Who controls the savings fund allocations to creditors?
You do. The savings account is set up and maintained by you. You will need to discipline yourself to add the required funds to the savings account during each month of the program. This amount will be substantially less than the total minimum monthly payments you are now making on your credit cards. Once you have accumulated reserves sufficient to settle an outstanding balance on one of your accounts, you will notify us to begin the settlement negotiation process. Once a settlement has been negotiated, you will receive a letter from the account holder indicating the dollar amount needed to settle your balance. You use the funds from your savings account to send them a certified check or place a check by phone payment for the payment. This way you not only have control of your savings, but you also have the last word on settlements. No settlement can be completed unless you send the check from your savings account.
You do. The savings account is set up and maintained by you. You will need to discipline yourself to add the required funds to the savings account during each month of the program. This amount will be substantially less than the total minimum monthly payments you are now making on your credit cards. Once you have accumulated reserves sufficient to settle an outstanding balance on one of your accounts, you will notify us to begin the settlement negotiation process. Once a settlement has been negotiated, you will receive a letter from the account holder indicating the dollar amount needed to settle your balance. You use the funds from your savings account to send them a certified check or place a check by phone payment for the payment. This way you not only have control of your savings, but you also have the last word on settlements. No settlement can be completed unless you send the check from your savings account. Further instruction will be provided upon entering the program.
You do. The savings account is set up and maintained by you. You will need to discipline yourself to add the required funds to the savings account during each month of the program. This amount will be substantially less than the total minimum monthly payments you are now making on your credit cards.
