Blue Whale Financials (Your Financial Hardship Consultant)
 

We are here to help you in every step of the way to financial freedom!

Enrolling in a Debt Settlement program may not be easy. However, Blue Whale Financial is here to help! These are the most frequently asked questions we get from our customers. If you need additional information on our program, please call! One of us will be more than happy to help:

1888.261.1644

1. How does the debt negotiation program work?

The program is based on your commitment to set aside enough money in a savings account that you establish. As sufficient funds accumulate in your settlement account, settlement offers are submitted to your creditors. It is very important that you save according to the program because the funds need to be available to obtain the best settlement offer possible from the creditors. Once a settlement is reached, we will contact you; and pending your approval, a “Settlement Letter” will be obtained. This process continues until all your debts are settled. The mission is to ensure that you get the best negotiation possible, however, the decision to pay the creditor will always be yours. The control on the accumulated funds will always be yours!

2. How much time does it take to pay off my debt with a Debt Negotiation Program like yours?

The settlement program typically takes 18-48* months, however, the length of time it takes to pay off your accounts varies on an individual basis. Although it seems like a long time, before you know it you, will be free of debt!

There are several factors that determine how long the process will take, including your outstanding balance, the number of accounts you are settling, and the amount you are able to save towards your accounts each month. Since this program is tailored to each individual’s circumstances, Debt Negotiations Professionals will help you decide what works for you.

3. How is my credit affected while I am in the program?

Objective of this program is to help you get out of debt. With that said, your credit score will be affected while in the program, causing derogatory credit information to be transmitted to the major credit reporting agencies. Any unpaid debt or debts reported as settled for less than the full amount owed may result in a negative notation on your credit report. Now for the positive: at the end of the day, your effort will translate into financial stability. Please note that this is NOT a program that is looking to fix your credit; it is intended to help you get out of debt and achieve financial freedom.

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4. Can my creditors sue me while I’m in the program?

Yes, you can be sued if you are delinquent on your payments. A creditor has the right to pursue legal action in order to recover money owed. By failing to pay creditors, you may be in violation with the terms of your agreement with your creditors.

On the other hand, it is important to note that Our Debt Management Company has the capability to successfully settle accounts with summons and complaints as well as judgment accounts and will continue to negotiate on your behalf to find a resolution. All client situations are unique and the results may vary.

5. Can you stop interest, fees and penalties?

Creditors will continue to charge interest, late fees, and any applicable penalties, until a mutually agreeable settlement is reached based on the creditor's claim at time of settlement.

Please note that if you do not make your minimum payments your creditor may raise the interest rate on your account. Your account balance will continue to grow as your creditor adds accrued interest, late fees, over-limit fees and penalties. Your balance will continue to accrue until the debt is settled.

Even though interests and penalties continue to accrue, enrolling your debt in a debt negotiation program like ours will still end up saving you less than what you originally enrolled in the program. The objective is very clear: Negotiate your debt to your advantage.

6. Are creditors going to call me/harass me?

We can’t guarantee that collection calls will come to an end, but we can definite help you understand how to manage creditor calls. You can proactively act to 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 that there will be no further contact or to notify you that the debt collector or the creditor intends to take specific action Please note that sending such a letter to a collector does not make the debt go away if you actually owe it, and that you could still be sued by the debt collector or your original creditor.

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7. How do you get your fees/money?

Payments vary, depending on the circumstances of the individual and the amount of debt owed and program length. Some individuals are able to settle their debts within 12 months, while others may take longer. We tailor debt settlement program to your specific needs and abilities. We will provide you with information on fees prior to accepting you as a client. The fees charged to settle your debts are very small compared to how much you will save with our services.

8. What guarantee do I have? Are fees paid into the program refundable?

No. Per our contract, your down payment and monthly fees, including maintenance fees, are non-refundable. You may only receive a refund if you cancel within 15 calendar days of signing the contract. Our sales, negotiations, client services, accounting, and administration departments have serviced your account and have been involved in your enrollment in the program, which is why a refund is not given.

It is also important that you remember that the amounts and time are estimates, which is not a guarantee. The percentage of any debt reduction and the actual length of time that will be needed to negotiate a specific settlement or to complete your program can be unpredictable.

9. Do I have to include all of my creditors into the program for settlement?

No. We recommend that you keep open at least one credit card. Any accounts that are included in the settlement will have to be closed immediately. Creditors won't settle accounts that are still open. You should keep one credit card open for emergency use only.

10. Who do I call if I have a question about the program or a problem with a creditor?

You can talk directly with any account representative whenever you need to discuss a problem or concern.

11. I have a flexible monthly income. Can I still participate in the program?

Yes. Our fees and payment schedule is on a client-by-client basis. We will figure an affordable and simple plan for your unique situation.