Delinquent and Charged Off debts can often be resolved via the Settlement process. Debt Settlement involves negotiating with creditors to pay off delinquent debts for significantly less than the balance owed while having the creditor accept the lesser amount as payment in full. Superior Credit Care can help you settle your debts, but we are most certainly NOT a Debt Settlement company!
Greg Frank, president of Superior Credit Care worked – briefly – for a Debt Settlement company. He quickly became disillusioned as he became convinced that the business was flawed and, instead of helping people, often did more harm than good. So he quit. And created a better way!
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The Superior Credit Care Difference.
Buyer Beware! The Debt Settlement industry has a well deserved reputation that’s almost as bad as that of Credit Repair! Debt Settlement companies typically require $20,000 or more of outstanding debt to enroll in their program. Their clients are required to stop making monthly payments to their creditors (including accounts which are current and in good standing!) and instead send a lesser amount to the Debt Settlement company which accumulates in an account until there are sufficient funds to settle each account; a process which generally takes 2 – 4 years to complete.
Debt Settlement companies promise to help their clients eliminate their debt while saving a ton of money. While this sounds very appealing – especially to vulnerable consumers who are struggling to pay their bills – the reality is these programs are harmful and expensive. By the time most folks “complete” the program, their credit is ruined and they are worse off than before they started. The savings promised are greatly exaggerated because they are based on a projection of you making only minimum payments towards your debts for decades. In truth, most Debt Settlement companies charge outrageous fees – often 25% of the total debt under management. So, if a company settles your outstanding debt for 50% of what you owe and charges 25% of what you owe as their fee…well, it adds up to them only saving you 25% and your credit being wrecked is just a bonus!
Because Debt Settlement companies handle your money and make direct payments to creditors, they have to be licensed and comply with many regulations which vary from state to state. Many Debt Settlement companies have faced lawsuits and regulatory action from various state Attorney’s General.
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A Better Way
At Superior Credit Care we settle debts without ever touching
your money thereby avoiding licensing and compliance issues. Instead, Greg, with your authorization, acts as your advocate and intermediary and negotiates with creditors on your behalf. Because Superior Credit Care does not offer a “debt settlement program”, there is no minimum amount of debt required to enroll. We will help you settle one account or more. We help people settle debts of all sizes, from very small to very large and any amount in between. Our goal is simply to help.
While Debt Settlement companies justify their excessive fees by claiming that settling debts is a complex and time consuming process, the reality is that most settlements can be negotiated and paid with one phone call in less than 30 minutes. This allows Superior Credit Care to keep its fee structure very reasonable.
In addition to settling debts, Superior Credit Care can handle collection agency and creditor negotiations of all kinds; payment plans, pay for deletions and more. Finally, we offer debt settlement and creditor negotiations as “stand alone” services or as an integral part of our credit restoration services.
