Credit Associates is a debt relief company that has been in the industry since 2007. It operates debt settlement programs in 42 states.
The company has, over time, been proven to perform within the guidelines set by the American Fair Credit Council, which regulates the industry to ensure all its members treat all consumers fairly and within the laws of the legislature. Here’s what you need to know about Credit Associates’ debt relief.
Why Choose Credit Associates
Credit Associates negotiates a wide range of unsecured debt, including credit card, medical and business obligations. Therefore in its almost two decades’ worth of experience, the firm has gained expert level knowledge and has earned a proven track record of successfully negotiating debt settlements with creditors.
It also offers a simple to manage online dashboard customers can use to track their progress. As a result of these efforts, youll find many positive Credit Associates reviews. Debt negotiation and settlement are sensitive subjects many borrowers prefer to avoid tackling head-on.
However, settling your debt problems can be as short as 24 to 36-months with Credit Associates. And, its agents do everything possible to make the process as painless and stress-free as it can be.
How it Works
Youll be expected to deposit money into an escrow-like savings account from which funds can only be drawn with your authorization. This fund will be used to make settlement offers to your creditors. Generally speaking, the money you would have sent directly to your lenders gets deposited into the account instead.
Offers are made to your lenders of one-time payments in full of a lesser amount to settle the account and consider it paid in full. They often agree to this, as they know the alternative is filing for bankruptcy protection, in which case they might get nothing at all.
With that said, the forgiven amount can be reported to the IRS as a business loss and the Feds will consider those amounts income on your part. And yes, it will expect to get its cut in the form of taxes on that income.
Qualifying For Debt Relief
As with companies that run similar programs, there are qualifying criteria you must meet to be accepted into the program.
Admission is dependent upon a review of your situation and certification you are under financial strain. When you find yourself behind on payments by several months, and there appears to be no hope of thing turning around, you should consider checking to see if you qualify for a debt settlement program of this nature.
With that said, youll need to be able to make the agreed-upon monthly payments. It is worth noting again these payments are not made directly to your creditors but to an account that will used to pay off your debt. when settlement agreements are reached.
Working With Credit Associates
The company offers free telephone consultations to consumers and representatives are available for the better part of the day during the week, from early hours (8 am) to late at night (8 pm). As mentioned above, they also offer customers an online portal to track the progress of their cases.
Yes, this sort of a debt problem can be an exceptionally nerve-wracking position in which to find yourself. However, it is better to go with a tried and trusted company that has the experience, knowledge and accreditation to take charge and execute the process seamlessly. And ultimately, thats what you need to know about Credit Associates’ debt relief.
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