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FAQ

1. How long will it take me to complete the program and be debt free?

You will determine the length of your unique debt reduction program. It all depends on what monthly payment amount will be comfortable for you and how soon you are looking to get out of debt. One of the advantages of the debt reduction program here at Elite Financial Services is that there are no pre-payment penalties. If you want to pay more then your regularly scheduled payment amount, you can. You will simply be done with the program sooner and debt free that much faster.


2. Why do creditors agree to reduce my debt?

Your creditors are willing to work with us because of the tremendous amount of debt that exists today. We've established excellent relationships with thousands of creditors. Creditors prefer for you to seek out the help of a debt reduction company like us as opposed to filing for bankruptcy like millions of Americans do.


3. Is Debt Reduction similar to Bankruptcy?

Absolutely not! Debt reduction is for people who still want to pay back their creditors but due to a financial hardship seek the aid of a program to get their creditors to agree to a reduction on what they owe. Bankruptcy is designed to absolve you of all your financial obligations and results in long-term negative effects on your credit.


4. Does Elite Financial Services keep my financial information private and confidential?

Yes. Your financial information will be kept confidential. Only people authorized by you will have access to your debt reduction account. Creditors will only be informed that we are assisting you with your finances. In addition, we do not report to the Credit Bureau so you don't have to worry about other creditors learning that you are being assisted with your unsecured debts.


5. How are the fees for the program charged? Are they paid upfront?

Absolutely not. As a client of Elite Financial Services, you will not pay any fees until we settle a debt. Once we settle one of your enrolled accounts, only the fee associated with that debt is due. From that point on, we will continue working to settle your remaining accounts. All fees associated with the program are included in your monthly program deposit amount that our Program Advisors establish for you. Keep in mind that the amount of the fee may change depending on the state you reside in.

6. How does debt settlement affect my credit?

In order for a debt settlement program to be effective, your accounts need to be in a delinquent status. Therefore, if you do not make required minimum payments to your creditors you will be default on the terms of your agreement with them. The missed payments will result in your account(s) being reported to consumer reporting agencies as late, delinquent, charged-off or past due balance. This is true whether or not you have enrolled in a debt settlement program. Depending on your credit standing at the time of enrollment, a debt settlement program may have an adverse effect on your credit report and credit score.


7. Do I have to enroll all my credit cards into the program?

If you have one card with a low balance and/or low interest rate that you can quickly pay down to zero, then you may hold onto it for emergencies. However, a primary objective of the program is to help you eliminate all of your debt.   


8. Can I still receive phone calls from collectors?

In a word, YES. However, after enrolling in Elite Financial Services' debt settlement program, we will provide you with documents that often help minimize creditor contact. Although we provide these documents and instructions to minimize creditor contact, we can't make any guarantee that all creditor calls will stop. There are federal and state laws designed to protect you from collection harassment. However, some of our clients may experience periodic collection calls.


9. What is the difference between unsecured debt and secured debt?

Unsecured debt is any loan or debt that has no collateral (assets) or property attached to it. The most common types of unsecured debt are credit cards, personal loans, department store cards, utility bills, and medical bills. Should you fail to make timely payments, the lenders only recourse is to pursue legal action.

Secured debt is debt in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some or all of the amount originally lent to the borrower. Please keep in mind that you may still be liable for any deficient balance remaining after the sale of the property


10. Is debt settlement similar to debt consolidation?

No. Debt consolidation is a loan, typically secured against your home. Debt settlement is the process of negotiating your debts for a reduction in their principle balances and interest. Often times, consumers who use debt settlement services see significant reductions in the amount they pay. Debt consolidation does not reduce the principle balance, only your interest rate. Also, debt settlement programs are relatively short in duration (12-36 months) compared to the amount of time necessary to pay off a debt consolidation loan.