Who is the Freedom Group?
Who is a candidate for the program?
Does Freedom Group keep my information confidential?
Can I include all of my debts in your program?
Will I still be able to use my credit cards?
How long will it take to be debt free?
Can Creditors still contact me?
What happens to my credit?
How does the debt negotiator get paid?
Is this legal?
What are the tax consequences?
Can my wages be garnished?
Can I do this myself?
Is it possible to apply additional money towards my debt?
When will my negotiator begin working for me?
What results can I expect from Freedom Group?
What role do I, the client, play in the process?
How do I contact you if I have a question about the negotiation progress?
What other help do you offer clients to help them permanently improve their financial future?
Who is the Freedom Group?
Freedom Group is a well established financial services company based in San Diego California. Formed for the exclusive purpose of empowering individuals and businesses to successfully gain control over their finances. We represent a variety of products and services designed to support our clients in a broad spectrum of financial areas. We specialize in designing our products and services around our client's individual needs. We firmly believe that anyone can achieve financial freedom given the opportunity.
Who is a candidate for the program?
To qualify for our
debt reduction program you must have a legitimate financial hardship, have a minimum of $10,000 in unsecured debt, and have a strong desire to become debt free. Our Financial Consultants conduct a detailed financial analysis to determine if an individual would benefit from our program. Our primary focus is to be sure that the program is a realistic solution to the individual's particular situation. Most people seeking help will qualify.
Does Freedom Group keep my information confidential?
We are committed to maintaining complete confidentiality. Your information will not be given nor sold to anyone except those authorized by you to receive information on your behalf.
Can I include all of my debts in your program?
We only work with unsecured debts in the Debt Reduction Program. We can not accept secured debts. Secured debts are collateralized by property. Following are examples of both secured and unsecured debts.
Unsecured (accepted in program)
Credit Cards & Department Store Cards
Medical & Hospital Bills
Deficiency Balances on Repossessed Autos
Judgments
Signature Loans
Collection Accounts
Secured (Not accepted in program)
Mortgages
Auto Loans
Government Guaranteed Student Loans
Recreation Vehicle/Boat Loans
Will I still be able to use my credit cards?
No. Your creditors have access to your financial data including your entire credit history and current activity. If you are making monthly payments on one card and putting other cards into the program, your creditors will see this. Once they see you are using a card and making payments, they will not be inclined to
negotiate reduced settlements on your other cards. Naturally, they will feel they too should be receiving monthly payments if you are paying an alternate creditor. We recommend that you obtain a debit card attached to your checking account to be used where you may require a card for purchases (such as online purchases).
How long will it take to be debt free?
The length of time necessary for completion of the program varies from case to case. Many factors can affect the amount of time it takes to complete the program. The average client can complete the program in 36 months or less. Your debt consultant will be able to give you an estimate during the free consultation.
Can Creditors still contact me?
Yes they can, but most will discontinue contact with you once we notify them you are our client. Once you become our client the first things we do is contact all of your creditors. The majority of creditors are cooperative and will update your record to show that you are participating in a debt management plan. We take all necessary steps to have your creditors contact us directly. There are thousands of collectors and some may call you. Simply refer them to us so we can handle all communication with them. It is in your best interest not to speak with your creditors directly. Many clients prefer to change to an unlisted telephone number.
What happens to my credit?
If you are experiencing a financial hardship, your credit is already (or soon to be) negatively affected. In the long run, making settlements has a better outcome on your reports than bankruptcy or traditional credit counseling service. It is important to first point out that we DO NOT report to the credit bureaus. However, your creditors may report that you are participating in a debt management program. Some clients may initially experience an adverse affect on their credit, if their debts are current with no history of late payments. Since your outstanding debt is being resolved by way of settlement, future creditors will see that you have made a concerted effort to resolve your debt instead of filing bankruptcy. Remember that our program is designed to resolve your problem debt, so credit should be a secondary concern. Once your debt is paid, your accounts will indicate a paid or settled status. Of course, good credit is an important and a worthy goal to aspire to, but obviously your first priority should be to clear up your debts and get back on your feet financially. Once your debts are settled we can refer you to a company that has an excellent track record in credit repair.
If you continue to struggle with debt your credit will be poor for years to come. If you settle your debt and then take steps to clean up your credit, you will see a vast improvement in your credit score within a much shorter time.
How does the debt negotiator get paid?
Our debt negotiators are paid according to how much money they save you. This creates a win/win situation. The more they save you, the more they earn. This keeps the debt negotiators highly motivated to negotiate the best possible savings for you. The more they earn, the more they have saved you!
When the fee is structured in this way, the client is always in a NET SAVINGS POSITION. Your debt consultant will be happy to provide you detailed information regarding our fee structure. We can assure you, the savings our clients experience in our program is impressive
Is this legal?
Definitely! You have the right to appoint a third party to represent you in debt matters. While we are not attorneys and we do not furnish legal advice, we have settled debts with the smallest to the largest credit card banks in the nation on behalf of our clients. The service we perform is legal in all 50 states.
What are the tax consequences?
Banks have the right to report canceled (or "forgiven") debts exceeding $600 to the IRS. They may send you a 1099 form to file with your taxes showing your "forgiven" debt amount as income. However, our experience is that most banks will not. The IRS permits you to write off any income from canceled debts up to the amount by which you were insolvent at the time. If you have a positive net worth, which is highly unlikely if you are deep in debt, then you ordinarily will not have to pay taxes on the forgiven amounts. We suggest you consult a tax specialist about your particular situation if you have any questions.
Can my wages be garnished?
A common tactic used by aggressive debt collectors is the threat of wage garnishment. If you are already struggling financially, this can be a frightening thought. Collectors can not garnish your wages without going through a lengthy legal process. This is both costly and time consuming for the creditor. Some unethical collectors want you to believe they can garnish your wages on the spot, but this is not true. It is simply a collection tactic. If you are willing to work with your creditors through your negotiator, all this can easily be avoided.
Can I do this myself?
Certainly! It is no different than the fact that you could sell your own home or you could represent yourself in court, but it isn't necessarily your best choice. Your creditors are aware that you are not well versed in the negotiation process and that you may not know your rights. Remember, we are trained professionals with many years of experience. Any discounts you may achieve on your own will not be as deep as those obtained by a professional firm, and you will spend countless frustrating hours in the process. Will you know the difference between a legitimate offer and collection tactics? If you get an acceptable offer will you know how to implement terms and protect your rights?
Is it possible to apply additional money towards my debt?
Yes, the faster your funds accumulate in your savings account the quicker we can negotiate and settle your accounts. Often clients have additional money available from tax returns, employment bonuses or other sources. We have even seen clients apply extra money earned from a garage sale! Lump sums and/or increased monthly payments will enhance your program and you will achieve your goal of becoming debt free in a shorter length of time.
When will my negotiator begin working for me?
Work on your case will begin as soon as the client enrollment packet is completed and returned to our corporate office. Your negotiators immediately contact your creditors and inform them you are now our client and we will be handling all communication regarding your debt. Your creditors will be provided with a copy of your Limited Power of Attorney giving us the authority to negotiate your debts on your behalf.
What results can I expect from Freedom Group?
You can expect a substantial reduction in the amount of your unsecured debt. While individual results may vary, our average client experiences a substantial savings.
What role do I, the client, play in the process?
The only thing we require of you is to make your monthly payment to your savings account and to inform us when a creditor contacts you. We also request you be attentive to our email and phone calls so we can keep you well informed of progress on your account.
How do I contact you if I have a question about the negotiation progress?
We are here to help and are dedicated to our client's needs. You can expect superior customer service from Freedom Group. Our Customer Service Department is available to handle your day-to-day concerns or questions about your Debt Reduction Program.
If you prefer, you can email us for assistance with your questions. You can expect an email response within 24 hours. All of the necessary contact information will be included in your packet.
What other service do you offer clients to help them improve their financial future?
Included at no cost in the Debt Reduction Program is Freedom Group's "Solutions to Personal Financial Freedom" program. The goal of this service is to educate and support clients through this difficult period and ensure successful completion of the Personal Debt Reduction Program.
The service includes ongoing educational materials, a regular newsletter containing valuable information about overcoming debt problems, practical solutions to make your money go farther and building future wealth . To assure that the client has the best chance of maintaining a debt free life in the future, this service is offered for no additional fee.
Keep in mind...the more you know about your money, the more money you'll have.
