How will creditors know that I joined a debt management program?

We take care of this so that you do not need to worry about it.  When you begin the debt settlement process, DebtEliminator101 will send out engagement letters to your creditors informing them of your enrollment into the program.  Once they are aware that you have joined a debt management program, they will generally inactivate your accounts so that the settlement process can begin.  We cannot negotiate meaningful settlements on accounts that are current, so you will have to stop paying your monthly payments to your creditors. 

While we do not report to the credit-reporting agencies, your creditors might inform them that you are in a debt management program.  Since you are enrolled in our program, your creditors should stop contacting you and so should collections agencies.  If they continue to harass you, you can direct their calls to our company and we will deal with them for you. 

Each creditor is different, but many will respect the fact that you are seeking to settle your debt, rather than declare bankruptcy.  If you did decide to file for bankruptcy, they would not receive any money from you, whereas if you work through a debt settlement program, they receive at least part of what you originally owed them.  In the creditors mind, something is better than nothing, and so they are willing to negotiate your debts through a debt settlement company.  Thus, when we inform them that you have joined our program, they will realize the seriousness of your situation and will be more likely to agree to a settlement that is beneficial for both you and them. 

The creditors that are unhappy about you being in a debt management program will be convinced to settle your debts because when you join the program, you will stop all payments to them.  As your money builds in your settlement savings account, your creditors will become increasingly nervous that they will not get any money from you.  This makes them more likely to be willing to settle your debt. 

No matter what the view of your creditors, DebtEliminator101 is trained in working with them to settle your debt in the best way possible.  We do the work of contacting them and negotiating your debt balances.  We inform them of your enrollment in our debt settlement program and then help you work toward a debt-free future!