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Who is qualified for our program?
Freedom First Financial's debt settlement program is only
for people facing a legitimate financial hardship. This
means people who are late on paying their
debts, have little or no ability to pay
their debts in the future, or are facing a
possible bankruptcy.
(Examples of qualifying hardships are a loss
of income, an increase in excessive interest
rates, a medical emergency, the death of a
member of the household who provided
financial assistance, a divorce, a failed
business, a reduction in pay/hours, or
unemployment.)
Who is NOT qualified for our program?
Freedom First Financial does not recommend that any
person default on their debts. Our program
is not designed for people who are gainfully
employed, and can meet their monthly debt
obligations, or for people who want to
maintain a high credit rating. If you are
capable of paying your debts in the normal
fashion, by making minimum payments, then
you should honor your debts and do so.
How will Freedom First Financial Settle My
Debts?
You will be
asked to put aside and save a set amount of
settlement funds on a monthly basis. This
amount will be determined in your initial
analysis based on total amount of your unsecured debt and
will be in line with your income and expense
budget. Once you have accumulated enough
settlement funds to make a reasonable offer
to your creditors to settle the debt, Care
First Financial will begin the negotiation
process. Each person's situation is
different and the negotiation process will
begin at different times depending on the
amount of your debt. Once the creditors
agree to a settlement amount, we will
present this offer to you. If you approve of
the settlement, we will instruct the
creditor to fax over the ‘settlement offer’
in writing. After we receive the written
settlement offer, we will have a three way recorded
conversation with you, the creditor and us
to settle the account. Debts can be settled
in two different ways: one lump sum or a
term settlement. One lump sum is just that,
one payment and the account is paid. A term
settlement is a settlement which is paid
over an extended period of time until the
account is paid. Freedom First Financial then
moves through each debt until all of your
debts have been paid and you are debt free.
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