Debt 101

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...

Spending Category Analysis

Tracking transactions across many accounts can be difficult. It's even more difficult to analyze your spending across all these accounts. Our Budget tool allows you to track your spending by category across all your connected account. Want to know how much you're spending on eating out? We have a category...

Multi-account transaction tracking

Virtually everyone has multiple accounts to track. This makes it hard to stay on top of each account. Our Budget feature helps you stay on top by allowing you to view all these accounts in a single place and track your spending. You can see all your accounts and balances...

What kind of notifications and alerts will you send?

We have a number of notifications and alerts designed to keep you informed on your spending activity as well as alert you to help you stay on budget. Daily Balance NotificationWe will send you an SMS every morning to keep you updated with your balance for each connected account. Large...

How do Monthly Bills work?

Our Monthly Bills feature is designed to help you track which reoccurring bills you've paid and which are scheduled to be paid later in the month. This information helps us determine your Left to Spend amount.

What does Left-to-spend mean?

Left-to-spend is the amount of money you have left to spend in the current month. We factor in your projected income and your Monthly Bills to determine how much money you have left over for day-to-day living expenses. Remember, this is only an estimate.

I received a settlement offer from my creditor, but when I log into my online account with my creditor to schedule a payment it still says I owe the full original balance. What’s going on? Is it safe for me to make a payment?

As long as you have a settlement letter from your creditor, it is safe to make a payment no matter what it says in your online account. The letter will supersede any other agreements you have with the creditor. Unfortunately, most creditors and collectors do NOT update your online account...

What is a settlement letter?

A settlement letter is a written offer from a creditor to settle a debt, and serves as legal documentation of this arrangement. A settlement letter is a legally binding agreement on both you and the creditor, and technically replaces your original contract with them. As long as you follow the...

What is the goal of Creditor Offers?

Creditor Offers is designed to open a dialogue between you and your creditors. In general, your creditors want to help you get back on your feet and are willing to offer many types of concessions like refunding fees or lowering balances. Creditor Offers makes it quick and easy to find...

How does Creditor Offers work?

It's quite simple. We contact your creditors on your behalf. Present your situation to them and get you obligation-free offers. We contact two creditors at a time in any order you'd like. We typically suggest starting with your largest balances or most delinquent accounts.

What types of offers will I get?

This really depends on the individual creditor, type of debt, and stage of delinquency. For example, if your account is in good standing (i.e. you've been making on-time payments), offers are generally fee refunds, lower interest rates, or payment deferments. If you are behind on payments, you'll likely be offered...

What are the fees?

There are no additional fees associated with Creditor Offers but we encourage and appreciate "tips" based on successful offers. Tips are an important part of our business model and help us keep the lights on and build amazing technology for you.

How much should I tip?

A normal tip equals about 15% of what we've saved you. If we save you $100, we'd love a tip of $15. Seems fair and reasonable, right? It also works out to be about 90% less than a traditional provider.

How is this different from Debt Settlement?

Here are just a few key differences…1) we don't charge ridiculously high fees, 2) we start contacting creditors immediately, 3) we'll get more than just settlement offers, 4) we don't require a special bank account, 5) we don't have high-pressure salespeople, 6) we don't sell your personal information to other...

How do I make payments?

We will handle the payment for you, free of charge. There is no need for you to ever speak with your creditor. We also provide you with the necessary paperwork with payment instructions in case you prefer to set the payment up yourself.

Will I get calls from collectors?

This is a tricky question. We'll help you manage and reduce the stress associated with collection calls but we don't want to block them completely. Blocking communication from your creditors increased the probability that they will sue you and makes it harder to get great, money-saving offers.

What is Resolve?

Resolve Innovations, Inc. is a financial technology company on a mission to help people struggling with debt. We're a Public Benefit Corporation which means doing the right thing for you is in our DNA.

What does Resolve do?

Resolve is a membership program that 1) gets offers from your creditors, 2) give access to a personal debt expert, 3) monitors your credit score and reports, and 4) creates an easy to use budget with daily alerts.

How does Resolve make money?

Resolve makes money in three ways...1) our members pay a monthly subscription fee, 2) our members give us "tips" based on successful creditor offers, and 3) some of our partners pay us for leads or referrals when Resolve is unable to provide the necessary service (like filing for bankruptcy).

How much does Resolve cost?

We believe in trust and fairness, so we allow our members to choose how much they pay us. On average, members pay about $17 per month. Offer "tips" average about 15% of what we saved.

What are personal loans and how do they work?

Need to renovate your home, pay for a medical procedure, or consolidate credit card debt? Then you might be in the market for personal loans, which are consumer loans mainly given out by banks, credit unions and online lenders. Most of these loans are unsecured, meaning you don’t need collateral,...

Can debt collectors take my house?

Legally, it’s true that debt collectors could get a judgment in court that would force you to sell your home to repay a delinquent debt. In practice, however, this rarely ever happens.  That’s because forcing you into an involuntary foreclosure is costly and time-consuming, says debt relief expert and Resolve...

How do I avoid foreclosure?

In times of crisis, housing and food should be our two top priorities; however, in light of the severe loss of income millions of Americans are suffering right now, the fear of foreclosure is real. The good news is that unlike the 2008 financial crisis, banks typically aren’t foreclosing to...

How can I get a personal loan if my credit is bad?

Consolidating credit card debt? Renovating your home? If you need more financial flexibility or a fast influx of cash, you may want to consider taking out a personal loan. Personal loans are often considered “good debt,” because they generally come with lower interest rates than credit cards. However, how fast...

4 tips for finding the right bankruptcy attorney for you

Not all bankruptcy attorneys are created equal. That’s not shocking: After all, the same could be said about finding help in any profession that requires expertise and training. But there are some things I would encourage you to look out for when you’re interviewing a bankruptcy attorney. Editor’s note: A...

Will I lose my house if I file for bankruptcy?

It’s a common fear around filing for bankruptcy — that it means you’ll lose your house. While it’s true that can happen, it’s by no means a foregone conclusion. Here’s what you need to know about the impact of bankruptcy on your house. Whether you can keep your house or...

Should I stop paying my creditors?

While we don’t advise people to stop paying their debts, we do offer education and information about the benefits and drawbacks of your decision either way.  When it comes to settling unsecured debts for less than the balance owed, such as credit card debt, the fact is, you have to...

6 ways to prevent holiday debt

Because holiday gifts aren’t always a line item in a budget, it’s easy to see why last-minute purchases can end up on a credit card. And while it’s tempting, it’s best if you can avoid doing this at all costs (unless you can pay off the balance in full). Here...

What to do if you have medical debt you can’t pay

If you have medical debt you just can’t deal with, you’re definitely not alone. About 43 million Americans have unpaid medical debt. And for many people, mounting medical bills mean mounting stress. Medical debt is unique in many ways, including that it’s rarely voluntary and often unexpected. Along with a...

Top 10 states with the most Chapter 7 bankruptcies

When it comes to why more people file for Chapter 7 bankruptcy in some states than they do in others, many factors come into play. States with high divorce rates, low median incomes and temperamental job markets can all cause bankruptcy filings to be higher, according to Michael Bovee, who...

9 ways to avoid student loan debt

For parents and students alike, college is a big and exciting step. But for most families, college also means debt. Recent statistics show more than 44 million people have $1.5 trillion in student loan debt. Whether you pursue loans, invest early in a 519 plan, or get help through scholarships,...

How to find free money for college

Free money for college sounds far-fetched, yet every year students across the country leave financial aid sitting on the table. In fact, an estimated $24 billion in financial aid, including grants that don’t have to be paid back, goes unclaimed every year, according to Form Your Future, which is sponsored...

U.S. states with the highest bankruptcy rates

If someone lives in a state with a high divorce rate, an unstable job market, low wages or a slew of natural disasters, that can all cause personal bankruptcy rates to be higher, according to Michael Bovee who has worked in debt resolution for 20 years and is the co-founder...

What is bankruptcy counseling and do I need it?

Even if you have a pretty good handle on what bankruptcy is all about, and you’re confident it’s the best path for you to take, you’ll still need to take two bankruptcy counseling courses. Every state requires you to take these courses to successfully go through personal bankruptcy. In fact,...

6 steps to rebuild your credit after bankruptcy

The way people feel after going through bankruptcy can vary widely. Many feel relieved, some frustrated, others battle-worn. It partly depends on the road they took to get there. One thing on their minds is the hit their credit score took in the bankruptcy process. Here are six ways to...

Federal student loan repayment options explained

If you have student loans, or will soon, you’re in good company. Nearly 44 million Americans owe almost $1.6 trillion in combined student loan debt. Federal student loans make up the biggest portion of this outstanding student debt at more than 92%. If you have a federal student loan, here's what...

What happens when you default on a loan from Avant

Online lender Avant offers personal loans ranging from $2,000 to $35,000 at interest rates from roughly 9.95% to 35.99% APR, though rates and availability vary depending on the state you live in and your creditworthiness. Here's what happens when you default on a loan from Avant. While Avant posts positive customer...

What happens when you default on your Prosper debt?

Prosper was founded in 2005 as the original peer-to-peer lender in the United States. It matches personal loan borrowers with lenders, also called investors. While others have since joined the marketplace and Lending Club is now the largest online provider for personal loans in the U.S., Prosper does a substantial...

What happens when you default on your Lending Club debt?

Lending Club, the largest online lender for personal loans in the United States, specializes in peer-to-peer lending. This means it reviews potential borrowers’ applications and, if approved, matches them with an investor or several investors who provide the funds at a fixed interest rate. Lending Club charges an origination fee...