-- What is a Settlement? --

A settlement is a negotiated payment arrangement between a creditor and debtor that allows the debtor to resolve their debt by paying only a portion of the balance due. Usually a third party, such as an attorney or an organization like Armor Financial Services will handle the negotiation on behalf of the debtor. The amount of a settlement may be less than half of the total amount due.
 

-- What type(s) of accounts can be settled? --

Many types of account issues can be resolved through a settlement. Although you should check with an Armor Financial Services counselor, the typical debts that may be satisfied include:

• Accounts in the process of collection
• Charged-off debt(s)
• Deficiency balances
• Medical bills
• Unsecured loans
• Legal claims on property
• Defaulted second mortgages and home equity loans
• Judgments
• Business debts
 

-- What's the difference between a Debt Settlement program and a Debt Consolidation program? --

One of the major differences is the status of your account(s). If you are being threatened with litigation, or your account(s) are in the collection process, a settlement might make better sense. You can quickly reduce your debts, and the collection process or legal action is halted.

There is also a difference in the amount of time it takes to resolve your financial issues. Unlike a Debt Consolidation program, which can run 3 to 5 years, a settlement may consist of a single payment or a short series of payments.. As always, our consultants are trained to help you find your way to financial freedom.
 

-- Why would a creditor want to settle my debt? --

Lenders take a risk when they loan people money. Every month more and more individuals and businesses declare bankruptcy. If your accounts are in delinquent status, your creditors are probably worried about the possibility of you declaring bankruptcy, and rather than receiving little or nothing through the bankruptcy courts, they would rather accept a settlement to minimize their losses.
 

-- How do I get started? --

Simple. Armor Financial Services has set up a special division to handle settlements. Give us a call at 763-559-3800 or email us at info@armorfinancialservices.net . Many times we can help you get started right over the phone. In order to expedite the process, please have as much information about your creditor(s) and the amount(s) you owe ready.
 

-- How will I know if it's right for me? --

Armor Financial Services’ settlement specialists make every effort to ensure that you are enrolled in a fair and equitable settlement plan. Our goal is to help you satisfy your debts and help you on your way to financial recovery. To see if a settlement is right for you, call us at 763-559-3800.
 

-- How much does a Settlement cost? --

We ask for a small percentage contribution of what we save you and a nominal consultation and setup fee dependent on the settlement program. A specific proposal will be prepared for your unique needs.
 

-- Do I need to continue sending payments to my creditors after I have signed up with the Armor Financial Services Debt Settlement program? --

Yes, you will need to continue making payments until each creditor posts the first payment through our program 
 

-- How will my creditors know that I have enrolled in a Debt Settlement program? --

After we have received your signed Debt Settlement Agreement and setup fee, we send proposals to the creditors listed in the program. This proposal includes the account number and the open balance you provided at the time of enrollment as well as the previously agreed to Armor Financial Services payment indicated on your Repayment Schedule. In most cases, proposals are accepted. When no changes are necessary, creditors will not formally respond to us. However, on occasion a creditor may decline a proposal based on an invalid account number, an incorrect open balance, or creditor information. If this occurs, you will be notified to contact us regarding any requested changes to your account, including a possible payment increase.

If you are receiving collection calls, the collection agent may not be aware of a proposal from our program until the benefits are granted. If the creditor calls to inform you that they have not received a proposal, please advise the creditor to call your debt settlement expert as noted on your Debt Settlement Agreement.
 

-- When should I expect to see benefits of the program on my creditor statements? --

Armor Financial Services debt settlement services will outline the steps for you to achieve added creditor benefits. With consistent and sufficient payments by you throughout the duration of the program, creditors will recognize your seriousness. Normally after about 3 consistent payments your creditors may offer benefits which include: acceptance of the proposed payment amount, a reduced interest rate, elimination of late fees and penalties, and bringing a past due account to a current status. If you believe, after reviewing your fourth creditor statement, that you are not receiving any such benefits, you can contact us at the contact information on your Debt Settlement Agreement. To assist you, please have your statement available.
 

-- How long does each payment that is made to Armor Financial Services’ affiliates take to be sent to my creditors? --

Generally, payments will be disbursed to creditors within 5-7 business days.
 

-- What if I do not include all of my credit cards in the Armor Financial Services Debt Settlement program? --

We recommend that you include all of your cards on the program and those accounts will be closed or inactivated. By not including all of your credit cards or by opening any new accounts, you could risk losing some of the benefits that creditors offer. We will be requesting detailed creditor information in order to verify the accuracy of the credit card information that you have provided. 
 

-- How does enrolling in Armor Financial Services Debt Settlement program affect my credit? --

You should be aware that your creditors might show your participation in our program on your credit profile, which could impair your ability to obtain additional credit while on our program. It is our strategy to minimize or eliminate any negative impact of your debt settlement program on your future credit reports. 
 

-- Does Armor Financial Services guarantee a specific result? --

The Debt Settlement Service provided is subject to the terms and conditions of the Debt Settlement Agreement. A debt settlement expert from Armor Financial Services will coach you through each step to assure the best possible success