FREQUENTLY ASKED QUESTIONS
1.) How long will it take me to complete the program and become debt free?
The length of your unique debt reduction program will depend on what monthly payment amount will be comfortable for you and how soon you are looking to get out of debt. One of the advantages of the debt relief program through Elite Financial Services is that there are no pre-payment penalties. If you want to pay more than your regularly scheduled payment amount, you can. You will simply complete the program sooner and become debt free that much faster. EFS encourages all clients to be as aggressive as possible with their program deposits to help ensure the best possible results.
2.) Will I be debt free at the end of the program?
The program is designed to eliminate all of the unsecured debt you enroll in the program. Any unsecured debt you choose not to enroll in the program will still be required to be paid in full based on the terms you have with that creditor.
3.) Do I have to enroll all of my credit cards into the program?
The program aims to help you eliminate all of your debt, and for that to be successful it would be best to disclose all of your debt at the onset of the program. If you have one card with a low balance and/or low interest rate that you can quickly pay down to zero, then it does not need to be included with the program. Elite Financial Services does recommend that all credit cards with a balance of $500 or more be considered for enrollment into the program.
4.) How are the fees for the program charged? Are they paid upfront?
As a client of Elite Financial Services, you will not pay any settlement fees until we settle a debt. Once we settle one of your enrolled accounts, only the fee associated with that debt is due. From that point on, we will continue working to settle your remaining accounts. All fees associated with the program are included in your agreed upon monthly payment amount.
5.) Will I still receive phone calls from collectors?
Yes, it is possible that you may receive phone calls, however, after enrolling in Elite Financial Services’ debt settlement program, we will provide you with documents that often help minimize creditor contact. Although we provide these documents and instructions to minimize creditor contact, we can’t make any guarantee that all creditor calls will stop. There are federal and state laws designed to protect you from collection harassment.
6.) Does Elite Financial Services keep my financial information private and confidential?
Yes, your financial information will be kept confidential. Only persons authorized by you will have access to your account. Creditors will only be informed that we are assisting you with your finances. In addition, we do not report to any credit bureaus so you don’t have to worry about other creditors learning that you are being assisted with your unsecured debts.
7.) Is debt settlement similar to bankruptcy?
No, debt settlement is not similar to bankruptcy. Debt settlement is for people who still want to pay back their creditors but, due to a financial hardship, seek the aid of a program to get their creditors to agree to a reduction on what they owe. Bankruptcy is designed to absolve you of all your financial obligations and results in long-term negative effects on your credit.
8.) Is debt settlement similar to debt consolidation?
No, debt consolidation is a loan that is typically secured against your home. Debt settlement is the process of negotiating your debts for a reduction in their principle balances and interest. Often times, consumers who use debt settlement services see significant reductions in the amount they pay. Debt consolidation may potentially lower your interest rates, but does not reduce your principle balance. Also, debt settlement programs are relatively short in duration (often 12-36 months) compared to the amount of time necessary to pay off a debt consolidation loan.
9.) What is the difference between unsecured debt and secured debt?
Unsecured debt is any loan or debt that has no collateral (assets) or property attached to it. The most common types of unsecured debt are credit cards, personal loans, department store cards, utility bills, and medical bills. Should you fail to make timely payments, the lender’s only recourse is to pursue legal action.
Secured debt is when the borrower pledges an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral and in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some or all of the amount originally lent to the borrower. In this scenario, you may still be liable for any deficient balance remaining after the sale of the property.
10.) Will I have control over my account once I am enrolled in the program?
You will have the ability to log in to a private, secured site to see your deposits and transactions that are being managed through the program. As noted in question 1, you will always be able to pay off your debt early in order to end the program sooner. And you can always contact your Debt Relief Specialist to review any questions or concerns.
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Elite Financial Services is proud to say we
have an “A+” rating on the BBB!
The BBB ensures that high standards for trust are set and maintained. It
exists so consumers and businesses alike have an unbiased source to
guide them on matters of trust.
ELITE FINANCIAL SERVICES
& RELATED ORGANIZATIONS
Our positive reputation is built on an intense desire to help people and the ability to produce results. We are committed to maintaining our strong industry status of being a reliable, productive debt relief company focused on helping consumers get out of debt.
Elite Financial Services is proud to work with and be associated with the following organizations:
Better Business Bureau (BBB)
The mission of the BBB is to be a leader in advancing marketplace trust. The BBB ensures that high standards for trust are set and maintained. It exists so consumers and businesses alike have an unbiased source to guide them on matters of trust. Elite Financial Services is proud say we are an accredited company with an A+ rating!
Consumer Debt Relief Initiative (CDRI)
CDRI members must adhere to a strict Code of Ethics that raises the bar for ethical standards, fairness and transparency when providing debt settlement services to consumers. The CDRI seal is a badge of honor that ensures integrity – given only to debt settlement operators that continuously demonstrate a commitment to non-circumvention of federal and state regulations.
International Association of Professional Debt Arbitrators (IAPDA)
IAPDA Certified Debt Specialists are trained using the industry standard of training programs and are skilled debt arbitration and debt settlement professionals. Members of IAPDA are current with the laws pertaining to debt, credit and collection and represent their debtor client’s best interests during sensitive debt negotiations with creditors and collectors.
BSI Group
BSI Group has grown into a leading global independent business
services organization providing standard-based solutions in more than 140 countries. BSI provides independent third-party certification of management systems. Elite Financial Services has BSI conduct annual performance and operational audits to confirm that Elite Financial Services is in complete compliance with industry standards and requirements.
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Dun & Bradstreet (D&B) is the world’s leading source of
commercial information and insight on businesses, enabling companies to Decide with Confidence® for 169 years. D&B’s global commercial database contains more than 177 million business records. The database is enhanced by D&B’s proprietary DUNSRight® Quality Process, which provides our customers with quality business information. This quality information is the foundation of our global solutions that customers rely on to make critical business decisions.