Unsecured Debt
 

Unsecured debt, consumer debt and personal debt are debts that has no collateral to back up the debt. For most people collateral could be a savings account, a security bond, stocks and so forth. It can also be your home, a piece of property, or a vehicle that has value. Collateral is anything you put up that has value against an amount of money you want to borrow. Every type of plastic credit card you can think of is unsecured debt. Any type of medical debt is considered consumer debt. Personal debt is all the above plus it can be from repossessions, cell bills, even utility bills such as your gas, electric, cable, dish, and water bills. Membership of any type are considered unsecured debt.

If you find yourself un-able to make your monthly payments. And some of your debt is in the hands of collectors and you're thinking about filling for bankruptcy because you believe there is no way out, there is.

American Debt Control legally helps reduce your unsecured debt by using our proven Debt Settlement reduction techniques. We provide a better debt relief alternative than credit counseling services, doing nothing or filing for bankruptcy. If you’re unable to meet your monthly obligations when it comes to your unsecured debt and don’t want to ruin your credit the way bankruptcy will, your only legal alternative is to have someone negotiate a payoff amount on the debt you currently owe. Debt Settlement with American Debt Control is an effective legal method for most anyone who has at least $7500 in unsecured debt. 

Our Debt Settlement plan involves negotiating a payoff for each unsecured debt you have, and then, setting up a payoff plan to eliminate your debt between 12 and 36 months.

For example, lets say you are $20,000 in total debt. A trained Debt Specialist will contact each of your creditors to negotiate a reduced payoff on your behalf.

In most cases we can reduce your debt by as much as 40% to 60%

Obviously, if you could pay $10,000 over a 36 month period to settle a $20,000 debt it would be a no-brainer for most people. This is what we do everyday for our clients. Why don't you become one today?

See our settlement results!

The table below serves as an example of how our Debt Settlement program works faster and cost thousands of dollars less than any type of debt consolidation program:

The sooner you call 1-866-861-8894 and speak to one of our credit card Debt Specialists, the sooner we can help you with our proven credit card Debt Settlement services.

We offer you the most efficient approach available in dealing with substantial amounts of outstanding unsecured credit card debt through professional debt negotiation with your creditors. Our Debt Settlement programs are the single most cost-effective means to becoming free of your credit card debt within a reasonable period of time. Debt Settlement is a proven process of negotiating with your creditors to settle your debt at a substantially reduced amount. On average, 40% to 60% of your unsecured debt is eliminated as long as you stay enrolled in our settlement program.

Who qualifies for American Debt Control services?

In most cases it's someone who has some type of hardship such as:

• Anyone who has/had an illness, disability, divorce, loss of job, or
  a reduction in pay and is having difficulty making payments.

• Anyone that has credit card debt in excess of $7,500 with high interest rates.

• Anyone looking to avoid bankruptcy as a means to eliminate debt.

• Anyone who is having trouble staying current or is delinquent on
  their accounts.
  
  To find out if you qualify right now call toll free 1-866-861-8894

How does the program work and how do I sign up for your services?

• You need to either call us at 1-866-861-8894 and talk to one of our Debt Specialists to see if you qualify for our program now, or fill out the form, and one of our Debt Specialists will contact you via your preferred method.

• Once you are in contact with a debt specialist, you will be asked several specific questions regarding your credit card debt and other unsecured debts that you wish to settle. Based on your personal financial situation and your total amount of unsecured debt, your debt specialist will explain the most effective Debt Settlement program for you to eliminate your debt in 12-36 months.

• Once your initial phone consultation has ended, you will be sent an enrollment packet that you will need to complete and e-mail back to us in order for your enrollment process to be completed. Once your packet is returned, you will be assigned to a customer care representative who will be your contact person throughout your entire enrollment period. This person will be your “go to” person to help stop the collection phone calls and letters. Your customer care representative is your peace of mind as they work their way between you and your creditors. We do our best to shield you from being harassed by collectors.

• Once you are officially enrolled in the program, American Debt Control will send “engagement letters” to each of your original creditors explaining that you are participating in a Debt Settlement program. We will also send “cease and desist” letters to third party creditors and collection agencies in an effort to eliminate harassing collection calls. You will be shielded from creditors and collection action as long as you are enrolled and following the procedures of our Debt Settlement program.

• You will create a separate bank account in your name where you will make monthly payment amounts. These monthly payment amounts are determined based upon your personal financial situation and how much you are able to contribute on a monthly basis. The monthly payments that you deposit into this account are the monies that will be applied to your final settlement amounts. At all times, you are in control over your separate bank account. Once the account reaches a predetermined amount, you will be instructed to write a check to pay off one creditor at a time. 

Will I owe money to the IRS for my reduced settlement?

• Creditors are required to report canceled debts exceeding $600 to the IRS, and you are supposed to report the same as income on your annual tax return. However, the IRS permits you to write off any "income" from canceled debts up to the amount by which you were "insolvent" at the time.

• Therefore, unless you have a positive net worth, then you ordinarily will not be obligated to pay taxes on the forgiven amounts. Additionally, if you do not qualify as insolvent, non-principal amounts such as fees accumulated on the account may be deducted from the amount reported. Refer to: www.IRS.gov Publication 908.
  Note: This should not be considered tax advice. You should consult a tax advisor for advice specific to your situation.

 How will this affect my credit? 

• Your credit rating is largely determined by two factors- your payment history and the amount of debt you have or debt to income ratio. Any debt management program will affect your credit in the beginning. While in a Debt Settlement program, you will receive late marks on your credit, as you are not making regular payments to your creditors. However, as you begin to pay off the accounts and obtain zero balances, you will ultimately lower your debt to income ratio, and therefore, improve that specific portion of your credit score. As months pass, any derogatory history has less and less bearing on the credit score. Some lenders believe that after 12 months, the accounts are given very little consideration. It appears, that provided all other debts are paid in a timely manner (house, car, other accounts kept current), the effects of the settlement process are temporary. Remember: if you are considering chapter 7 & 13 bankruptcy, it will stay on your report for 10 years. No matter which direction you choose in getting out of debt, you are looking at years of repayment.

Do you have a guarantee? 

• If American Debt Control, LLC is unable to settle an enrolled account, American Debt Control will refund to CLIENT the service fee for that particular account. 

  Where are we located? 
   

• AMERICAN DEBT CONTROL, LLC is located in Grapevine, TX, home of the famous Gaylord Texan Resort and Grapevine Mills Mall near Dallas/Fort Worth International Airport. Grapevine is between Dallas and Fort Worth, a booming business metropolis. The business address is 4821 Merlot Avenue, Suite. 210, Grapevine TX 76051.

Debt settlement with American Debt Control is rapidly becoming the preferred choice to eliminate credit card debt by people who are suffering from excessive personal debt and are looking for a cost-effective way to eliminate their debt.  

The sooner you contact all us, the quicker we can help. We work for you, not your creditors. We are on your side. CALL US at 1-866-861-8894 or click here to fill out our form.