At Golden Financial Services (GFS), we provide our clients with the highest standards in debt relief and management solutions. The success of our clients has resulted in many top ratings and awards for GFS; including an A+BBB rating, and making the Inc.com 5000 Most Successful Companies For 2019. GFS is also an IAPDA Certified debt relief company. Consumers can learn about the pros and cons of each debt relief option and enroll in the plan of their choice. Credit cards, medical bills, collection accounts, and most unsecured personal loans qualify. All base programs require $7,500 or more in unsecured debt. Not all states will qualify. Applicants that don't qualify for any of our recommended programs can always use the free do-it-yourself tools at GoldenFs.org, including the budget and snowball calculator and free articles at the debt relief blog. DISCLOSURES: Debt settlement companies are not permitted to charge fees until after a debt gets reduced and settled, and at least one payment has been paid to the creditor under the new reduced payment terms, according to the TSR regulations. Instead of making monthly payments to creditors, a client's monthly payments get deposited in a "dedicated account" that the client has full control over. This account is similar to a savings account, but one that the debt settlement back-end can monitor. This settlement amount can often be only a fraction of the total debt owed, allowing clients to become debt-free in approximately 24-48 months. When it's time to pay the creditor, the funds get released (after the client approves of the settlement amount) from the client's dedicated account and paid directly to the creditor. In the end, debt negotiation clients end up saving around 30% of their total debt owed on average, including all debt-settlement-related fees. Debt Settlement fees range from 17%-20% of the total debt enrolled, so in the end, clients end up paying approximately 70% of their total debt including fees. The IRS could construe the savings on a settlement as taxable income. To eliminate owing taxes from a debt settlement many consumers will file Form #982 illustrating insolvency. Please refer to an accountant or licensed tax professional if you have any questions regarding potential tax consequences that could result from settling a debt for less than the full balance owed. Since creditors don't get paid every month with debt negotiation programs, credit scores can get adversely affected, and late fees and interest can accrue causing balances to get higher before getting resolved. In the end, the late fees and interest will get mitigated into the settlement and resolved, and accounts will show $0 owed. Although it's rare, creditors could issue a person a summons while enrolled on a debt settlement plan. For this reason, Golden Financial Services will only recommend debt settlement programs that include FDCPA and lawsuit defense through a reputable law firm. Not all clients will graduate successfully on a debt settlement program due to various reasons, including their ability to save sufficient funds every month in their dedicated account. Debt settlement companies do offer flexible payment terms, giving clients the power to choose an affordable monthly payment and adjust it if necessary in the future. Mailing Address: 21 Poplar Street, Cornwall, New York 12518.
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