Faq's.

  FREQUENTLY ASKED QUESTIONS

1. How long will it take to settle my debts?
   The time required to settle all your debts depends upon your specific financial situation. One of our Debt Specialists can provide you an estimate during your free consultation. Typically, clients are able to settle all their debts within three years.
    

2. What are the fees for your service, and when are they due?
   We offer a consultation. If you participate in our Debt Settlement Program, fees will be assessed according to the specifics of your financial situation. We work with you to provide a manageable payment schedule. During your free consultation, a Debt Specialist will provide you detailed information on both services and fees. Keep in mind that out clients typically are able to reduce their debt 40-60%.
    

3. Can I use Debt Settlement for ALL of my debts?
   You may use Debt Settlement for the settlement of UNSECURED DEBT. Unsecured debt could be debt arising from credit cards, personal loans and signature loans. Medical bills that are in collection status may also be reduced. Debt Settlement cannot be used with secured debt, such as home, auto loans, jewelry, furniture, student loans and utility bills.
    

4. Can my creditors still contact me if I am in a Debt Settlement Program?
   Immediately upon representation, Exodus America will contact your creditors (in addition to any involved collection agencies and attorneys) and advise them to direct all collection efforts, and to cease all communication with you. If you receive further calls, you should refer them to our Client Services Department who will handle the situation and advise the creditor once again to cease communication with you.
    

5. Why shouldn't I just file bankruptcy?
   Many people faced with financial hardship rush to bankruptcy as a method of resolving their debt concerns, although their problems might have other solutions. We believe bankruptcy should ONLY be used as a LAST RESORT; pursued ONLY after all other debt relief remedies have been explored. A bankruptcy filing is a very detrimental entry on your credit history, and can remain on your credit reports from 7 to 10 years after the bankruptcy filling has been discharged.
    

6. How would a Debt Settlement Program affect my credit?
   Part of our negotiation process is to request that creditors reflect your accounts as having been paid or having been settled, with zero balances. One assessment factor that creditors use in evaluating an individual's or entities credit-worthiness is their debt-to-income ratio: the amount of debt compared to income. As a Debt Settlement Program reduces your debt, your debt-to-income ratio will improve. Additionally, attempting to resolve a debt through settlement is looked upon more favorably than filing bankruptcy.
    

7. How does Debt Settlement compare to Debt Consolidation and Consumer Credit Counseling?
   Under Debt Settlement we negotiate with your creditors to settle your debt for amounts significantly less than you owe; typically we can settle your debts for 25-50% of your outstanding balances, saving you money on debt principal AND interest, and providing you the opportunity to pay-off your debt faster. Debt Consolidation involves pursuing a NEW loan in an amount sufficient to pay-off all your existing debts. One of the challenges with Debt Consolidation is that it involves QUALIFYING for a NEW loan; generally it is difficult for individuals already in debt, or for those who have poor credit, to qualify for new loans. Additionally, under Debt Consolidation you are still responsible for the entire amounts of all your existing debts. Consumer Credit Counseling Agencies claim to be non-profit agencies who, for an 8-15% fee paid by the lender, can sometimes lengthen the term of your debt and so reduce some of your interest; however, your outstanding debt principal is not reduced. Additionally, this approach is typically a longer-term approach to debt resolution, taking 5-12 years compared to Debt Settlement, which can be completed in 3 years or less