Common Questions
Who is S&D Financial Services?
S&D Financial Services, LLC is a consumer advocacy company dedicated to servicing clients in their journey to living a debt free life. S&D Financial Services has been striving to offer creative and aggressive ways of achieving this by way of educating its clients step by step in its programs.
Presently, the company receives hundreds of applications on a monthly basis from people who are weary of the burden of being overextended and want to avoid the stigma that faces them with bankruptcy.
The leadership and management experience behind S&D Financial Services includes years of experience in the area of financial planning, counseling, accounting, and debt counseling and management. All of these tools present the consumer with the most intricate, well-rounded array of strategies possible.
What is S&D Financial Services payment reduction program?
The S&D Financial Services payment reduction program is an aggressive method of helping consumers out of the debt trap and away from the path that leads to bankruptcy.
How does the program affect credit?
While the program is in process, the credit, will in all likelihood, suffer damage that occurs when accounts are not being paid. Of course, if you are late or delinquent at present, or have been late or delinquent in the past, the difference may be minimal. However, once you are debt free, the accounts will state a paid in full or settled in full status. Within 6 to 12 months after completing the program successfully, you will be well on your way to a total recovery!
What kind of debt can be included in the program?
The program can accommodate any kind of unsecured debt. Unsecured debt is debt that does not have collateral behind it such as a vehicle or property. Debt such as mortgages, automobile loans (unless repossession has accrued; voluntarily or involuntarily), IRS tax liens, and government backed student loans and child support are examples of debt that cannot be included in the program.
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How does the program compare to other options?
We feel that most other options are either too extreme, such as bankruptcy, or too narrow such as consumer credit counseling. The S&D Financial Services Payment Reduction Program is aggressive without the long term affects that are caused by bankruptcy and unlike consumer credit counseling, S&D Financial Services works for you not the creditors. On average, our clients will achieve a debt free life in less than half the time it would take with a consumer credit counseling company.
Are there any interest charges?
Because the debt is settled for less than the full balance, the interest accumulating during the program is not important, Ultimately, there is either minimal or no interest paid what so ever.
Who qualifies for the program?
Anyone who is need of financial freedom and has more than $3,000.00 in unsecured debt.
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When does the process of settling my debt begin?
Your creditors are notified of your current financial burden immediately. Once your funds are available in your settlement account the process of negotiation starts.
Are my creditors going to continue to call me?
Once you have fully enrolled into the program, your creditors are immediately notified and demand they stop contacting you. It usually takes about 30-60 days for them to stop contacting you. In the meantime, you will keep a creditor log of every phone call or letter that you receive from a creditor and report it to us.
Will my creditors call me at work?
They may attempt to contact you at work; however, once we have notified them of your enrollment in our program, the phone calls should stop altogether.
Will my creditors continue to contact me by mail?
Your creditors may also attempt to correspond with you by mail; however, you will have the tools in hand to manage those correspondences.
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Do I have to include all of my creditors into the program for settlement?
No. Any accounts that are included in the settlement will have to be closed immediately. Creditors won't settle accounts that are still open. You should keep one credit card open for emergency use only.
How long will it take for me to become debt free?
It typically takes about 12-36 months after we've negotiated the total amount. However it could be much sooner depending on your individual situation.
How much does this program cost?
Our Debt reduction Program costs are based on an individual basis and determined by what you can comfortably afford on a monthly basis, and is based upon your level of debt/income ratio & living expenses.
What if my creditors won't settle?
There are very few circumstances where a creditor will refuse to settle. As with any negotiation, there are offers and counter-offers and given time, and in the majority of cases a settlement is reached. Creditors realize that settlement is in their best interest because if a client files for bankruptcy, most times the creditor will be left with nothing.
Will S&D Financial Services stop late fees and interest from accruing on my accounts?
S&D Financial Services or any other company cannot stop a creditor from adding interest or late fees to an account. However, because your debt is negotiated down to a fraction of what you owe, your savings are far greater than any interest or late fees that could accrue.
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