How The Debt Settlement Process Works
Step 1: Call or email us for a no cost, no obligation debt settlement consultation. We will review your unsecured debt together and determine if debt settlement is the right plan for you.
Step 2: We will determine the amount of money you can afford monthly that will be saved and used towards settling your debts. Typically the debt settlement process takes between 12-48 months depending upon the amount of money you can save towards paying the debt.
Step 3: Upon Enrollment in our debt settlement program a Special Purpose Bank Account that you will 100% access to will be opened and you will begin saving monies in the account. Once sufficient funds have been accrued, Genesis Debt Relief will contact the creditor and negotiate the settlement. Based on hundred of negotiations the estimated settlement will be 50% of the amount owed to the creditor. Only upon a successful settlement to the creditor, will Genesis Debt Relief charge its fee of 20% of the total amount owed to the creditor; Genesis Debt Relief does not charge any fees in advance.
Example: Client has one $10,000 dollar account enrolled, Genesis Debt Relief estimates that it can settle the debt for 50% or $5,000 plus the success fee of 20% of the $10,000 dollars enrolled or $2,000. Genesis debt Relief estimates that we will be able to settle the debt & collect our fees for $7,000.
Client enrolls in the program and saves money in the Special Purpose Bank Account; it is determined that that the client can afford $583.33 over a 12 month period, upon reaching the $7,000 dollars; Genesis Debt Relief will contact the creditor and negotiate the settlement. The funds are the released to the creditor and Genesis collects the success fee.
Step 4: After the settlement the creditor may update the credit bureaus that the debt has been “settled” “paid” or “settled for less than the full amount” and you owe zero monies to the creditor
Step 5: Congratulations you have successfully settled this account. If there is more than one account, then the above process will be repeated, and Genesis Debt Relief will continue working on your behalf.
• In some circumstances the creditor will not negotiate for a reduced pay off, in which case we will notify the client and if agreed upon, will settle for the best terms negotiated and collect our 20% success fee. This saves the consumer monies due to high interest rates, excessive fees and late payment fines and get the consumer out of debt.
Estimates are based on prior results. We do not assume consumer debt, make monthly payments to creditors, provide tax or legal advice or credit repair services. Read and understand all program terms prior to enrollment including potential tax consequences. Failing to make monthly payments to creditors may result in an adverse credit rating impact, increased rates and fees added to balances owed and increased collection efforts including potential legal action by creditors. We don’t guarantee that your debts will be lowered by a specific amount or that you will be debt free within a specific time. Individual results vary and not all clients successfully complete the program due to individual circumstances and ability to save sufficient funds. Not all creditors may negotiate or provide settlement offers and full program participation is required. Services not available in all states. FTC regulations require that we let you know that providing your phone number will generate a phone call from a Genesis Debt Relief Advisor. We will never sell your information, and we maintain your information in strict confidence.
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