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Frequently Asked Questions (FAQs)
Where do I begin?
It’s easy! Simply fill out the online application form. Once we receive your information, a trained Analyst will call you to review your budget with you. He or she will discuss your situation to determine if you qualify for the program and whether or not another solution might better fit your needs. The goal is to get you debt free as painlessly and as quickly as possible.
What kind of debts are accepted into a settlement program?
Generally speaking the best results are obtained on Unsecured Credit Cards. However, other types of debts that can be settled are: Unsecured Loans, Unsecured Personal Loans, Collection Accounts, Old Utility Bills, Medical Bills, Vehicle/Equipment Repossession, and Unsecured Personal Lines of Credit.
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How will my debts be settled?
Once you and your Analyst have decided whether your accounts qualify he or she will assist you in setting up a new budget. You will be given a specific budget amount to allocate to savings every month in order to create a settlement fund or pool of monies to use for settlement of your debt accounts that you include in the program. Once you have saved a sufficient amount of money in this fund, a negotiator will obtain a written offer from the creditor. If you agree to the terms of the offer, you simply transmit the funds directly to the creditor. Then we move on to the next account. It is as simple as that!
What happens while I am saving to create a settlement fund?
Your creditors will be notified within 45 days that you have entered our program. Many creditors will contact us monthly to check on the status of your program. Some creditors will automatically send out written offers early in the plan in order to be first in line to get their lump sum payment. If unusual circumstances arise you can call us and get instant help from one of our account managers.
Is this type of program legal?
Everyone has the right to negotiate with their creditors to settle a debt. Mountain View has a staff of highly trained negotiators do this for you or assist you in doing it. In many cases we have developed relationships with your creditors that gives us the advantage of getting you the very best possible deal.
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What about harassing phone calls from angry creditors. Can Mountain View stop these?
No. Your creditors have the right to contact you to resolve the debt and to maintain their records as to your current status. Most, however, choose to continue to stay in contact with Mountain View. If you end up with a particular account that is troublesome, our account managers will assist with dealing with these. There are Federal rules governing the collection of money and we help you secure your rights.
How will settlement affect my credit?
Your credit score will decline due to a settlement program. How much will determine on your circumstances. Accounts you place into the program are likely to charge-off which will appear on your credit report. However, as you begin to settle these debts, they will be reported as settled and not unresolved. Bottom line is your credit score will go down. Your score will go down significantly LESS than filing Bankruptcy or Credit Counseling which are your only other real options. Settlement is not for everyone.
Is bankruptcy an option?
Filing bankruptcy should be the last option considered. Unfortunately for some, it is the only way out. We have found that if you are facing bankruptcy, our program is a much better option for you. The reason? The laws governing bankruptcy have changed and many more consumers are required to file Chapter 13 instead of Chapter 7. Chapter 13 requires that a portion of the debt be paid back. In a Chapter 13 you not only pay a percentage to your creditors, you pay high fees to your attorney and then you pay the trustee approximately 10% to administer your plan. Bottom line? The trustee and your attorney get big bucks. Your creditors get less and you end up in a plan that must go on for at least 36 months, but often extends to FIVE YEARS! Bankruptcy also does the worst damage to your credit score AND is reported for TEN YEARS instead of the standard 7 year report for a derogatory statement. It can affect your credit the rest of your life. How often have you filled out a loan application or employments application and seen the question “Have you ever filed bankruptcy?”
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Why Choose Us?
