Frequently Asked Questions

1. How does your program work?
   You make one convenient monthly payment to us and we disburse those funds to your creditors at our pre-negotiated rates. It is a new payment plan, customized to meet your needs. Our debt management program is not a loan.
2. How do I make my payments?
   In order to provide you with the ease and convenience of our service, we electronically draft your monthly creditor payment from your checking or savings account. Payment dates are scheduled to fit your budget. Electronic funds transfer also insures no late payments to your creditors.
3. Can I change my scheduled payment date or bank accounts?
   Yes Please give us at least one week notice of the original payment date, in writing.
4. As a creditor is paid off, is my payment reduced?
   No. In order for you to become debt free as quickly as possible, that money will be applied to your remaining accounts. Our customer care representatives will determine to which account's) the extra money will be applied, unless specific instruction is given by client.
5. What types of debt can I include?
   Our credit card consolidation program is primarily designed for credit cards (Visa, MasterCard, Discover, Amex). We CAN work with unsecured debts, including: department store cards, personal loans (Citifinancial, Beneficial, etc), collection bills, or medical bills.
   
   We CANNOT work with any secured debts, such as home loans, car loans, or payday loans. We also CANNOT help with tax debt, student loans, child support, loans from family, etc.
6. Is this a loan?
   No. Our goal is to get you OUT of debt, not create new debt for you. Our consolidation program DOES accomplish what most people are looking for: One lower monthly payment and lower interest rates.
7. How does debt consolidation affect my fico score?
   When you enroll in the program, your accounts will be closed. Debt consolidation may or may not effect your credit score. Depending on the creditor, they might place a foot note in your credit profile stating that your account is currently in a PP [payment plan] Your creditors are being paid on time each month, so your fico score will go up. If you are behind on your bills now, our program will help you rebuild. If you have good credit, you should be able to obtain secured debt (mortgage, car loan, etc) even while on the program.
8. Do all creditors and collection agencies work with and negotiate with Innovation Financial Consulting?
   Although most creditors do negotiate with settlement companies, no one can force them to negotiate. We provide estimate based on a consistent track record. Your debts may settle higher or lower than we have quoted and will only be finalized when agreed-upon by both parties.
9. How does debt settlement work?
   Once we have approval from you to go ahead, we contact your creditors and negotiate a settlement. We can usually reduce your debt by 40-70%. Once we receive a settlement letter from your creditor we contact you to make sure that you agree with the settlement. Once you approve the settlement, the creditor gets paid.
10. What if I am not comfortable with the settlement?
    All settlements are subject to your approval, you will be contacted and have the opportunity to approve or disapprove the settlement. If you disapprove of the settlement, our negotiation team will go back in and try to make other arrangements with your creditor. If no amicable arrangement can be made, you go on exactly as before. You have lost nothing in the attempt to try to handle your situation.
11. What if I can't come up with the funds right away to pay the creditor?
    Innovation Financial Consulting will go back to the creditor and see if there is a possibility of a payment over time for the settlement amount, if not, then the settlement will expire and we will have to go back to the creditor at a later date to try to settle with them again.
12. What happens if I don't make my minimum payments?
    The creditors may raise your interest rates and your balances will grow until a settlement is agreed-upon.
13. Will debt settlement negatively impact my credit score?
    If you have not been able to make your minimum payments to creditors, they may show as late, charge off, etc.. Other than paying your bills on time and in full, everything will negatively impact your credit score. Although our program will not show as a third-party intervention, it may show as settled for less than the full amount owed or settled in full.
14. I just want to consolidate my debt.
    Although consolidation may be a valid option, our program will normally resolve your debt in a shorter period for less money. If you could save 40 to 60 percent and be debt free in less than 36 months would that interest you?
15. Will I be totally debt free when I’m done?
    Our program will handle your unsecured debt, not debt that is secured by collateral. For example: home loans, car loans and boat loans. However, after completing the program, if you continue to use the savings plan that is part of your debt settlement program, and you apply the savings to your secured obligations, then you should be able to pay off your secured debt ahead of schedule.
16. Do you have any tips and/or advice for choosing a debt
    settlement company?
    We recommend you view the FTC’s comments on choosing a debt settlement company, click here to view.

TAKE CONTROL OF YOUR DEBT

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Our Satisfied Clients

You guys did a great job! My debt was paid off in full in less than a year. My quality of life has changed. And with the credit card you provided we are now rebuilding our credit to purchase a home. — K.D., Innovation Client**

My experience with the Innovation Financial has been wonderful from beginning to end and the results you achieved are remarkable. It is also noteworthy, that the fee I paid for such superior professional service must be one of the truly great bargains of all time. My warmest best wishes to you all. - R.S., Innovation Client**

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