Frequently Asked Questions
Will debt settlement hurt my credit?
How long will my credit be effected?
Do I have to include all of my accounts?
What is unsecured Debt?
If I settle my debts, can the creditor come after me for the remaining balance?
What is Global Client Solutions?
Global Client Solutions (Global) is the leading provider of account management services to the debt settlement industry today. Global is an independent third-party payment processor for consumers who are enrolled in debt settlement programs. Although we are not affiliated with any debt settlement company, we specialize in providing disbursement accounts that allow consumers to save funds to pay off their debts. Global’s Accounts are unique due to the separation between consumers and debt settlement companies, providing the consumer with complete control over the funds.
Global Client Solutions (2016) A Few Words About Our Company Retrieved from here
Is Debt Settlement a government program?
No. In fact, there are no government programs for personal unsecured debt relief and if any company tells you otherwise, it should be a red flag.
I heard I may have to pay taxes on the money I save. Is that true?
Yes. When you settle a debt you are receiving a great benefit by paying less than you owe. It is important to know that creditors will generally report any savings in excess of $600 to the IRS. You should contact a tax professional to find out your options. You may be able to file for insolvency in which case would exempt you from paying those taxes.
How long will it take to settle my debt?
Program terms are set for 1-4 years. During that time each account you’ve enrolled will settle periodically. Most of our clients see their 1st settlement within 60-90 days.
Will I be completely debt free at the end of my program?
We will be strictly focused on helping with the unsecured debts that are included into your program. This will not include any secured debts (i.e. Home Mortgage, auto loans, collateral loans, etc). Although not everyone completes their program, it is important to adhere to the monthly set aside payment plan to give yourself the best chance at success.