How it works
Our process is simple. Tell your credit coach what you can afford to pay.
We negotiate with your creditors and you pay them directly once a settlement is reached.
Types of debt we can settle
We have a long history of working with collection companies and can assist in resolving most collections for our clients. We can help with debts such as:
Frequently asked questons
What are the risks of debt settlement?
With most debt settlement companies there are several risks:
- High fees: Most debt settlement companies charge between 10-25% of your total debt
- Negative impact on score: Most debt settlement companies will tell you to stop paying your bills until it gets to collections before they’ll settle.
- Trouble negotiating: There is always a chance a creditor wont settle.
MyCreditGroup avoids these issues almost completely. Debt settlement is free to our credit repair clients, and since we only negotiate collections, there is no way it can harm your score. There is a chance a small number of collectors will refuse to settle.
What types of debt can be settled through debt settlement?
Any type of unsecured debts can potentially settled. Credit cards, medical bills etc. Types of debts that can’t be settled are secured debts which would be like auto loans or mortgage payments.
How long does the debt settlement process take?
This is totally dependent on your debt and your resources. Since we usually settle for 50%, an easy way to estimate is to take the total amount of debt you’re trying to settle, divide it by two and figure out how long that would take you to pay.
*there is no guarantee of 50% settlements, or that collectors will settle at all. That’s just an average of past clients.
Are there alternatives to debt settlement?
Yes there are several alternatives.
- Credit counseling
- Talking to your creditors
- Debt management plans
- Bankruptcy
- Debt consolidation loans
They all have their pros and cons and you should look at each of them carefully before making a decision.
How much does debt settlement cost?
Traditional debt settlement companies charge anywhere from 10-25% of the total amount of debt you owe.
MyCreditGroup includes it free with our credit repair services which are 89.00 per month.
What is the success rate of debt settlement
Because we deal with collectors, our success rate is pretty high. On average about 85% of debt collectors are willing to settle.
who qualifies for debt settlement?
Most companies require you have at least 10K in debt. We have no minimum with our program.
Does debt settlement hurt your score?
If you stop making payments on open accounts so that you can enter into a debt settlement program, yes, that will hurt your credit score.
If you’re settling accounts already in collections no, it will not hurt your credit.