NEW LEAD FORM
FAQ about Debt Settlement
“Debt settlement,” “debt relief,” and “debt resolution” are terms frequently used interchangeably to describe the process where you or a company acting on your behalf will negotiate with your creditors to reduce the amount of debt that you owe, with the goal of paying off your enrolled debt entirely.
Despite having similar names, debt settlement and debt consolidation are not the same thing. Debt consolidation is the process wherein you pay off all your monthly debts with a single loan, resulting in just one monthly payment. Both debt consolidation and debt settlement share the ultimate goal of getting you out of debt, but debt consolidation loan options will typically require you to have good credit to qualify or may have interest rates that are not much better than your current rates.
Your credit score is largely dependent upon two factors: the size of your debt and your payment record. If you're having challenges paying off your debts, your creditors may already be reporting negatively to the bureaus (Equifax, Experian, TransUnion). Joining the PFN debt settlement program won't immediately improve your credit score; instead, your credit score will drop during the duration of the program, but as you continue through the program, your consumer debt will decrease. As your consumer debt decreases and are settled, the creditors will declare your debts satisfied, paid in full, or otherwise discharged.
This program handles unsecured debt, meaning the debt is not secured with collateral. Acceptable debts are credit cards, medical bills, legal bills, judgments, unsecured personal loans of any type, vendor or supplier debts, defaulted property leases, retail debt and collections. Examples of unacceptable debt are home mortgages, automobile loans, motorcycle loans, boat loans, IRS tax liens, government-backed student loans, child support, and alimony.
Yes, the may continue to call. Although your creditors and collectors are notified that you're enrolled in a program, they may continue to call you. If you're contacted by one of your creditors, provide them with our contact information, stop communication.
We are not attorneys and cannot give any legal advice or prevent you from being sued. However, we are capable of working with you in deciding what response if any would be appropriate to a legal challenge by one of your creditors or collectors. If you are sued, we are going to try to settle with the creditor or collector in a timely manner.
We charge a flat monthly membership fee for our basic plan. For business customers, there are no additional enrollment or maintenance charges. You only pay us a one-off fee to set up your accounts, so we can begin processing your claims.