What are debt settlement programs?

If you’re in debt, you’re certainly not alone. The Federal Reserve estimates that Americans have nearly $14 trillion in consumer debt. However, if the debt feels like a hole that you may never be able to dig yourself out of, you may be considering a debt settlement program. Here's what...

Best debt management program reviews

If you find yourself deep in debt, you may be considering getting help from a professional. That could mean enrolling in a debt management program (DMP) through a credit counseling agency. Most of these agencies are nonprofits that offer free or low-cost financial services like budget planning, housing advice, debt...

Debt consolidation or Chapter 13 bankruptcy: Which is right for you?

If you’re considering consolidating debt or filing for Chapter 13 bankruptcy, you’re likely facing serious financial distress. Both debt relief solutions may offer you a path to recovery but also present some challenges worth understanding. Here's what to consider when making the choice between debt consolidation and Chapter 13 bankruptcy....

What is debt management?

If you’re struggling with mounting debt, you probably already know the challenges that high interest rates and fees can present. But if you have consistent income and, ideally, a bit of money in savings, debt management may be an option to remedy these challenges. So, what is debt management? Consider...

How to settle IRS debt by yourself

Taxes aren’t exactly a fun part of life, and they certainly aren’t optional. If left unpaid, your tax bill can balloon and cause a huge financial headache, one that might be difficult to get rid of. But what many people don’t know is that they have options when it comes...

How to settle with a debt collector

If you’ve fallen behind on a debt, and the debt collectors are calling, you’re probably under a lot of stress. It’s important, though, not to panic and to come up with a plan of action. Here's how to settle with a debt collector. The first thing you should know is...

How to settle credit card debt

The typical American  household is carrying average credit card debt of $9,333 according to recent research. If you’re among them, you may be dealing with overwhelming debt and looking for a viable solution. Fortunately, there are several options for resolving your debt and debt settlement may be one of them. Once you...

What is debt settlement?

If you’re finding that your debt has become unmanageable, you may be looking at options for paying it down or resolving it altogether. One approach is to establish a debt settlement plan. This isn’t always the right solution, though, so it’s important to assess your financial situation, and then understand...

How does saving in interest help me?

On average, your interests rates for both credit cards and bank loans will be reduced down to 6% with a DMP, which means lower monthly payments for you. DMPs have a payoff time of 60 months or less. This can shave 15 or more years off of a person's credit...

What are the risks of a DMP?

A DMP requires somewhat consistent monthly payments. If you miss a few payments, your plan could end and your debts would go back to the original interest rates.Accounts enrolled in the plan will be closed. This means that when the DMP is over, while the debt is paid and your...

What are the benefits of a DMP?

On average, your interests rates for both credit cards and bank loans will be reduced down to 6%, which means lower monthly payments.They may make it more affordable and have a fixed pay off time of 60 months or less.You won't have to deal with collectors.If you make your agreed-upon...

Can I do a DMP on my own?

No, a credit counseling agency will need to do this for you; however, some creditors may offer hardship plans to you directly. If you decide that a DMP is the right option for you, you’ll need to contact a licensed credit counseling agency in your state. Both the National Foundation for...

How much does a DMP cost?

These plans are highly regulated so fees vary by state. Typically, a nominal fee is built in to your monthly payment that will always be between 1.7 and 2.5 percent of your total balances enrolled. Most states cap fees between $50 and $75 and a certain percentage of people enrolled...

How long does a DMP take?

Debt management plans typically last 36 to 60 months but cannot exceed 60 months of repayments. You can finish them faster by paying extra when you have more to give, but you won't be able to extend the plan beyond five years.

How does a DMP work?

In order to begin a DMP, you will need to reach out to a Credit Counseling Agency licensed in your state. The agency will work to reduce the interest rates you are currently paying so you can bring down more of the principle. However, you will need steady income as...

What is a Debt Management Plan (or DMP)?

A Debt Management Plan (also known as a DMP) is a sponsored repayment plan where you work with a nonprofit credit counseling agency to pay back your existing debts. The plan puts all your qualified debts into a single payment, reduces interest rates and often eliminates fees. These plans typically...

What are the risks of Bankruptcy?

There is a period of time where it impacts your credit and may impact your immediate financial goals.History shows the majority of people who file Chapter 13 Bankruptcy risk not completing it, and therefore waste money and time on a solution that did not work.It's public. This doesn't impact most...

What are the benefits of bankruptcy?

Despite the prevailing stigma surrounding bankruptcy, hundreds of thousands of people in the U.S. file for bankruptcy protection every year. For many, debt relief under court protection can be the tool they need to get their financial lives back on track. Here are the four main benefits of bankruptcy, and...

How does Bankruptcy work?

The two most common types of Bankruptcy filings are Chapter 7 and Chapter 13. In most cases you will almost always want to reach out to a Bankruptcy attorney near you and schedule a consultation; most of them do this for free so if they want to charge you, find...

What is Bankruptcy?

Depending on the type of Bankruptcy filing, it's an opportunity for a consumer to gain protection from creditors using the courts, discharge unsecured debts entirely, or enter into an organized repayment plan. There are different types of Bankruptcy filings and pros and cons within each option. Chapter 7 and Chapter 13...

What’s my action plan?

Your action plan is a customized, and prioritized task list for you to complete so we can best recommend debt solutions that fit your needs. You can access it anytime by clicking on the menu on the right hand side of your profile. Make sure to complete any tasks that...

How does Resolve make money?

That’s a great question. Most importantly, Resolve is completely free to its members. We are able to provide this great platform and service because of the partnership we've established the service providers in the Resolve Network.

Can I file bankruptcy through Resolve?

You can't file bankruptcy through Resolve yet, but we're working on it! When this service becomes available, we'll match you with a trusted bankruptcy attorney in the Resolve Network.  In the meantime, the National Association of Consumer Bankruptcy Attorneys (NACBA) is a great resource to find a bankruptcy attorney near you....

Can I settle my debts through Resolve?

Yes, you can settle your debts on Resolve by engaging a professional debt settlement provider in the Resolve Network. After answering some questions, the platform will build you a settlement plan and then match you with a settlement expert who can handle the entire settlement process for you.

What is the Resolve Network?

The Resolve Network is a group of people and companies dedicated to helping people in distress. We’ve screened and vetted all of the providers in the Network. They share our values and have pledged to always do what is right for the members of Resolve. They do charge for their...

Is my information secure?

It sure is. We use bank-level 256-bit SSL encryption on our website and our databases are all encrypted. Our servers are hosted securely on Amazon Web Services (AWS), a secure hosting service trusted by the Department of Defense and NASA.

How do I get started?

We're so happy to hear that we can help you on your path to getting out of debt. If you haven't started a Resolve account already, click here to get started. And if you have any questions along the way, feel free to send us a message.

How much does Resolve cost?

The platform and debt guidance are free. You can review and compare debt relief paths for free. You can ask our experts questions for free. You can get debt settlement estimates and a settlement plan for free. The only thing that is not free on Resolve is if you decided...

How do I know Resolve is a legit company?

This is a hard question to answer, but an important question to ask. Since starting Resolve in 2017, tens of thousands of people have used the platform. We’ve provided guidance on over $1.5 billion of distressed debt. We were selected as a 2018 Winner in the Center for Financial Services...

How does Resolve work?

First, our decision-making tool asks you some questions to understand your financial situation. This will include things like your goals, debts, income and household situation. After that, it will do some calculations to see which debt relief options are available to you. We’ll answer all of your questions and when...

What is Resolve?

Resolve is a free financial management platform designed to help people experiencing financial distress. The platform will help you compare various debt relief options and can connect you with trusted, affordable debt relief providers. It's also more than just software. We have a team of debt experts standing by to...