This is the Debt Settlement Frequently Asked Questions Page.
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Frequently Asked Questions

Will I get phone calls from creditors constantly harassing me? 

THE TRUTH:There is no way to force your creditors to stop calling you, unless you know your rights, especially when you owe them money and you have not made your payments. Creditors and collection agencies use constant harassment calls as their major weapon.  They attempt to un-nerve you and drive you up the wall so you will give in, answer the phone and pay up right now. There are, however, laws that creditors and collection agencies must follow in their collection practices, but many do violate these laws routinely.

You could disconnect your telephone, but if you are looking to find work because you have just lost your job, and you don’t have a cell phone, this would not be to your benefit.

Don’t let anyone tell you they can stop 100% of these harassment calls, however, there is a way for us to help you to lessen the number of calls you receive and it is surprisingly effective.

When creditors and collection agencies understand that you know your rights, and that a company is helping you enforce your rights, you would be surprised how cooperative they can be, especially if they understand that we will assist you in understanding your rights under the Fair Debt Collection Practices Act.  We will make arrangements for your creditors to speak directly to our representatives.  Creditors appreciate this conversation. The majority of creditors can be cooperative once they have information they need and many will realize you are not doing this on your own, you’re not on the run, you’re not in hiding, and you are truly working toward a settlement of your debt with them.  This discussion is documented by appropriate personnel, and if they continue to harass you, we have additional steps we can help you take.  When you enroll with Whitehall Company, your Debt Counselor will discuss our approach.  We believe our methods are slightly superior to other companies that do not use our approach.  We believe this will make a difference in your daily life as you move forward with your settlement plan.

When you enroll…

A Debt Consultant will review your debts in detail so we know the best way to help you and show you which debts you can enroll into our plan. Generally, we settle unsecured debts on average of about 42% of face value. This can vary widely depending on the type of debt. With some creditors, we may negotiate your debt down to ten cents on the dollar, while others may only accept in the high 70% range. We analyze your financial situation and determine what payment you can handle each month compared to what you are paying now for all your unsecured debt.  You can even determine your savings right now. Go to our Printable Calculator page so you can decide what works best for you.

We are committed to your success and we take steps to make your transition as smooth as possible. You may be in a difficult financial situation right now, but you can turn this problem around. There is a “light at the end of the tunnel” when you work with Whitehall.  We are committed to help people when they are ready to help themselves. 

How do my creditors get paid?

During your enrollment, we will work with you to help form a new and realistic budget taking everything into consideration. We will be able to tell you whether or not a settlement plan is realistic for you considering the type of debt you have. 

Next, you will set up a separate savings account in your own name at a Federally Insured bank. In this account, you will begin to accumulate your settlement payoff funds. After reviewing your debt totals, we will recommend a single monthly payment we know you can afford. Each month, as you deposit your payment into your own savings account, you will see your balance grow. As your fund grows, we will begin to negotiate a single lump sum payment for each creditor. Being consistent with your monthly deposits to your account is vitally important, as regularity will ultimately determine how long your plan will take. Most plans are from 12-36 months but there are times when a 48 month plan is appropriate.

It’s important to note and understand that YOU are the one in control of this process. Once we negotiate a settlement amount, we will contact you with the payoff amount we've negotiated.  At this time, you will decide if the negotiated amount fits your situation at that time. We will then repeat the process for each creditor until each one has been contacted and an offer is made. This will always be a single lump sum amount, and you will always be the one to decide if you are ready to settle the account with some of the funds you have accumulated. We find we negotiate the best settlements by paying in one lump sum. For this reason, we never offer monthly payments to your creditors. 

What will happen to my credit?

If you are reading this, you may already be 30 days or more behind; therefore, your credit is already damaged. In addition, many confuse credit "ability" with credit "score". Credit ability refers to your ability to obtain financing. If you already carry too much debt compared to your income, your credit ability is already impaired even if your credit score is perfect. If that's your situation, the next step to restore your credit ability is to become debt free. 

Our goal is to provide you the relief you deserve, not only in the short term, but also to help you change the financial direction of your life. After you have had settlement offers accepted by your creditors, you will be well on your way to restoring your financial stability.