors who say they won't work with debt settlement companies (such as Chase, Discover, American Express, and Macy's), your participation may be required to a greater extent. There may be times when you are asked to actively participate, or even to communicate directly with a difficult creditor. However, if you don't feel comfortable doing so, you can instruct us to negotiate those debts without your help or to remove the debt from the program without penalty.
Should I change my billing address to J and E Financial's address?
No, you should never, under any circumstances, change your address to ours.
Should I ever misrepresent the facts to my creditors?
No, you should never make false statements to your creditors. Always be truthful.
Can J and E Financial guarantee results?
No, we cannot guarantee the results of any particular negotiation or that any particular creditor will negotiate with us. We cannot force a creditor to accept a settlement. This is based on our more than 12 years of experience in the industry.
Do I need a hardship to use J and E Financial services?
Yes, you are entering a program for individuals who must have bona fide financial hardship. We rely on your certification that you have a hardship. You must work with us before and after enrollment to corroborate and prove your financial hardship.
What happens if I can't save enough funds for the program?
This is a savings-based program, so if you can't accumulate funds, we won't be able to resolve your accounts. It's imperative to the success of your program that you continue to make your monthly savings commitment on time; any delay could negatively impact your plan.
Does J and E Financial have control over my savings?
No, you have full and exclusive control over your savings. When you agree to settle an account, your payment will be funded through your special purpose savings account, as authorized by you.
Do I still accrue interest and late fees while using your services?
Yes, late fees and interest typically continue to accrue; however, our experienced Negotiations Team will always attempt to settle your account based on your original balance.
Does J and E Financial offer credit repair services once their services are complete?
No, we do not offer credit repair services, nor are we a credit repair company. There are other companies that specialize in helping consumers rebuild their credit, in addition to providing other services that will improve your credit score over time.
Does J and E Financial have an anti-discrimination policy?
Yes, J & E Financial treats all customers and potential customers equally and fairly. We do not discriminate on the basis of race, color, religion, sex, marital status, national origin, ancestry, etc. We believe in the fair and equitable treatment of all people.
Does J and E Financial charge any upfront fees for its services?
No, we don't charge any upfront fees. We only charge a flat, performance-based fee each time a settlement is reached that you approve and fund. We won't charge you any fees if we don't participate in a particular settlement, such as when you receive an unsolicited 1099 that cancels your debt to zero dollars.
Will J and E Financial provide me with a separate, clear agreement?
Yes, upon enrollment, we will provide you with a clear and concise agreement. Once you have enrolled, you should return and reread this agreement periodically and contact us if you have any questions.
How will my debts be negotiated through the Mass Negotiation Program?
We have established relationships with many major creditor networks, allowing us to route your accounts through our department. This lays the groundwork for future settlement opportunities on your accounts, many of which you will receive before you have sufficient funds for settlement. Creditors are willing to offer settlements based on your hardship, and you may receive fewer collection calls if your account is placed in our negotiation department.
