Frequently Asked Questions

Q: Are debt settlement and debt consolidation the same?
A: No. With a debt settlement program, skilled professionals will negotiate on your behalf to reduce your debt. In most cases you will only pay a fraction of what you owe.

Q: What is the length of the program?
The time it takes to complete the debt settlement program varies from case to case and depends on how much of a monthly payment you can afford and the likelihood of extra funds becoming available. Unlike debt consolidation, where there is a mandatory minimum payment, debt settlement is much more flexible with terms ranging from just 24 months to 60 months. During your no obligation consultation, you and your counselor will arrived at a realistic payment schedule based on your individual financial situation.

Q: Can I still use my credit cards?
A: Any credit card that you include in our program cannot be used once you are accepted.

Q: What do I need to do to get started?
A: All you need to do is to fill out our form and submit it to one of our trained professionals and you will be contacted within 24-48 business hours.

Q: Will my information be kept confidential?
A: A: Yes. OptionOne Financial Group, Inc. and its affiliates are bound by the “Rules of Professional Conduct” and will maintain your confidentiality at all times. Additionally, all sensitive information conveyed through our website is protected by the latest 1024 bit encrypted Secure Sockets Layer.

Q: Once I am on the program, what do I do if a creditor contacts me directly?
A: Shortly after you enroll and we have received complete creditor information, most of your creditors will be sent a “Cease and Desist” letter along with instructions for all future contact to be made through OptionOne Financial Group, Inc. If they call simply tell them you are in our debt settlement program and give them our toll free number (1-800-797-7813). Also make a record of the details of the call and notify us immediately.

Q: What do I do if the creditor threatens me after I have enrolled in the program?
A: We understand that a call of this nature can be very upsetting. However, this is part of the creditor’s game plan, hoping that you will buckle under should they apply pressure tactics. Our best advice is to refer the creditor to us and let our trained professionals handle the situation. Also, if this is not the originating creditor, they may be in violation of the Fair Debt Collection Practices Act.

Q: What happens if I don’t agree to a creditor’s settlement offer?
A: At OptionOne Financial Group, Inc., the final decision of whether or not to accept a settlement offer is always with the client, so you will never be forced into any settlement you are not in agreement with. Furthermore, since we do not collect a settlement fee until after an offer has been agreed to by you, we will continue to work our hardest for the right offer.

Q: When will my first settlement take place?
A: That depends on your ability to save up funds. Please remember that the key to the success of this program is that you must have patience! Most of our clients took years to get into debt, and we will succeed in assisting you reslove your debt issues in a relatively short time. In some cases, settlements may be reached quickly, for others it takes 6 months or more before we can arrange your first settlement. Keep in mind that many of our best settlements are made after the client has been in the program for over a year. Remember, as time goes by, the creditors will usually soften their stances and accept a settlement which is more favorable to you. And once an account is settled, you will receive a letter of satisfaction letting you know that the account has been resolved.

Q: Can I make additional payments into my special settlement account?
A: Yes. Not only is this allowed, it is encouraged! This can give us additional leverage in negotiating more favorable terms with your creditors. It will also hasten the day when you will be debt free.

Q: What happens if I cannot make my scheduled monthly payment?
A: Please make sure you notify us beforehand so that we don’t make any commitments to your creditors that we cannot keep. We understand that setbacks occur, but remember, for the program to be successful and for us to maintain credibility with your creditors and to continue to negotiate in good faith, it is extremely important to make up any missed payments and to try your best to stay on schedule.

Q: Do I need to come up with any additional money to pay my settlement or bank fee?
A: No. All settlement and bank fees have already been factored into the monthly payment that you were quoted. No additional fees will be assessed.

Q: How can I make my payments into my special account?
A: The most convenient, reliable and cost effective method is by setting up a monthly draft (ACH) from either your checking or savings account, something which your advisor can assist you with if this has not already been arranged. Alternatively, you may send them a money order, cashier’s check, Western Union Quick Collect, Moneygram, wire transfer or personal check. We strongly recommend all clients to arrange for the monthly draft (ACH) as this keeps you on schedule and enables us to negotiate in good faith with your creditors.

Q: Can I be sued?
A: Creditors always reserve the right to sue, however it is costly and time consuming. If sufficient funds are available we may be able to make arangements to avoid going to court.