Debt Settlement… Simplified. Where Does My Monthly Payment Go?
Debt Settlement… Simplified
We’re breaking down the in’s and out’s of debt settlement so you can made an informed and educated decision.
If You Don’t Pay My Creditors Monthly, Where Does My Monthly Payment Go?
One common concern of individuals considering a debt settlement program is the security of their funds. Rightly so, considering the number of companies that went out of business after new regulations were placed on the industry in 2010.
Safety
FaithWorks Financial makes use of third party payment processor. Through this payment processor, our members’ funds are held in a “Special Purpose Account”. This is essentially a simple bank account. It is in our clients name, and they have complete control and access over the account and their funds at all times. It is your money, you should have control over it.
Safety, security and simplicity. Why settle for anything less?
Security
One common problem that a lot of debt settlement clients faced was that they were never given instruction on how to cancel their program and close their account to receive their refund. If for any reason our members are unsatisfied with our service or decide to pursue an alternate path, their account can be closed by them at any time. No need to even call and ask us to close it, though we always appreciate the notification!
This way, you don’t have to worry about uncomfortable conversations or being suggested to change your mind. This is your debt, your finances and your decision. You are fully capable of determining if something is or is not working, and you should not have to jump through hoops to get your money back. You simply contact the payment processor and let them know that you would like to close your account and have your refund issued.
Simplicity
In order to facilitate our services, our company has limited access to your Special Purpose Account to allow us to see the available funds and, with your written permission, make payments to your creditors when settlements are arranged. This way, you have the safety and security of having control over your money, while we carry the task of making sure payments are made on schedule and as needed.
