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?

No impact to your taxes, unlike Debt Settlements where you could still owe taxes after everything's settledUsually lower cost, especially Ch. 7Ch.7 is the fastest way out of debtYou're under court protection which eliminates: judgements, liens, wage garnishments, and stops all collections, even a foreclosure.

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 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, over 20,000 people have used the platform. We’ve provided guidance on over $250 million of distressed debt. We were selected as a 2018 Winner in the Center for Financial Services Innovation Finlab....

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...

What is a Resolve Debt Settlement Plan?

We provide you an outline and estimate of what your settlement(s) will cost, how long the settlement plans will take to complete, and when you should target certain creditors. It’s created for you to use as a guide, and we also include our service fee so everything is transparent and personalized before you decide to proceed...

What happens if I get sued?

We have attorneys available that can represent you for as little as $200 that will continue to work on negotiating a settlement, be prepared to pay 50% or higher on lawsuit negotiations. For more information, you can reach out to our support team by emailing support@helloresolve.com or schedule a consultation appointment here!

Why are creditors willing to settle?

It is an accepted business practice for creditors to take less than the balance owed, because they are unlikely to collect on the vast number of accounts that are more than 90 days late. For more information, you can watch this video:  https://youtu.be/73_DKf776YY

How long does Debt Settlement take?

Debt settlements do not have a set time of completion. You could have a single account you are already late enough on, and settle it in one day. Settlements typically take as long as it takes you to pull money together to fund the deals. But try not to take...