Debt Negotiation and SettlementThe following accounts qualify for a debt negotiation program: Credit Cards Unsecured Loans Unsecured Personal Loans Unsecured Personal Lines of Credit Collections / Autos in Repossession Medical Bills The Following Accounts Do Not Qualify: Lawsuits / IRS Debt / Taxes Utility Bills / Auto Loans Government Loan Student Loans Secured Debts Home Loans / Mortgages DISCLOSURES: 1. ***IF CLIENT HAS BUSINESS ACCOUNT ENROLLED *** “Some financial institutions have what is called an offset-clause related to business accounts. The clause states that if you are to default on your payment with any credit accounts and have an active bank account with the same creditor, the creditor can seize funds from you. If you don’t remember whether or not you signed this document, please either review your contract with your financial institution, or open a new bank account. 2. Student loans can be settled if they are not government backed, but they cannot be discharged in bankruptcy and they can garnish your wages 15% of your net pay without a court order. 3. If client is in active military: This debt negotiation program may have a negative effect on your credit, that negative affect may conflict with your security clearances. This can easily be resolved by a simple conversation with your commanding officer or we can provide you with a letter explaining that you are in a debt negotiation program and the impact it will have on your credit. Furthermore if you do not wish to notify your commanding officer of your involvement in this program they may still be alerted by the negative impact on your credit score. 4. Golden Financial Services does not clean up, fix, or repair credit, but once a settlement has been completed, you will no longer owe that debt and your credit report will reflect a zero balance for that account. The debt negotiation program will have a negative effect on your credit while on the program, since your creditors will not be paid on a monthly basis. Learn more about how a debt negotiation program can effect your credit score. 5. Golden Financial Services cannot stop interest, late fees and penalties that may accrue on your accounts, but we will settle for the full amount listed by your creditor at the time of settlement. Your monthly payments in the debt negotiation program will not change based on the change in your balances from the creditors. There are fees charged for the program, but they will be included in your monthly payment. 6. You should be aware that any amount over $600 which is forgiven at the time of settlement may be taxable by the IRS. You may receive a 1099-C form from you creditor at the end of the year for the account that has been settled, ask you CPA or tax professional to review this. The IRS may also allow you to be able to exclude the tax as “income” if you are insolvent. 7. Your creditors could take legal action while you are in the debt negotiation program. If this happens, it is important to send over any paperwork to Golden Financial Services immediately, so that we can help defend you. 8. ***IF CLIENT HAS LINKED ACCOUNTS ENROLLED *** “Some financial institutions and credit unions have what is called an offset-clause related to accounts. The clause states that if you default on your credit account payment and have an active bank account with the same creditor, they can seize funds from you. It is suggested you close that account and open a new bank account. Now I’ll give you a general idea of how the program works. Global Client Solutions will provide your Special Purpose Account. You will accumulate funds in this account for settlement purposes by making a monthly deposit. We will track the Settlement Funds and negotiate on your behalf based on what is available. The debt negotiation fee that was discussed will be earned only when a settlement offer is accepted and completed. You will be made aware of all settlement opportunities, and if you agree with the settlement terms that we’ve negotiated, you will communicate that with your Legal Assistant and they will contact you to finalize the debt negotiation settlement. Golden Financial Services has been in the debt negotiation industry for over eight years. We have maintained an A+ Rating with the Better Business Bureau and have zero unresolved customer complaints. To set up a free debt negotiation consultation with Golden Financial Services or to learn more about our debt negotiation services call 1-866-376-9846.
"Exceptional and Outstanding Service! Saved me a lot of money in my Credit Card Debt . . . A +"