Frequently Asked Questions

How do I get started?
Getting started is as easy as picking up the phone and talking to one of our experts. Your path to financial freedom is just one toll-free phone call away! Call us today: 1-800-970-6936.
How long does it take to complete the program?
We recognize that each individual’s situation is unique. The length of time needed to resolve debts varies with each individual. The average client who sticks with our advice can resolve all accounts in about 36 months, depending on the individual’s financial situation.
How does debt negotiation differ from debt consolidation?
Debt consolidation programs combine all of your outstanding debt into one large new loan and sometimes require you to secure the loan with collateral of greater value (such as your home). You will still be required to pay the entire principal amount of your debt plus the interest on the new loan. If you fail to make payments, the lending institution can repossess your collateral. In contrast, we negotiate directly with your creditors to greatly reduce the balance of your debt, allowing you to pay a smaller sum than what you are currently paying. Typically, it takes around 36 months to complete our services, whereas consolidation can stretch out for longer depending on the size and terms of the loans.
What kind of team do I work with to resolve my debt?
You will work with the best team of credit negotiators and educators in the industry who pay attention to every detail and keep you informed for every decision throughout the entire process. Not only does our team help you drastically reduce and pay off your debt, we care about you and your family’s financial future, and won’t charge a dime you until we’ve done our job.
Do I have to combine all my debts, or can I pick certain debts to focus on?
We normally recommend resolving all unsecured debt to help you be as successful as possible. Creditors are generally more willing to negotiate when they see that most of your accounts are delinquent due to your hardship. The decision to resolve all or some of your debt is totally up to you. We are here to help you decide what strategies are best for you. Remember to keep in mind that we are paid on our performance, meaning our fee for each account will be taken only at the time the first payment is funded to a creditor for a negotiated account.
What’s so bad about filing bankruptcy?
Everyone’s situation is different, but we have assisted many clients to become debt free without having to file bankruptcy. Filing bankruptcy can have long term effects on your credit and can impact your ability to apply for new credit or in some cases, employment. Bankruptcy does not always go away after 7-10 years, as some bankruptcy attorneys may claim. For example, nearly all credit applications ask if you have ever filed bankruptcy in the past. There are also costly court and attorney fees that accompany the filing process. Finally, depending on which chapter of bankruptcy you qualify for, you may still be required to pay back all or some of your debt.
Does AmericanDebt Counsel make monthly payments to creditors for me?
No, we do not make any payments to your creditors. Our goal is to resolve your debt for as low an amount as possible. You are responsible for saving enough to pay reduced amounts, as well as our success fees.
Is it wrong for me to avoid calls from creditors?
No. AmericanDebt Counsel will contact your creditors for you at the appropriate time during the negotiation process. We will continue to communicate with your creditors to finalize negotiation discussions as your funds accumulate. It typically takes six months or more before we negotiate and obtain your first offer which allows you to accumulate funds to settle your first debt.
How does debt negotiation affect my credit score?
That depends on what your credit looks like when you first retained our services. In general, if you do not make payments to your creditors according to the terms of your agreement with them, your credit will suffer while you work through and recover from your financial difficulties.
What happens if I am unable to save funds?
It is very important for you to save as we have planned on. If you are unable to accumulate funds, we will not be able to successfully resolve your accounts. It is imperative you continue to make your monthly savings commitment on time; any delay could negatively impact our ability to assist you.
Does AmericanDebt Counsel have control of my savings?
No, you are in complete and sole control of your savings. When you agree to settle an account, your payment to a creditor will be funded through your savings account based on your authorization.
Find out how much you could save!
Call us toll-free 1-800-970-6936