Debt settlement is a complicated, multi-faceted process. The following is a list of some of the common questions our staff fields daily.

Q: How does debt settlement affect my credit?

A: Unfortunately, any debt settlement program will affect your credit negatively. The goal of our program is for you to repay less than what you owe on your debts. Your creditors will report that you settled your accounts for less than the full amount, and it will show up as a negative on your credit report. Once you complete the HelpDesk process, you can start to repair and rebuild your credit.

Q: Will debt collectors call me?

A: Initially, they will continue to contact you, but once the process is underway, we will work on having your debt collectors contact HelpDesk directly. Although they have the right to call you to collect their debt, they don’t have the right to harass you. Read                         for more information and to learn about your rights and protections.

Q: How much does the debt settlement process cost?

A: While some companies charge you money when they begin working on your file, HelpDesk doesn’t require any payment upfront. You only pay us when we settle a debt for you. Based on various factors, our fees are typically between 15% and 25% of the amount we save you.

Q: Can you guarantee a specific settlement percentage?

A: There’s no such thing as a guarantee in the debt settlement industry. The client’s financial status, employment, the creditor, the amount of the debt, and many other factors influence the outcome of the negotiation process. We do our utmost to negotiate the best possible settlement for, but it would be impossible, and irresponsible, for us to guarantee a specific settlement percentage.

Q: What if I’m current on my debt?

A: It is highly unlikely that a creditor will want to negotiate a current account. A creditor needs to see that you are unable to pay due to financial hardship. You would have to be behind in your payments for us to work on an account.

Q: Can I do this on my own?

A: You can deal with creditors on your own, but it’s hard to get the best settlement without using an expert in the field. Even a specialist has to work hard to negotiate an optimal reduction amount. Debt settlement is one of those industries that require a professional. It’s similar to hiring lawyers or electricians. In many situations, you can do the work on your own, but to get the best results, you would want to hire a professional.

Q: Where does my money go before a creditor settles?

A: All funds are drafted by an outside party and deposited into an FDIC-insured dedicated account in your name. You have full control of the funds, and HelpDesk will only be able to make withdrawals with your consent.

Q: Can I be sued?

A: Your accounts will be in default, so there’s always a possibility that a creditor will initiate a lawsuit against you. Once HelpDesk has your file, we will have options to help protect you against your creditors’ legal claims.

Q: Will I have to pay taxes?

A: There is a possibility that you will have to pay taxes on the forgiven debt. It’s best to consult with an accountant regarding tax issues.