HOW DO I GET OUT OF DEBT?

1. Make a decision to get out of debt and make the lifestyle commitment to yourself to do it!
2. Find the right vehicle to get out of debt with. Our Responsible Solutions Program^TM will help you find what’s best for you.
3. Put that solution into action with the Debt to Prosperity Power Plan^TM.

Q: How does Debt Settlement work?

Debt Settlement is a process that involves us reducing the amount as well as the balance owed on your unsecured personal debt accounts by negotiation with your creditors. By helping to reduce the amount of monthly payments you are making, RAM Financial Service’s Responsible Solutions Program^TM provides a much simpler means of becoming debt-free.

Q: Will Debt Settlement work for me?

While debt settlement is not for everyone, its flexible nature makes it easy to apply to a wide range of financial circumstances. For anyone seeking an alternative to bankruptcy, there is simply no better option to get out of debt. Here are a few easy things to remember to decide whether or not debt settlement is something for you:

1. Are you over your head in debt and bills?
2. Are you committed to avoiding bankruptcy?
3. Do you owe more than $10,000 in unsecured debt?

If you answered yes to any of these questions give one of our Consumer Advocates a call today and let RAM Financial Services take you from Debt to Prosperity!

Q: What about lawsuits?

While creditors have the legal right to do sue, lawsuits are less common than most people think. Usually the true purpose of a lawsuit is to force a settlement but the threat of being sued is very common and can be used as a scare tactic. Getting sued can possibly be avoided as long you are willing to work out payment plans with your creditors. If this happens to you, we can still negotiate on your account but now treat it as a top priority, resolving it first before moving onto your other accounts. We will continue the negotiating process to settle the debt, but the settlement percentages are often higher than a typical “non-legal” settlement. If a lawsuit is filed before you are financially ready to negotiate a settlement, we will seek to resolve the account by negotiating a stipulated agreement with the creditor. This simply is a payment plan in lieu of a judgment. Thereafter, we will remove the account from the program and no longer charge you for that particular debt. Please remember, RAM Financial Services is not a law firm and does not provide legal representation or legal advice.

Q: Can my wages be garnished?

If you listen to some debt collectors, you might be fooled into thinking that they will seize your very next paycheck unless you make a payment right then and there. The threat of garnishing your wages is an intimidation tactic used by collectors to scare people into paying. Truthfully actual garnishment actions are relatively rare, and do not happen without advance warning. First, a creditor must bring a lawsuit, obtain a judgment, and then take an additional step to obtain authorization for the garnishment. Plus only one creditor can garnish your wages at a time. No one can take your paycheck without court approval, and you must be given notice of such court action through formal documentation. So don't be fooled by one of the oldest collection tricks in the book.

Q: What kind of debt can be negotiated?

As a general rule, any type of unsecured debt can be successfully negotiated. An unsecured debt is one that is not tied to a specific material item that could be repossessed by the creditor. So an auto loan, for example, could not be included because the creditor could legally repossess the vehicle. (However, if the vehicle has been repossessed then we can negotiate the deficiency balance.) Credit card debt, medical bills in collections, department store cards, signature loans, unsecured lines of credit, and revolving charge accounts are all types of accounts that can be included in our program. The main exception here are student loans, which in most cases are government backed loans that cannot even be discharged in a bankruptcy proceeding. (Private student loans that are not sponsored by the government can be included.)

Q: Can you stop a debt collector from contacting you?

You can stop a debt collector from contacting you by writing a letter to the collector telling them to stop. Once the collector receives your letter, they may not contact you again except to say there will be no further contact or to notify you that the debt collector or the creditor intends to take some specific action. This applies to phone calls specifically; your creditor can only correspond with you via mail. Please note, however, that sending such a letter to a collector does not make the debt go away if you actually owe it.

In any event, there are federal and state laws designed to protect you from creditor harassment. However, the fact is that most of our clients experience some collection calls. RAM Financial Services strives to get your creditors to contact us and not you when they want to ask for money, and we will work with you minimize any calls that get through to you. In addition, our teams of Debt Resolution Specialists are well trained with regard to proper collection laws and the Fair Debt Collection Practices Act (FDCPA). We will work with you to ensure violators of collection laws are appropriately handled.

Q. How are the fees paid?

All costs are included in the monthly deposit amount that your Debt Resolution Specialist will provide to you over the phone. Bear in mind that we have no upfront fees or monthly service charges; instead RFS will withdraw a portion of your monthly deposit from your settlement account each month. This account is owned 100% by you – YOU ARE IN CONTROL! Our fees are spread out over a period spanning 15-20 months (depending on your situation and debt amount.)

After that period of time, we will not charge you a dime more – the money you deposit into your settlement account will accumulate for settlements. We do this because it allows our clients maximum savings to achieve the main objective – settling their accounts! In addition, remember that the amount of the fee and the time period over which it is charged may change depending on the state you reside in – your Debt Resolution Specialist will clarify which program is right for you.

Q. Should I put all of my credit cards in the program?

If you have one card with a low balance, then you may hold onto it for emergencies. It is recommended that you enroll all of your high balance credit card accounts, as it is more difficult for us to negotiate with your creditors if they can see that you are negotiating on some accounts but not others.

Q. How does this affect my credit?

Not making the monthly minimum payments can result in late or delinquent balances. This is true whether or not you have enrolled in a Debt Reduction Program. Depending upon the condition of your credit report at the time of enrollment, a Debt Reduction Program may have an adverse effect on your credit report and credit score. However, RFS has a Credit Restoration Program so that, when you complete your program, we can assist you in cleaning up your history and moving on to the future! Contact a Debt Resolution Specialist today to see if you qualify!

Q. Do you have any tips for picking a debt settlement company?

We recommend you view the FTC's comments on viewing a debt settlement company.