We've answered the most common questions below. If we missed something, don't be shy. Email us at firstname.lastname@example.org
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We've answered the most common questions below. If we missed something, don't be shy. Email us at firstname.lastname@example.org
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 answer all debt related questions.
First, we’ll need to ask you some questions to understand your financial situation. This will include things like your goals, debts, income and household situation. After that, we’ll do some calculations to see which debt relief options are available to you. We’ll answer all of your questions and, when you are ready, we will guide you step-by-step through your debt relief path with the help of the amazing service providers in the Resolve Network.
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. We have some amazing team members, advisors and investors. If you still need more convincing, you can email our CEO, Alex Mooradian, at email@example.com.
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 to hire or engage a service provider in the Resolve Network.
We're so happy to hear that we can help you on your path to debt relief. If you haven't started a Resolve account already, you can click here to get started.
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.
We’ve pulled together some of the best debt coaches, debt settlement negotiators, credit counselors and attorneys. They can help you with debt settlement, bankruptcy, debt defense, debt management plan…and just about anything related to your debt.
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 services, but they are extremely fair and affordable, often 50-75% less expensive than traditional debt relief providers.
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.
Not 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, we offer you this great resource to find a Bankruptcy attorney near you: https://www.nacba.org/ and we can help you understand if Bankruptcy is a good option for you.
We can help you understand if a debt management plan (also known as a DMP) is a good option for you and answer any questions you have. If you're ready to start a DMP, we'll match you with a trusted credit counselor in the Resolve Network. You'll just need to provide your phone number in the application when prompted, and a member from Cambridge Credit Counseling will reach out and assist you further.
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.
Debt relief options can be confusing, but we're here to help!
If you've already created a Resolve profile and have more questions, please schedule a call with one of our debt experts here.
Filling out your profile is easy, just follow the guide below!
1. First, you'll want to take care of the items in your Action Plan. You can easily access it from the lefthand side of your dashboard.
2. Make sure to complete any tasks that are due soon.
3. For any account updates, you'll want to click on the 'Account' tab on the lefthand side of your dashboard.
4. Here you'll be able to edit or add personal details, other debts, or update your available budget for paying down your debts. Let's start with details:
5. When you click the edit button, a form should pop up for you to input your information like example below when selecting to edit 'Basic information'
6. Click on the 'Debts' tab to add and/or edit your debts. Making sure we have the most accurate and updated information will help us propose the best options for you.
7. Lastly, click the 'Budget' tab to update your available funds. Making sure we have the most accurate and updated information will help us propose the best options for you.
It's easy to schedule a call with one of our debt experts. Just click this link to find a time and day that works best for you!
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 from the lefthand side of your dashboard as pictured below.
Make sure to complete any tasks that are due soon.
Another easy one. Email our Helpline at firstname.lastname@example.org We’ll try to get back to you within a few hours.
Given that Resolve charges a fee based on 15% of the amount that our negotiating partners are able to save you, the fees will vary depending on the settlement agreements with your creditors or lenders. Because there is a range for your settlement, there is also a range for the fee. But it is not more than 15% of what you save.
Here are some possible reasons your debts have been excluded from the plan:
Yes. If you have been sued by a collection law firm, and would like an attorney to respond for you in court, this fee is paid to your attorney. This $200 covers only the filing of your initial response to the court summons and complaint.
There are varying reasons for this. Say you settled a debt for 50% of the balance owed, and are paying that in 12 equal monthly installments. Your settlement work is completed, but you're still finishing up your payments.
We are constantly updating the Resolve platform. Some of these updates can cause a plan to appear out of sync. Please be sure to point out any issue you see so we can get your plan corrected. Your reporting these things not only helps us help you, but helps others too!
Your plan can begin today if you're ready to proceed. That can include negotiations with your creditors and collectors if your accounts have gone unpaid long enough, and you are prepared financially to fund offers.
If you are not late enough on debts in order to get the best settlement outcomes (often 5 or more months late), or you are not prepared with the financial resources to commit to settlements, we can still begin working through your plan with you. In fact, we prefer to work with people as early in the process as possible in order to set you up for success.
Yes, just click the blue text in the “Payments” box that says “Adjust Your Plan & Learn More”.
Debt Settlement is the process of paying off your debts for an amount less than you owe. For example, a person with a Chase credit card with a $10,000 balance might only be able to pay $4,000 to close and “settle” the account and have the remaining $6,000 forgiven.
Debt Settlement is a negotiation between you (or your representative) and your creditor (or their representative like a collection agency or collection lawyer) to pay a lesser amount than your current balances.
Creditors will base the settlements that they agree to on:
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 too long, as there are risks that increase, like being sued, the longer things go unpaid.
The timing can vary depending on who you’re working with. Creditors typically are willing to settle when you’ve become late enough to trigger the accepted protocol for loss mitigation. This is typically when you’re at least 90 days delinquent or more.
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:
Your creditors will not settle with you unless you are late with payments. On time payment history is roughly 30% of how your credit score is factored. This has a major impact on your credit score. If you are already late with payments, your credit is already impaired. Settling the account can then help your credit heal and your score recover.
Many of us will have lower credit scores even if we are current. This is often because we are utilizing too much of our credit limits. Another roughly 30% of your credit score is factored on utilization. Settling debt, for many, will bring your debt to income in line faster, and improve your loan and credit options over a relatively shorter time.
You can apply for credit cards, loans, car loans, and mortgages right after your last settlement payment is made.
Yes. Creditors have the right to file a lawsuit if you are not paying a debt. Being sued is one of the biggest concerns you should have before determining if debt settlement is something you should attempt.
Feel free to contact us for a free consultation so we can help you calmly evaluate what your best options are and the next best steps to take if you are hyper-concerned about this, and especially if you are already being contacted by a debt collection attorney, or have been sued.
Yes, Resolve can help you through legal collection issues. There are attorneys that are part of the Resolve network who regularly defend people in collection lawsuits in order to better negotiate settlement outcomes. The fee is the same, 15% of savings, but there may also be some fees associated with representing you, such as $200 to answer your summons and complaint in the court.
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.
Yes, many people are successful negotiating with creditors and debt collectors on their own, but be prepared to do your own research. It is hard work to optimize results. So, as for anything, there are pros and cons to this approach.
We are not fans of how most debt settlement companies charge such high fees! And they often settle debts in the wrong order that allows them to get paid quickly, and not in a manner that saves you the most. At Resolve, we are biased about these companies, as we offer an alternative solution, but one that prioritizes saving you the most money!
Our number one goal is to assess your personal situation and understand the legitimate, viable options for you, and we are really good at that! We are then going to transparently educate and inform you of these options, triage based on your situation, and provide you with partners that can help you accomplish your financial goals for less money than a traditional Debt Settlement company. And in many instances, we will show you how to avoid debt settlement.
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 with the plan.
Settlements estimates are based on historical data and real time trends with each of your creditors, the collection agencies, debt buyers, and even collection law firms involved.
The estimates are based on how quickly you raise money. The system currently has a 24 month bias, but you can do it much faster if you’re able to put more money towards settling. We want to get you through this fast. The quicker you can be, the better, when negotiating settlements!
Collections is not a one size fits all. Creditors and lenders have different recovery goals at different stages of delinquency. And each collection agency, law firm, and debt buyer will often view each of them differently. The ranges for settlement you see reflect many different variables that may or may not impact you.
Yes, the fees are already included in the payment estimate(s) for your plan. You pay your settlement and then you will receive an invoice from Resolve. Our goal is to save you as much as possible, so our fee is 15% of the savings we get for you. We can even work with you on spreading out the fee, just contact us for more information!
Our goal is to save you as much as possible when negotiating and settling your debts. Our negotiator partners charge 15% of the savings they're able to get for you. Since their incentive is to save you as much as possible, it's a win, win for both sides!
Absolutely! We will present each offer with a comparison to the plan, a recommendation, and the fee to settle using our partners before you commit.
Unfortunately, no. Once you have agreed to a settlement on a particular account, and do so with monthly payment terms, the payments cannot be edited. If you miss a payment on an agreed upon plan, you risk losing the deal you have and potentially may have to start from scratch.
If you would like to pay a settlement you are actively making monthly payments on early, please contact us so we can help you!
If you would like to update your available funds (savings), you can update your profile at any time. Just click here to update your budget.
If you miss a payment on an agreed upon plan, you risk losing the deal you have and potentially may have to start from scratch. Please contact us if you would like to discuss further.
Yes, but you'll need to contact our support team who can give you specific instructions.
Yes, this can still happen. Please watch the video below for more information, and feel free to contact us at email@example.com if you have any questions or need help.
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 are most common. At Resolve, we believe Chapter 7 is the best option where viable, and is the only Bankruptcy option we will recommend in that case.
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 a new attorney. We've detailed how each filing works below:
There's no way to sugarcoat it, filing Chapter 7 or Chapter 13 Bankruptcy will cause a pretty hard hit to your credit.
After a Chapter 7 discharge, you can start rebuilding credit immediately. Given that a Chapter 13 Bankruptcy can take up to five years, there likely won't be any meaningful credit rebuilding opportunities until it's complete.
There is no "during" period when filing Chapter 7 because it's over so quickly. As for Chapter 13, you're unfortunately in credit purgatory until your payments are complete. This can take up to five years so there won't be any updates to your credit report until you're done with all the payments.
A bankruptcy remark will show on your credit report for 10 years after filing Chapter 7. However, you can take steps to rebuild your credit immediately.
A bankruptcy remark will show on your credit report for 7 years after filing Chapter 13. So if you think about it, since Chapter 13 takes up to five years to complete, credit repair can't even begin until you're two years away from having it come off of your report entirely.
How much of your home equity is protected in a Chapter 7 bankruptcy is determined by the state you live in. A limited number of states protect the entire value of your home, while others protect very little. If you do meet your states homestead/equity exemptions, you would continue to pay your mortgage as usual and keep your home.
Chapter 13 would typically allow you to keep your home.
If you are still paying on your car loan, you can reconfirm the loan in Chapter 7 and continue to drive, and eventually own your car with regular payments. You could also use the Chapter 7 process to shed your loan obligation on an underwater car loan.
If you own your car(s) outright, there are exemption limits in each state that will protect your vehicle.
You can typically keep your vehicles in a Chapter 13 bankruptcy.
You can apply for credit cards, loans and car loans right after discharging debts in Chapter 7 bankruptcy. However, the rates may not be ideal. You can apply for a mortgage 2-3 years after discharging as well.
Please keep in mind that Chapter 13 is a much longer process than Chapter 7, and you typically cannot get new credit approved while you are in it (that vast majority of Chapter 13 plans run 5 years).
Not currently but stay tuned! However, we offer this helpful resource for now: http://network.nacba.org/advanced-search where you can find a bankruptcy attorney near you.
Here are some possible reasons your debts have been excluded:
The average national cost for Chapter 7 is around $1,800, but this will vary slightly by location.
You can file Chapter 7 right away, which is especially useful if you are already involved with legal collections, or have been struggling under the weight of overwhelming debt for too long.
A Debt Management Plan (also known as a DMP) is a sponsored repayment where you work with a a non-profit Credit Counseling Agency to pay back your existing debts. These plans typically last for about 4 or 5 years (maximum of 60 months) and will include a fixed payment due on the same day of each month throughout the duration of the DMP.
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 this plan can take as long as 5 years and will consist of fixed monthly payments throughout the duration of the plan.
Debt management plans cannot exceed 60 months of repayments. You can finish them faster by paying extra when you have more to give, but you will not be able to extend the plan beyond 5 years.
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. A certain percentage of people enrolled in a DMP will pay no fees.
No, a Credit Counseling agency will need to do this for you. However, having said that, your creditors individually may offer hardship plans.
You also have the choice of which agency you'd prefer to work with, but keep in mind that they typically all operate in the same way.
There should be no meaningful impact if you have maintained on time minimum payments. If you already have late payments prior to the DMP, the credit damage has already happened.
Your score shouldn't be impacted during or after a DMP. Your utilization should come down which can help your credit score. However, because your accounts in the plan typically get closed, you will lose some "account type" diversity, which can be replaced later.
Nothing negative should appear on your credit report during this time. Your report should show that you're making your payments on time. Some of the accounts may show you are enrolled in a DMP.
Positive, closed accounts.
You can apply for car loans, student loans, and mortgages while in a DMP, and certainly after. It is often best to wait until you complete your DMP before applying for new credit cards and unsecured loans.
Nope. Debt Management usually involves working with a Credit Counseling agency that seeks to lower interest rates on your existing loans and credit card debts. Whereas Debt Consolidation usually means taking out a large loan from a creditor to cover the balance of all of your existing loans and credit card debts.
It should also be noted that Debt Settlement is often referred to as Debt Consolidation, but that is not an accurate description of what happens when you settle debt for less than what you owe after having been late with your payments.
Unfortunately, we do not offer either of these services at this time, as we are not a Credit Counseling Agency. However, once you complete your profile, our system will be able to determine if Credit Counseling may be a good option for you and will point you in the right direction for next steps. We're also happy to speak with you to discuss your situation further, just send us a message!
Your DMP will have a set monthly payment, and cannot last longer than 5 years. This means you are out of debt far faster than if you were to just make minimum payments on the balances you owe as of today. The interest rate savings range is there to show you the possible savings you could accomplish by choosing a DMP.
Debt management plans are estimated between 1.7 and 2.5 percent of your enrolled debt (the accounts accepted into the plan). If you enroll $30k in a DMP, your new monthly payment will be between $510 and $750. You need to contact a DMP provider to get an exact quote. You can reach one here.
Debt management plans cannot exceed 60 months of repayments. You can finish a DMP faster by paying extra when you have more to give, but the plan cannot be extended beyond 5 years (60 months).
The nonprofit credit counseling agency that will implement your DMP charges a nominal monthly fee to administer your plan, remit payments to creditors, etc.
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 pay off time of 60 months or less. This can shave 15 or more years off of a person's credit card payoff schedule. That means a ton in interest savings. That savings can be used to pay off other debts, like student loans, car loans, a mortgage, much faster. That money can help fund home improvements, go to a child's college fund. Paying less to banks, and more to your goals is always in your interest!
Here are some possible reasons your debts have been excluded from the plan:
You will get together with the nonprofit credit counseling agency who will help you determine the right start date for your DMP.
Debt management plans cannot exceed 60 months of repayments, which we have calculated for you. You can finish a DMP faster by paying extra when you have more to give, but the plan cannot be extended beyond 5 years (60 months).
If you miss a payment, the plan is typically over. So for example, you could spend 2 years on the plan and miss one payment and have it go back to the original interest rates, so it is in your best interest to make sure you can cover these monthly payments for an extended period of time.