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Reduce your Debt to up to 60%
Debt Relief & Debt Settlement Experts


Adamstown Debt Relief FAQ’s

Will interest and late fees still accrue on my accounts?

Yes. Payment for late fees and interests will still be included in your debt payment plan. Creditors will still charge these fees until your debt is paid off in full. However, since our debt settlement program may significantly reduce your overall payable amount, these non-principal fees won’t matter too much in the long run. Optimal Debt Solutions aims to help you pay an amount less than your original debt, even with all the late fees and interests.

What if my creditors won’t settle?

It is rare for creditors to deny a debt settlement offer since their goal is to gain profit and get paid. So if a debtor is not capable of repaying the original amount they owed, creditors will likely settle with receiving part of the debt than getting nothing at all. If, however, your creditor rejects your offer, it is most likely because they have a counter-proposal.

Does Debt Settlement have a negative impact on my credit history?

Yes. Debt settlement will reflect poorly on your credit history and affect your loans, credit viability, and even employment opportunities. Even if you plan to fulfill your obligations by paying through a debt settlement, your history will still show that you failed to meet the conditions in the original credit agreement.

The good news is, you can build your credit score back up. After settling your debt, credit institutions will be notified by your creditor that your debt is fully paid, and you can efficiently manage your future credits.

Will I continue to get calls and collection letters from my creditors?

Typically, yes. They will still contact you for payment but entering into a debt settlement program will make your creditors less aggressive in doing this. If they have confirmed that you’re working with us for a debt settlement program, there can be fewer calls or non-aggressive collection efforts.

If, however, you need help in dealing with collection harassment from your creditors, Optimal Debt Solutions can give you some tools and pointers.

Will this program stop legal action against me?

No. A debt settlement program can’t legally stop your creditors from pursuing legal actions against you. However, even if entering into the program won’t guarantee that you won’t be facing any lawsuit, it reduces its risk since creditors tend to be more considerate if you enter into the settlement program. 

Additionally, Optimal Debt Solutions will continue to process your debt settlement even amidst a legal proceeding. We can negotiate on your behalf before, during, and after your lawsuit. We’ll do our best to help you focus on reaching your goal of eliminating your debt in the quickest way possible.

Moreover, we recommend hiring an expert attorney if you face a lawsuit from your creditors. This way, your legal problems can be properly handled while we also work on clearing your debt in the most efficient way.

Who is Qualified?

People with financial crises that immediately affect their ability to pay their debts can qualify for a debt settlement program. These hardships should typically have no quick end, such as medical issues, loss of income, death of a working spouse, divorce, and tax liabilities, among others.

Additionally, you should be falling behind several monthly payments and have a demonstrated inability to pay your total debt in order to qualify. Furthermore, your type of debt should be eligible for settlement as well, which usually includes most unsecured debt. 

This means that if your debt is not tied to a property that your creditor can take, your debt is eligible for settlement. Unsecured debts include medical bills, credit card debts, and personal loans.

How do I apply?

You can begin your application for our debt settlement program by filling our form online. We have debt specialists who will evaluate your application and contact you if they deem you eligible for the debt relief program.

What will I pay for your service?

Our service fee is included in the calculation of your monthly payment, whose overall amount will be based on the total debt indicated in your debt settlement program. You don’t have to worry because we have full transparency when it comes to our service fees. We will require your signature for approval before finalizing any commitment to a payment plan.

When I enroll in the program, what will happen to my accounts? Can I still use them?

If the debt settlement plan cancels more than $600 off your debts, your creditor will report this to the IRS, and you should include this amount as “income” in your tax return. However, if you are unable to pay at any point within the debt settlement point, you can exclude the involved amount. 

Also, the fees and other non-principal amounts you accumulated can be deducted from the amount you report if you don’t qualify as insolvent.

Refer to: Publication 908, Form 982.

Can I still use my credit cards?

No. You won’t have credit privileges since all credit cards involved in the debt settlement program will be inactive. For credit cards that are not enrolled in the program, we also advise not to use them in order to maximize your chance of clearing your debts without accumulating new ones.

Call Optimal Debt Solutions today at 410-936-5319 for your Free Evaluation!