Example of a Debt settlement scenario:
Here is our client Betty’s story. Betty Young, 54, is a R.N. at a hospital and earns approximately $47,000 per year. Betty owns a condo and was forced to pay some of her property taxes on a credit card. She also had some major medical issues that lead to a tremendous amount of out of pocket expenses; which she had to use credit cards to pay the medical expenses. Betty has faithfully paid every month on all of her monthly statement credit card charges, but never seems to get anywhere. She has been struggling to pay the $1,275 minimum monthly payment and unfortunately most of her payment is applied to interest and her principal balance never seems to decrease.
- Client-Betty Young owes approximately $45,500 on 3 different credit cards as follows:
- Discover-balance =$5,301, apr =21.99%, had a few late payments & over-limit fees, which accelerated the current APR from 0% introductory offer to 21.99%.
- Chase Gold M/C-balance = $12,359.00, apr = 28.99%, Betty was late only 3 days while making an online payment. Chase used that late payment as an excuse to raise her APR from 14.99% to 28.99%.
- American Express Optima-balance = $27,840, apr = 29.99%. Betty did a balance transfer from some other credit cards while she had an introductory balance of 0%. When Betty was late on a payment (one time) she called and tried to explain to AMEX why she was late and that she had a medical emergency, they simply told her that they would waive one late fee as a courtesy, but that she had violated the terms of her 0% offer and must pay the new interest rate of 29.99.
Does this sound familiar? Can you relate to Betty’s situation?
- Is it fair that Betty pay back over $91,000 by paying the monthly minimums she can afford? We say No!
- Is it fair that Betty, who is trying to do the right thing, continuously pay exorbitant interest rates, just because of a few late payments? We say No!
- Is Betty throwing her hard earned money away, just to keep the banks profitable on her accounts? We say Yes!
Betty contacted BP Financial Group, LLC and explained her situation. BPFG was able to negotiate the debts on her behalf with Discover, Chase and American Express. BPFG was also able to settle all of Betty’s debt of approximately $45,500 for $21,225.00 in 18 interest free monthly installments of $1,179.17 (Distributed pro rata to each creditor). Betty saved approximately $24,275, plus interest and fees.*
- Our firm is a full service firm that specializes in professional debt negotiation/mediation and has over 40 years of combined experience in the field of debtor/creditor procedures and protocol.
- Our firm has successfully negotiated millions of dollars on behalf of consumers and small businesses nationwide.
- Our professional staff will contact your creditors on your behalf and begin the negotiation process right away. Those creditors or collection agencies will no longer be able to harass you and must legally work with our firm.
- If necessary we will work to achieve a monthly payment for you to pay the settlements we reach on your behalf.
- Save hundreds and even thousands of dollars in interest fees, late charges, finance charges on a monthly basis.
- Our firm works with every major creditor and financial institution in the country and we have a proven track record.
- Reduce your monthly stress and let the professionals on our staff handle your credit matters.
- Cease creditor phone calls and harassment.