Yes. We don't store, handle or have direct access to your draft account funds. The funds you contribute belong to you. We use those funds to pay creditors based on negotiated and approved settlements. Your funds get drafted into what's called a special purpose account with a TPPP (Third Party Payment Processor). Your funds are FDIC insured - so yes, your funds are safe. You must approve any settlements to be paid before funds can be distributed.

The debt settlement process involves many parties: debt settlement companies, clients, creditors, third party processors (TPPPs), third party optional services (if you opt in for them) and ultimately, government regulators.

This is a topic that is confusing to many clients. You won't see much activity for the first 3 (three) months while you accumulate funds for settlement in your draft account, so please be patient. Next, while you build up some funds please keep in mind that not all creditors have the same criteria, strategies, policies, or management style. Some will settle more quickly while others are quite fiesty and may sue debtors. Then there are different types of debt: medical debt is different from credit card debt - and the laws on medical debt are evolving - so it depends. Keep in mind that solving debt related issues WILL TAKE TIME - you likely didn't accumulate all your debt all at once, so it will take time to unwind it. Length of time to settle the debt depends on many factors such as: amounts enrolled, number of accounts, and contract variables; however, the maximum length for programs is normally 48 months. Also, keep in mind we are very motivated to solve your debt - after all, we don't get paid until we have a deal from a creditor. We essentially work on commission - we don't get paid until we settle a debt for you.

It's entirely possible. Credit related companies continue to report past due balances to the reporting agencies. If your accounts are not current they will be reported as late. Unfortunately, if you pay them they won't negotiate; they will just keep telling you to pay as they accrue late fees and interest leading to a larger balance - its a catch twenty-two. Our job is to settle the delinquent accounts as quickly as possible. Delinquent accounts may or likely will negatively affect your credit score for the short-term. Remember, the debt settlement route is not a quick fix - getting the debt settled is the first priority. Credit scores are a calculation including multiple factors that take time to re-align.

With our process, we provide you with a the following documentation which includes: your analytics, your contract(s), you get to approve the settlements and send us the documentation, and we provide a monthly statement. The payment processor will also provide you with a monthly statment. You also have access to your dashboard 24 hours understand your current status and review your documents as needed.

The primary responsiblity is to keep funding your draft account (the special purpose account with the third party processor). When you continue to fund that, you feed the account we will use to settle through negotiations - remember; creditor policies differ. When they are ready and we can reach a negotiated deal, you want the funds to be there to move the process forward to help you to restore financial balance.

Life can throw us some curves. You could come into an inheritance - or you could lose your job and not be able to fund your draft account for a while. Don't despair, we can put things on hold for a bit or offer our some assistance to help you reach the finish line. Communication is the key here. Reach out to us and let us know what's happending so we can assist you - that's why we are here.

You will receive statements from both myDebtRelief and the third party payment processor showing you what money has been drafted into your account and what money has gone out and to whom on a monthly basis. Statement are sent out monthly by us mail. You will also receive communications from our negotiators (phone calls, emails, text messages, authorizations, and coaching) to help settle your accounts. Please respond to these messages promptly as some creditors are on a deadline and need to take action on accounts before accounts get routed to other areas and we can miss current opportunities due to a lack of action. PLEASE SIGN AND RETURN ANY SETTLEMENTS QUICKLY.

We don't get paid until we settle some debt for you. We can only receive funds when your creditor gets paid. So as you can imagine, we are very motivated to settle debt for you. We settle debt to earn our fees - its our main focus. You will however see funds coming out of your account and being distributed to the third parties (like the third party payment processor) because their fees are taken every month in their service to you. They are doing the banking and accounting so to speak on your account and there is a monthly fee assessed for this as well as any other opted-in services.

We do this in three ways: 1) Monthly Statements, 2) Your Client Dashboard data, and 3) Account Activity by category. We also provide a manual inside the dashboard to help you get the most out of it.

Yes we do. To be transparent, we have a Third Party Payment Processor relationship with a company that processes payments and is compliant with governmental laws. As part of your onboarding process you would also sign an agreement with them to confirm services. Additionally, we contract with outside legal resources that can be of service to the parties as defined in your contract terms.

We take NO SETTLEMENT FEES UPFRONT. We run a no-upfront settlement fee model per the regulatory requirements. No settlement company may take any settlement fees before they settle debt for you. This aligns with government regulations that oversee the debt settlement industry. This means you won't see any "settlement fees" going to myDebtRelief until we settle some debt for you. But keep in mind, you may see fees going out the payment processor or other third parties (for their services on a monthly basis) that you may opted into during the onboarding process.