Debt Settlement Questions: Your Conversation Checklist

Before you contact anyone

Make a separate record for each accountCreditor or collector, debt type, current balance, payment status and whether collateral is attached. Keep sensitive details in your own records.Identify dates that cannot waitCourt response dates, dispute deadlines, foreclosure notices and other time-sensitive papers need their own attention.

Questions for a settlement company

The actual accountsWhich of my specific debts and creditors would you accept, and which would stay outside the program?What the minimum meansIs that your enrollment minimum, an account-level minimum, or a threshold used by the referral service?A plan you can sustainWhat must I deposit, for how long, and what happens if an essential expense forces me to miss a deposit?What happens while you saveWhat happens to interest, fees, credit reporting, collection calls and the risk of a lawsuit while money accumulates?The complete priceWhat is every fee, how is it calculated, and exactly when can it be collected?Who is providing the serviceWhat is the company’s legal name, and is it permitted to provide this service in my state?Possible tax consequencesCould cancellation of this debt create taxable income, and who can explain any exceptions or exclusions?The options outside settlementHow does this compare with creditor hardship help, nonprofit counseling and a bankruptcy consultation?

This is a preparation list, not a qualification test. Finishing it does not mean settlement is appropriate. A company’s acceptance is separate from a creditor’s agreement.

A better conversation
starts before the call.

Before you contact anyone

Questions for a settlement company

Take better questions
into your next conversation.

A better conversationstarts before the call.

Before you contact anyone

Questions for a settlement company

Take better questions into your next conversation.

A better conversation
starts before the call.

Take better questions
into your next conversation.