Debt 101

Is ‘pay for delete’ finally going mainstream?

Historically, consumers have sometimes been harassed or even intimidated by debt collectors. However, federal guidance and actions against creditors in recent years has led many debt collectors to adopt more consumer-friendly approaches, including the fairly recent concept of “pay for delete.” Here's what it means and how to benefit from...

Afni: What you need to know

Afni is one of the largest contingency debt collection agencies in the U.S. and provides services to companies in the telecommunications, satellite and cable, healthcare, and insurance industries. While Afni s a member of ACA International, the association of credit and collection professionals that establishes professional standards for the industry,...

United Collection Bureau: What you need to know

United Collection Bureau (UCB) is one of the largest contingency collection agencies in the United States, providing services to clients in government, health care, utilities, communications, financial services and student loans. If you are receiving calls from UCB, here's what you need to know. UCB has been accredited with the...

Client Services, Inc.: What you need to know

Client Services, Inc. (CSI) is one of the largest contingency collection agencies in the United States. It provides collection services to banks, utility companies, municipalities, county governments, private educational institutions and medical providers, among others. Here's what you need to know if you're receiving communications from CSI. Who is CSI?...

Alltran: What you need to know

Alltran Financial, formerly United Recovery Services, is one of the largest collection agencies in the country. The company website states an objective of helping individuals and families by resolving their financial issues and helping clients collect for their services. Today, Alltran serves clients in health care, government, financial services, and...

Am I too old to declare bankruptcy?

Filing for bankruptcy protection is a big decision for anyone, but for older people, it also raises some unique concerns. Many older adults have a lot of equity in their homes, something worth protecting, but that could be threatened in certain Chapter 7 bankruptcies. If you’re an older adult, it’s...

8 bankruptcy myths you should stop believing

Many people have misconceptions about bankruptcy. Not just the process, but also about the future fallout that comes from declaring bankruptcy. While bankruptcy should be taken seriously, it’s often not as scary as people think, said Michael Bovee, co-founder of Resolve. “People are so afraid of bankruptcy, they don’t even...

Cavalry Portfolio: what you need to know

Established in 2002, Cavalry Portfolio is a large debt buyer that positions itself as caring for the consumer. The website outlines core values, prioritizing integrity, respect and communication. It also uses consumer-friendly language, such as calling the delinquent accounts it purchases “non-performing consumer loan portfolios” and referring to its employees...

LVNV Funding/Resurgent Capital: what you need to know

LVNV Funding is a large debt buyer that purchases delinquent accounts domestically and internationally from original creditors and other debt buyers. The collections on those accounts are outsourced to Resurgent Capital Services LP, a third-party debt collector. Resurgent itself may outsource the accounts to third-party collection agencies. Here's what you...

How to file Chapter 13 bankruptcy

Hopefully, if you’re reading this, you’ve looked into different ways to resolve your debt woes before jumping straight to bankruptcy. For most people, these debt relief options include debt settlement, debt management, and even debt consolidation if your finances aren’t too far gone. But if you're considering Chapter 13 bankruptcy,...

What are debt settlement programs?

If you’re in debt, you’re certainly not alone. The Federal Reserve estimates that Americans have over $15 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 does it mean when a collection agency uses the term “pre-legal” and how can Resolve help?

Some collection agencies and debt buyers have internal teams that are often referred to as “legal” or “pre-legal” departments. Resolving an unpaid debt when accounts are in these departments will often yield better savings and/or more flexible payment terms. Aside from using the term pre-legal, several credit card issuers will...

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 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...

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 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, because...

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'll 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 a new attorney)....

What is bankruptcy?

Depending on the type of filing, bankruptcy is 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 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!