The Debtmerica Relief team has had one vision since inception – to help Americans nationwide attain financial independence. As we all know, debt and financial difficulties can create great personal difficulties, stress, depression, and anxiety. It’s not a very rewarding experience to be buried in debt. Debtmerica is a debt settlement to work towards aggressively reducing your unsecured debt, letting you move on with your life.
Our mission at Debtmerica is to eliminate your financial strain so that you may get back on the right track to true financial freedom and personal fulfillment. Within our network we are able to lower your unsecured debt balances, provide one low monthly program payment, offer a great alternative to bankruptcy or simply provide you with sound, knowledgeable advice. We are here to help!
The founders of Debtmerica first met over 12 years ago while at the Wharton Business School at the University of Pennsylvania. It is there that they quickly realized the overwhelming burden that unmanageable debt can place on Americans from every walk of life. After spending several years working with the consumer finance sector, they determined that merely consolidating high amounts of unsecured debt into debt consolidation loan didn’t solve the fundamental problem – too much debt to begin with!
A better solution would be to not only reduce monthly payments, but in addition, to actually lower the debt balances themselves. Upon further research, they also determined that Consumer Credit Counseling – sponsored by the credit card companies themselves – typically only reduced a consumer’s annual percentage rate (APR), but did nothing to actually reduce the unsecured debt balances.
How Debt Settlement Works
Once you enroll in the program, our first priority is to minimize creditor harassment. With our lasting relationships with our service providers and their direct access to creditors, the debt resolution programs are able to reduce your total unsecured debt amount while providing just one low monthly program payment. This monthly payment amount is frequently as low as half as much as your current combined monthly payments to the same creditors. Our underwriting process is highly effective with the main goal to help you experience a lasting benefit to your financial well being.
Our knowledgeable, friendly, and experienced Debt Consultants at Debtmerica will discuss with you the benefits and qualification process of our Debt Resolution Programs, and then will propose an affordable monthly program payment that will fit within your budget. We feel our program is simply the best way to become debt-free without declaring bankruptcy and without consumer credit counseling.
Through our service providers, we have experienced unprecedented success at helping our clients attain financial independence. Our success comes as a result of our commitment to excellence. Debtmerica is an accredited member of TASC (The Association of Settlement Companies) and our Debt Consultants are required to attain certification from IAPDA (the International Association of Professional Debt Arbitrators). This level of professionalism was a major factor in Debtmerica becoming an Inc. 500 Fastest Growing Company for 2009 and 2010. We were also honored by the Orange County Business Journal for ranking 4th “Best Places to Work in Orange County” and #3 “Fastest Growing Private Company”. At Debtmerica, we’re proud of our achievements and honors – they represent our commitment to Debtmerica’s vision.
Our goal is to have no repeat customers!
While we appreciate the referrals of friends and family, we want all of our graduates to be on a solid path to financial freedom. If you have any questions or concerns send us a note on our contact us page.
There are many options when it comes to addressing your debt problems. Debtmerica believes it provides better Alternatives to Consumer Credit Counseling, Bankruptcy or Debt Consolidation Loans. Below are summaries of the various alternatives available to you so that you can make an informed and well-educated decision based on your own individual situation.
Assuming you are able to make all the monthly program payments, Debtmerica can offer Debt Resolution Programs that may help you resolve your debt in as little as 24-48 months without paying any fees until a successful resolution of a debt occurs. If you are experiencing a financial or personal hardship that is preventing you from paying your bills, the five most generally accepteddebt relief options you have are
While bankruptcy is a legitimate route to get out of debt, it can negatively affect your credit for as long as 10 years and can be a very unpleasant experience emotionally. You shouldn’t consider bankruptcy as a simple “quick fix” to all of your financial problems, but rather as one of the many available solutions you may have given your individual situation. As of October 2005, congressional legislation made filing for bankruptcy more difficult and burdensome.
A Chapter 13 bankruptcy could result in higher monthly payments and may last longer than an alternative debt resolution program. If you have questions about bankruptcy or are considering it as an option, we advise you to speak directly to an experienced bankruptcy attorney licensed in your state.
Consumer Credit Counseling (CCC)
A Consumer credit counseling program is a method of debt relief for those who are unable to make minimum payments and undergoing financial difficulties. However, CCC programs could take up to 6 years or longer to complete and your debt is not reduced when compared to a debt resolution program. You may still have to pay back 100% of the debt you owe plus interest. In addition, if you miss just one monthly payment, you could be dropped from the program altogether.
Consumer Credit Counseling Services, on average, have very high rates of client cancellation, which does not bode well for their delivery of a successful debt management program. (see below for more information on CCCs). With that being said, a CCC program may be a viable option for those with under $10,000 in unsecured debt, are able to afford higher monthly payment obligations, and are well disciplined to remain in the program.
Debt Consolidation Loan
This option may work financially if you have at least an above average or good credit rating and considerable equity in your home. If you have a very large debt balance and have been late on just one monthly payment, it is likely that your credit may be impaired. Also, with this option, you do not reduce or settle your debt to a lower amount than the original balance; you are only transforming it from unsecured debt to secured debt. While a debt consolidation loan coupled with a debt resolution program provides a very powerful solution, remember that debt consolidation alone does not reduce or settle your debt; it only shifts your debt from one place to another.
Continue minimum monthly payments to credit card companies
Many people struggle to make their minimum monthly payments and this option could take over 30 years to pay back the debt you owe, costs thousands of dollars in interest alone, and could require you to potentially pay back over three-times what you now owe on these balances. This may be the least timely, most costly, and most economically disadvantageous way to get out of your unsecured debt (see below for more information). Keeping high balances on your credit cards may affect your credit in a negative way and could make it more difficult to obtain any other type of loan.
THE DEBT RESOLUTION PROGRAM
Debt resolution is an aggressive method that allows the clients who make all their monthly program payments to settle their debt for less than the original balances owed in as little as 24-48 months. Debt resolution programs are custom-tailored to provide you with just one low monthly program payment. We feel this option could be one of the fastest ways for you to resolve your unsecured debt while we work hard to minimize your stress burden.
Some programs offered by Debtmerica are performance based, which means we do not receive any fees until a settlement has been reached. However, if you are enrolled in one of Debtmerica, LLC’s attorney-based debt settlement programs, then Debtmerica, LLC may receive fees prior to any settlement being obtained with a creditor. Debtmerica offers programs that either charge fees as a percentage of savings or as a total percentage of enrolled debt balances. Regardless of which program you enter, you can expect the total fees of the program to range from 20% to 24% of the enrolled debt amount by the time you complete the program.If you are considering all of your debt relief options, and want to get out of debt, complete our easy and hassle-free 30 Second Savings Quote to see if a debt settlement program is the best option for you.
Debt Consolidation Loan
To be approved, you must have the ability to repay a larger home loan and also have an acceptable credit rating. Even if you do qualify, without debt settlement combined, your situation could likely get worse. Rather than helping you to reduce your debt through debt settlement, a consolidation loan may increase your debt burden. Here are some more facts that you may want to know about debt consolidation loans:
You must qualify, which may be difficult given the recent mortgage reforms.
It requires ownership of a home with considerable equity
Closing costs are usually required upon closing or built into the interest rate
Missing payments could cause you to lose your home
You would pay back the entire balance of your credit cards, plus interest
Payback could be 10-30 years or more depending on debt balance, type of loan, and your ability to pay
You are paying off unsecured debts in favor of a new secured debt
The debt consolidation loan reduces the equity available in your property for future use
Continue to Make the Minimum Payments or Don’t Pay Anything at All
You could pay almost 50% of your original balance to your creditor in interest costs alone over the first 36 months. Your principal balance may barely be touched
If your credit card interest rate is 25% or higher, it may be almost impossible to pay off your debt by making the minimum payments
With a high credit card interest rate, it would most likely take you over 20 years to becomedebt free – and that’s if your balances don’t increase
Until you pay off high balance debts, your ability to be extended credit becomes substantially more difficult.
If you have already stopped making payments to your credit cards or other creditors, you are negatively affecting your credit rating without reducing, settling or managing your debt successfully.
To see if you qualify for debt settlement, please fill out our 30 second savings quote form for a free, no cost or obligation consultation.
Get a free quote at Debtmerica’s site by clicking Get Free Quote. Select the amount of unsecured debt — debt that doesn’t require collateral — you want to settle and your state, and then enter your contact information and click Get Free Estimate. After you submit the form, a senior debt consultant contacts you to help you sign up for the right payment plan.
Minimum debt considered – $7,500.
Clients that are able to make the monthly program payments generally experience a 50% reduction of their enrolled balance before fees, or approximately a 29% reduction after payment of fees over a 24-48 month period. Some of Debmerica’s programs are performance based, which means that our clients do no pay any fees until settlements have been negotiated on their accounts. However, if you are enrolled in one of Debtmerica, LLC’s attorney-based debt settlement programs, then Debtmerica, LLC may receive fees prior to any settlement being obtained with a creditor.
The total fees for our programs range from 20% to 24% of the enrolled debt balances that are settled. Upon each account being settled, a fee will be assessed specific to that settlement and collected from the special purpose account set up specifically to facilitate the debt settlement process