Who pays my creditors?

You pay your creditors.  When you enroll into our program you will set up a savings account at the bank of your choice.  You will then deposit money into the account from every paycheck you receive.  Once DebtEliminator101 has negotiated a settlement for a debt, and you agree to the settlement, you send payment to the creditor from your account.  After you have paid a settlement to a creditor, your obligations to them are fulfilled and you are free to move on and pay your next settled debt.  We work out a settlement for each of your debts and you pay them when you have available funds in your account.  DebtEliminator101 runs a debt management program where you will handle your own money.  We believe that it is an integral part of the settlement process for you to remain in control of your assets.  We are here to negotiate the figures for you and help you stay on track, not to take over your financial sovereignty.

Other debt companies or debt management programs may take control of your accounts, or have you pay them and then they in turn pay your creditors.  Again, unlike these companies, DebtEliminator101 seeks to ensure your involvement in the process and your control of your money at every stage. 

While we do not pay your creditors, you also do not pay them regular monthly payments like you did before you entered the program.  We cannot work out meaningful settlements on accounts that are current, so you must stop paying your monthly payments.  If you can afford to continue to make your monthly payments, you should continue to do so and not enroll in a debt settlement program.  When enrolled in our debt settlement program, you pay your creditors only when a settlement has been reached and you have all the funds to pay the new balance at one time. 

This is how our debt settlement program differs from consumer credit counseling.  Credit counseling agencies set up a program for you where you pay them a set amount each month and they pay your creditors.  They work with your creditors to lower your interest rates so that your overall monthly payments are lower than you were paying before.  If you can afford to continue to make monthly payments, you may want to explore credit counseling.  Debt settlement is a more serious way of becoming debt free, and substantially reduces the amount you pay by negotiating your overall balances and not just your interest rates.  If you are unable to make your monthly payments, and are in deep financial trouble, debt settlement is a better option than credit counseling.