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FAQ's
Is Payables Management
Group, LLC a consumer credit counseling agency?
No. The Payables Management Group, LLC, is a turn around
management company that works on behalf of the debtor.
We have no connection with the creditor. Our goal is
to provide our clients with a conservative, reasonably
priced method for retiring troublesome debt problems
via negotiated outcomes for less than the full balance
owed.
Are you a
debt consolidation company?
No. Debt consolidation is synonymous
with getting a loan to pay off debt, thus consolidating
those existing debts into one bigger debt. The reality
for many people, though, is that they simply do not
have the options to get a new loan to pay off all existing
debt.
Our clients usually want to avoid bankruptcy. Our goal
is to use limited funds from our client to implement
a voluntary workout plan so that creditors can at least
recover something.
If handled properly, most creditors
will agree to cooperate because they realize that bankruptcy
often results in getting absolutely nothing (or close
to nothing). In the end, most creditors will agree to
accept less than full balance as payment in full if
they can clearly understand the client's true financial
problem.
What kind
of debt do you negotiate?
We negotiate both secured and unsecured debt. We use
enrolled IRS agents for anything tax related. Enrolled
agents are certified by the IRS to negotiate tax debt.
What size cases
does your firm accept to work on?
Typically we manage business payables and we deal with
cosumer debt only as it relates to the owners of those
businesses.
When can you wrap
up my debt issues?
In any negotiations, time is on
our side. Typically it will take around six months to
resolve your issues; however we have taken up to 18
months. Generally, 3 to 9 months is a good figure.
Do I have to keep
talking to my creditors when I retain you ?
Immediately after you retain us, we will direct all
future calls to our office. We will explain that you
have given us the authority to negotiate and discuss
your financial circumstances. You will find that very
quickly, all calls from creditors and collections agencies
will stop.
Occasionally, you will run across a persistent bill
collector that will continue to contact you despite
our requests that they cease communication with you.
If that happens, we will take additional action to resolve
the problem.
How will debt negotiations affect my credit report?
Good credit is of course important,
but the primary goal is to solve your delinquent debt
first and to make sure that you can get back on your
feet. Once this is accomplished, your credit can be
effectively cleaned up within six to nine months.
The reality of your situation is that in order to safeguard
your credit, you must first resolve your delinquencies
and then devise a plan not to get into the same mess
again.
Realize that your credit report is probably going to
suffer some dings before it gets better again. That's
the price for accomplishing successful settlements without
having to file bankruptcy. Remember that once we have
successfully helped you resolve your creditor issues,
cleaning up your credit is the easy part and very doable.
How much debt can
I get rid of?
Debt reductions can range from
as little as 20% to greater than 80% of the outstanding
balance. The answer also depends on your unique set
of circumstances.
Why shouldn't I
just file bankruptcy?
You can; however, bankruptcy sets in motion another
set of circumstances that you must weigh and decide
which direction is best for you.
If you are able to resolve your financial obligations
via voluntary debt negotiations with your creditors
(i.e. without bankruptcy) you will obviously avoid a
lot of adverse situations and you will greatly shorten
your road to normalcy.
What can I do if
a lawsuit has been filed. Don't I need an attorney?
Often times, in the early stages
it is possible to make an offer to the creditor and
settle the matter. If the creditor does not want to
settle out-of-court then it is a good idea to get legal
advice from an attorney on how to proceed.
The Payables Management Group, LLC
is not a law firm and therefore we do not provide legal
advice. If you are seeking legal advice, please consult
with an attorney.
How do you charge?
We work on performance which means we do not bill you
by the hour. If you retain us, the fee that we quote
you is based on the size and complexity of your overall
predicament. Fees can range from just a few hundred
dollars to several thousand dollars.
In addition, at every step of the way, you have total
control. We give you the choice to accept or reject
settlement offers. If the settlement we present does
not suit your needs no fee is owed.
I'd like to work
with The Payables Management Group, LLC. What do we do next?
Please fill out the "Free
Consultation" questionnaire and e-mail it to us.
Make sure you list a phone number and the best time
to call you. Feel free to call us if you have additional
questions. We will review your information and determine
if we can help you as a client.
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