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FAQ’S
Answers to Frequently Asked Questions

Getting started is as easy as picking up the phone and talking to one of our experts. Your path to financial freedom is just one toll-free phone call away! Call us today: 786.484.4255

 
We recognize that each individual’s situation is unique. The length of time needed to complete the program varies with each individual. The average client who sticks with their plan usually takes 25-48 months, depending on the amount of debt and ability to save funds.
Debt consolidation programs combine all of your outstanding debt into one large new loan and sometimes require you to secure the loan with collateral of greater value (such as your home). You will still be required to pay the entire principal amount of your debt plus the interest on the new loan. If you fail to make payments, the lending institution can repossess your collateral. In contrast, we negotiate directly with your creditors to greatly reduce the balance of your debt, allowing you to pay a smaller sum than what you are currently paying. Typically, it takes around 36 months to complete our services, whereas consolidation can stretch out for longer depending on the size and terms of the loans.
From day one you will be working with a team of the industry’s leading experts in debt settlement. Our dedicated credit advisors will guide you through every step of the process, and make sure you make informed decisions along the way to financial freedom.
We normally recommend resolving all unsecured debt to help you get on the path to financial freedom quicker. Creditors are generally more willing to negotiate when they see that most of your accounts are delinquent due to your hardship. The decision to resolve all or some of your debt is totally up to you. We are here to help you decide what strategies are best for you. Keep in mind that we are a performance based company, our fee will be taken only at the time the first settlement payment is funded to a creditor on the negotiated account.

Everyone’s situation is different, but we have assisted many clients to become debt free without having to file bankruptcy. Filing bankruptcy can have long term effects on your credit and can impact your ability to apply for new credit or in some cases, employment. Bankruptcy does not always go away after 7-10 years, as some bankruptcy attorneys may claim. For example, nearly all credit applications ask if you have ever filed bankruptcy in the past. There are also costly court and attorney fees that accompany the filing process. Finally, depending on which chapter of bankruptcy you qualify for, you may still be required to pay back all or some of your debt. B.A.A.G  is not a law firm and cannot provide legal advice. Please consult an attorney for more information regarding bankruptcy.

Although you have not retained us to provide tax advice, financial institutions are generally required to provide a form 1099-C in the event a forgiven or settled debt exceeds $600.00, this does not necessarily mean you owe taxes on the forgiven portion. In many cases, clients can legally and ethically exclude forgiven debt from their income through the “insolvency exclusion” provided by the IRS code. This exclusion means that your liabilities exceed the fair market value of your assets, or that you “owe” more than you “own.” We strongly recommend you consult a licensed tax advisor regarding your particular circumstances. Again, B.A.A.G  does not offer or provide tax advice.

No, we do not make any payments to your creditors. Our goal is to resolve your debt for as low an amount as possible. You are responsible for the payments to your Special Purpose Savings Account, which will be used to satisfy negotiated offers, as well as our fees.
No. The decision to speak with your creditors is completely up to you. We contact your creditors at the appropriate time, using the appropriate negotiation method. We will continue to communicate with your creditors to finalize negotiation discussions as your funds accumulate. It typically takes 6 months or more before we negotiate and obtain your first offer which allows you to accumulate funds to settle your first debt.
That depends on what your credit looks like when you first retained our services. In general, if you do not make payments to your creditors according to the terms of your agreement with them, your credit will suffer while you work through and recover from your financial difficulties.
This is a savings based program, so if you are unable to accumulate funds then we will not be able to resolve your accounts. It is imperative to the success of your program that you continue to make your monthly savings commitment on time; any delay could negatively impact your plan.
No, you are in complete and sole control of your savings. When you agree to settle an account, your payment will be funded through your Special Purpose Savings Account based on your authorization.
Yes, late fees and interest typically continue to accumulate, however our experienced Negotiations Team will always attempt to settle your account with your original balance in mind.
No, we do not offer credit repair services and we are not a credit repair company. There are other firms that specialize in assisting consumers in getting their credit back on track, in addition to providing other services that will improve your credit score over time.

Yes, although that is possible and does happen on occasion, it is not typical. However, your creditors will likely continue collection efforts on delinquent accounts. Such collection efforts will include, among other things, phone calls and letters to you, charging off an account, sending accounts to collection agencies or filing a lawsuit. In the event you are sued, please keep in mind you have not retained B.A.A.G  to represent you in any court proceedings.

Yes, we contact your creditors at the appropriate time, using the appropriate negotiation method. We will continue to communicate with your creditors to finalize negotiation discussions as your funds accumulate. It typically takes 6 months or more before we negotiate a settlement. Sometimes, you will need to communicate directly with certain creditors to resolve your debt.
A “charge-off” is the point where your creditor writes the debt off their books and use other methods in collecting the debt. This typically takes place once the account has been delinquent for 180 days. A charge-off does not release you from the debt that is owed. The creditor may notify the three major credit bureaus that they are unable to collect and your account may move to a 3rd party collection agency.
No, we do not charge any fee at all if we had no involvement in a particular settlement, such as if you receive an unsolicited 1099 writing off your debt for zero dollars. If we are involved in obtaining a settlement, we charge our normal performance fee. As always, you should understand our guidance, experience, advice, support and service surrounding the receipt of settlement offers is valuable and important.
Yes, sometimes that will be necessary. Your active involvement in the process is very important. For difficult creditors or creditors who say they will not work with debt settlement companies at all (like Chase, Discover, American Express and Macy’s), your participation may be necessary to a greater extent. There may be times when you will be asked to actively participate in, or even directly communicate with, a difficult creditor. However, if you do not feel comfortable doing so, you can direct us to negotiate such debts without your assistance or remove the debt from the program without penalty.
No, you should never under any circumstances change your address to our address.
No, you should never make misrepresentations to your creditors. Always be truthful.
No, we cannot guarantee the results of any particular negotiation or that any particular creditor will negotiate with us. We cannot force a creditor to accept a settlement.
Yes, you are entering a program for individuals who must have a bona fide financial hardship. We are relying on your certification you have a hardship. You must work with us both before and after enrollment to substantiate and prove your financial hardship.

Yes, B.A.A.G  treats all clients or potential clients in the same and fair manner. We do not discriminate based on race, color, religion, sex, marital status, national origin, ancestry, etc. We believe in the fair and equal treatment of all individuals.

No, we do not charge any advance fees. We only charge a flat performance based fee each time a settlement is reached that you approve and fund. We will not charge you any fee at all if we have no involvement in a particular settlement, such as when you receive an unsolicited 1099 writing your debt off to zero dollars.
Yes, at the time of enrollment, we will provide you with and a clear and concise Disclosure Statement. Once you have enrolled, you should go back and regularly reread that Disclosure Statement and contact us if you have any questions.
We have established relationships with many of the major creditor networks which allows us the ability to submit your accounts through our partnerships. This lays the groundwork for future settlement opportunities on your accounts, many of which you will receive before you have sufficient funds for settlement. Creditors are willing to offer settlements based on your hardship situation and you may receive fewer collection calls should your account be placed with one of our partners.

Services not available in all states, including New Jersey.
Where applicable, B.A.A.G  will refer you to a highly qualified service provider who can provide debt relief services you need.
B.A.A.G  does not discriminate on any level including on the basis of race, color, religion, sex, marital status, sexual orientation, national origin or ancestry.
* Clients who are able to remain with the program and resolve all their debt realize approximate savings of 55% before fees, or 30% including our fees, in 24 to 48 months. All claims above are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. All estimates are based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of debt forgiveness. Please consult with a bankruptcy attorney for more information on bankruptcy. Not all creditors will negotiate debt resolution with third parties and some creditors will only negotiate under certain circumstances, such as a charge-off. You may be subject to collection activity or lawsuits by creditors or collectors if you are not making regular monthly payments.

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