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The TFC Debt Solutions negotiation process
has been tested and developed by our team of
professionals in the field of finance. Our Senior Debt Consultants are highly skilled in each of their fields of expertise.
Through many established creditor relationships and proven processes,
we are able to successfully negotiate the debts of our clients at a
substantial discount. Creditors are willing to negotiate a debt with
us, on behalf of our clients, with the understanding that the settled
amount will be paid in a timely manner. Furthermore, creditors are
always looking to avoid the ineffective and costly efforts of an
outside collection company. We continue to develop our relationships
with creditors throughout the country, and we always maintain a very
professional and cooperative relationship with the creditors in order
to reach the most favorable settlement offer for our clients.
Q. Who is qualified for our program
A. A debt settlement program is only for people facing financial HARDSHIP. This means people who are late on paying their debts, have little or no ability to pay their debts in the future and are facing a possible bankruptcy.
Q. Who is NOT qualified for a debt settlement program?
A. This program is not designed to negotiate debts for people who have reasonable means to pay off their debts. If you have the ability to pay your debts in the normal fashion, then you should honor your debts and do so. This program is NOT for people who have high credit ratings and can meet their monthly debt obligations.
Q. How do you apply?
A. Complete the form online. A debt consultant will review your information and call you to review your situation. After a debt consultant has reviewed your financial situation and hardship they will determine if you are qualified for our program.
Q. How will you settle my debts?
A. You will be asked to put aside and save a set amount of settlement funds on a monthly basis. This amount will be determined in your initial analysis based on total amount of debt and will be in line with your income and expense budget. Each person's situation is different and the negotiation process will begin at different times depending on the amount of your debt and your ability to save funds. Once the creditors agree to a settlement amount, we will present this offer to you. If you approve of the settlement, we will instruct the creditor to fax over the 'settlement offer' in writing and notify you, so that you can release funds to the creditor.
Q. Is bankruptcy a better option for me?
A. Anyone considering our program should also contact a bankruptcy attorney to determine if their situation warrants filing for bankruptcy. Using the Debt Settlement process does not guarantee that you will not have to file for bankruptcy in the future.
Q. Does Debt Settlement have a negative impact on my credit?
A. YES. Your credit score will decline due to entering this program. How much it will decline depends on your original circumstances. When a settlement is complete the creditor should notify the credit bureaus that the account has been settled, which, provided your income has not changed, could change your Debt to Income Ratio.
Q. Can I still use my credit cards?
A. NO. All credit cards in the program will not be active and you will not have credit privileges. Any cards you DO NOT put into the program should not be used. This program is for you to get out of debt.
Q. Will interest and fees continue to accumulate?
A. Interest and Fees will continue to accumulate for a period of time dependent on who holds the account, if it is the original creditor, a collections company, or debt buyer. Your representative will be able to more accurately explain this based on your specific situation.
Q. What will I pay for your services?
A. You will pay a fee which is calculated based on the total amount of debt enrolled. All costs and fees are always fully disclosed and you are required to sign for approval before you commit to our program.
Q. Can you stop my creditors from calling?
A. No. We cannot tell a creditor to stop calling you, we can however make it easier to manage the calls. This again depends on who is in possession of your account and whether or not you have requested to be contacted only by mail. If your account is in collections; collection agencies have to adhere to the FDCPA Guidelines. If you would like to learn more please read Fair Collection Practices Act. This defines when and how a creditor may contact you.
Q. Do you repair my credit?
A. NO. Your creditors have every right to try and contact you in order to collect a debt. If your account is in collections; collections agencies have to adhere to the FDCPA Guidelines. If you would like to learn more please read Fair Collection Practices Act. This defines when and how a creditor may contact you.
Q. Can creditors garnish my wages?
A. This depends on what state you reside in. In states where your wages can be garnished the creditor first has to sue you, successfully obtain a judgment, and then file for a garnishment action. With our program, you have access to a support staff set up to assist you.
Q. What are the tax consequences?
A. Your creditors will report cancelled/settled debts exceeding $600 to the IRS and you are required to report the same as income on your annual tax return. However, the IRS permits you to write off any "income" from canceled debts up to the amount by which you were "insolvent" at the time. You need to consult your own tax advisor for advice specific to your situation.
Q. Can't I negotiate my debts with my creditors on my own?
A. YES. You can negotiate your debts with your creditors on your own. As a matter of fact if you successfully negotiate a debt it may cost you less in the long run to use this approach than to use our services.
A. A debt settlement program is only for people facing financial HARDSHIP. This means people who are late on paying their debts, have little or no ability to pay their debts in the future and are facing a possible bankruptcy.
Q. Who is NOT qualified for a debt settlement program?
A. This program is not designed to negotiate debts for people who have reasonable means to pay off their debts. If you have the ability to pay your debts in the normal fashion, then you should honor your debts and do so. This program is NOT for people who have high credit ratings and can meet their monthly debt obligations.
Q. How do you apply?
A. Complete the form online. A debt consultant will review your information and call you to review your situation. After a debt consultant has reviewed your financial situation and hardship they will determine if you are qualified for our program.
Q. How will you settle my debts?
A. You will be asked to put aside and save a set amount of settlement funds on a monthly basis. This amount will be determined in your initial analysis based on total amount of debt and will be in line with your income and expense budget. Each person's situation is different and the negotiation process will begin at different times depending on the amount of your debt and your ability to save funds. Once the creditors agree to a settlement amount, we will present this offer to you. If you approve of the settlement, we will instruct the creditor to fax over the 'settlement offer' in writing and notify you, so that you can release funds to the creditor.
Q. Is bankruptcy a better option for me?
A. Anyone considering our program should also contact a bankruptcy attorney to determine if their situation warrants filing for bankruptcy. Using the Debt Settlement process does not guarantee that you will not have to file for bankruptcy in the future.
Q. Does Debt Settlement have a negative impact on my credit?
A. YES. Your credit score will decline due to entering this program. How much it will decline depends on your original circumstances. When a settlement is complete the creditor should notify the credit bureaus that the account has been settled, which, provided your income has not changed, could change your Debt to Income Ratio.
Q. Can I still use my credit cards?
A. NO. All credit cards in the program will not be active and you will not have credit privileges. Any cards you DO NOT put into the program should not be used. This program is for you to get out of debt.
Q. Will interest and fees continue to accumulate?
A. Interest and Fees will continue to accumulate for a period of time dependent on who holds the account, if it is the original creditor, a collections company, or debt buyer. Your representative will be able to more accurately explain this based on your specific situation.
Q. What will I pay for your services?
A. You will pay a fee which is calculated based on the total amount of debt enrolled. All costs and fees are always fully disclosed and you are required to sign for approval before you commit to our program.
Q. Do you guarantee
that you settle all of my debts?
A. No. You are purchasing a service not a product. Much of
the success of our program depends on what you as a client are willing to put
into it. Everyone's situation is different. Our job is to
make the best out of every client's situation.
Q. Can you stop my creditors from calling?
A. No. We cannot tell a creditor to stop calling you, we can however make it easier to manage the calls. This again depends on who is in possession of your account and whether or not you have requested to be contacted only by mail. If your account is in collections; collection agencies have to adhere to the FDCPA Guidelines. If you would like to learn more please read Fair Collection Practices Act. This defines when and how a creditor may contact you.
Q. Do you repair my credit?
A. NO. Your creditors have every right to try and contact you in order to collect a debt. If your account is in collections; collections agencies have to adhere to the FDCPA Guidelines. If you would like to learn more please read Fair Collection Practices Act. This defines when and how a creditor may contact you.
Q. Can creditors garnish my wages?
A. This depends on what state you reside in. In states where your wages can be garnished the creditor first has to sue you, successfully obtain a judgment, and then file for a garnishment action. With our program, you have access to a support staff set up to assist you.
Q. What are the tax consequences?
A. Your creditors will report cancelled/settled debts exceeding $600 to the IRS and you are required to report the same as income on your annual tax return. However, the IRS permits you to write off any "income" from canceled debts up to the amount by which you were "insolvent" at the time. You need to consult your own tax advisor for advice specific to your situation.
Q. Can't I negotiate my debts with my creditors on my own?
A. YES. You can negotiate your debts with your creditors on your own. As a matter of fact if you successfully negotiate a debt it may cost you less in the long run to use this approach than to use our services.
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