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Frequently Asked Questions
What types of debts can be settled for less than full balance?
Unsecured debts. Examples of unsecured debts include credit cards, department store cards, and medical bills.
Secured debts such as mortgages, vehicle loans and student loans are difficult (if not impossible) to settle for less than full balance.
How long does the debt settlement process usually take?
It varies on a case by case basis. Sometime settlements can be obtained in as little as 30 days, sometimes it takes months before a settlement is obtained. Statistically, though, 4-6 months is fairly common. One major factor that determines the length of time is how cooperative (or uncooperative) a person’s creditors choose to be. Another major factor is the length of time it takes to gather the funds for settlement purposes.
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Will creditors and collection agencies continue to contact me during the settlement process?
Yes. Unfortunately your creditors do reserve the right to contact you regarding outstanding debts until they are resolved.
What kind of results do people achieve through debt settlement?
It is impossible to predict exactly what your final outcome will be Sometimes accounts are settled for as little as $0.20 on the dollar and others as high as $0.80 on the dollar. If handled properly you should be able to settle for $0.50 on the dollar or less in most cases.
In addition, we strongly recommend that you be skeptical of any claims by companies that "guarantee" any specific settlement outcome because no one can absolutely guarantee any specific outcome.
What effect will debt settlements have on my credit report?
This is a very common question. The short and direct answer is that your credit score will probably get worse before it gets better. That’s the trade-off for being granted substantial debt relief without filing bankruptcy.
The cold, hard reality is that if you want “good credit” you have to pay you bills on time. Period. Anything less, and your credit score will suffer. Any reasonable person understands and accepts this. That’s just how our financial system works.
As mentioned above, we strongly recommend that you maintain a healthy dose of skepticism of claims that you can settle debts for less than full balance and simultaneously maintain good credit.
Why shouldn’t I just file bankruptcy?
Maybe you should. That’s for you to decide. For many people, though, bankruptcy is considered a drastic and last-resort option for the following reasons:
- If you file bankruptcy you will be required to appear in Federal Court for at least one hearing, maybe more.
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- The bankruptcy paperwork requires that you reveal all of your debts as well as all of your assets.
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- Credit bureaus are entitled to keep your bankruptcy filing on your credit report for up to 10 years.
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- In addition to your bankruptcy filing being listed on your credit report, a bankruptcy filing is also a matter of public record for anyone that wants to know about it. If your job requires any type of background check or security clearance, this could be a problem.
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- Certain types of bankruptcy require a court-appointed trustee to control and oversee your estate.
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- With a Chapter 13 bankruptcy filing, your employer will most likely be notified and automatically deduct pre-defined amounts from your wages
What does a creditor do if you cannot pay and you become delinquent?
I see advertisements for debt settlement “programs”. Can you explain what exactly a debt settlement “program” consists of?
What happens to the interest and/or late fees during the settlement process? Do they continue to accrue?
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“Mark Brinker is an expert in his field. He knows the ins and outs of the credit card business. He is able to give expert advice gleaned from over a dozen years in the business. He told me from the outset what to expect, and he was right in every case. He reminded me that it was not going to be an “easy fix”. I was over a hundred thousand dollars in debt. I was going to be responsible for paying back some of the money through a settlement process. He reminded me that it would take 6 to 7 months to complete this action, but he reminded me that he would be with me every step of the way. I am now debt free. I sleep through the night. I can watch the commercials and television shows about credit card debt without becoming sick to my stomach. I am grateful for getting this new start.”
M.R. (retired school teacher)
"I would like to thank you for outstanding performance in taking care of my debt. I appreciated your extremely honest and personal approach. Very exact and fast feedback and spotless professionalism. Thank you again."
M.S. (engineer)
"After years of not seeing any light at the end of my financial tunnel, I can finally breathe a little easier. Your efforts and abilities are unsurpassed. I can't begin to thank you enough for all that you have done. I would recommend you without hesitation. Thank you!"
K.S. (health care provider)
"I was a great credit risk until I took a job for 2/3 less income. When all else failed Hoffman, Brinker and Roberts was there to help. You guys did an outstanding job working within my budget - I even came out with a few extra bucks! It's such a great feeling knowing that all my credit cards were paid and settled without totally ruining me financially. Thanks Mark!"
V.R. (registrar, medical facility)
"Just wanted to thank you and your staff for all the help you have provided to me over these past months. My wife and I have gone from being overwhelmed and exhausted by our debt situation to a much more comfortable place - a place where there is light at the end of the tunnel. Could not have done it without you!"
J.P. (computer programmer)
"Our company was already struggling financially. Then we got hit with a $42,000 lawsuit which had the potential to put us out of business. After 4 months, you were able to negotiate a settlement for us in the amount of $8,000 as payment in full. This was a much better alternative than bankruptcy - both for us and our creditor."
C.K. (president, construction company)
"When my wife first found out about the possibility of getting out from our debt through debt settlement I was very skeptical. After months of research we came across Hoffman, Brinker & Roberts as a very trusted source and a company we chose to represent us against our creditors. Ever since then we have never heard from our creditors again and we have saved tens of thousands of dollars throughout the whole process in becoming debt-free. Words cannot describe how much I want to recommend Hoffman, Brinker & Roberts to help someone like us to get out from their debts. Much appreciation and I cannot thank you enough."
T.H. (systems analyst)
"My family is very grateful to you for your assistance in relieving the enormous burden of our financial debt. Not only were you super-efficient and skillful in handling our many creditors, your kindness and sensitivity to our predicament was always very much appreciated."
C.V. (loan service rep)
"I can't begin to express adequately how appreciative I am of Hoffman, Brinker & Roberts for the help they afforded me. We had created a huge financial mess after the loss of a job and starting a new business. They literally shaved years off of our payback schedule of the accrued debt. They were professional, responsive, and effective in their approach. A special "thank you" to Mark Brinker who was always courteous and thorough in his communications and follow-up."
R.L. (financial consultant)
"Your company has done a fantastic job. Everyone was very helpful during my stressful time. You saved me thousands of dollars, and can't thank you enough."
M.C. (dog breeder)
"Although I had already battled the credit card companies until I was paying virtually nothing on those cards they still didn't want to negotiate. HBR almost immediately was able to find common ground for the companies and I. My $80,000 debt is now gone and I can breathe again. Now I can manage my money properly. Thanks for being so quick and helpful to me."
R.S. (assistant city manager)
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