FAQs

I’m nervous about negotiating with my creditors. How does the LMG Financial Solutions LLC program assist in the process?

Speaking to your creditors can be frightening and intimidating. With our proven methodology, you will be able to negotiate a great deal. LMG Financial Solutions LLC will be with you each step of the way.

We will provide real-time interactive consultation. We will be with you as you negotiate with your creditors to ensure that you will receive an excellent debt reduction offer. We will monitor your negotiation and provide immediate input with guidance to ensure your negotiation proceeds smoothly.

What is the LMG Financial Solutions LLC consultation process for debt settlement?

LMG Financial Solutions LLC debt settlement consulting consists of the following:

  1. We will review the client’s outstanding debt.
  2. We map out the strategy for negotiation with creditors.
  3. We will provide support in a consultant role as the client negotiates with the charge company and or other creditors.
  4. We guide you through the negotiation process.
  5. We will provide a road map to the client for financial freedom.

Does LMG Financial Solutions LLC achieve the same debt reduction as a debt settlement company?

The answer is yes. With LMG Financial Solutions LLC as your consultant, you will receive the same debt reduction and, in some cases, even better.

Do I need to send in monthly funds into a dedicated account towards debt settlement?

You do not need to sign up for a dedicated account. You will manage your own funds and pay off your debts based upon the settlement offers that you have negotiated. You will not incur any fees that dedicated accounts require.

Why choose LMG Financial Solutions LLC vs. Debt settlement companies?

The biggest reason is the fees. Debt settlement companies can charge as much as 25% of debt reduction. LMG Financial Solutions LLC fees are significantly lower.

How Does Debt Settlement Work?

When you owe your creditor more than you can pay, you can negotiate a lower amount. You will be pleasantly surprised that most creditors are willing to reduce the amount you owe them. Contact LMG Financial Solutions LLC for your complimentary 30-minute consultation.

Will Debt Settlement Work for Me?

The best way to determine if debt settlement is right for you is to call LMG Financial Solutions LLC for your complimentary 30-minute consultation. We will review your finances at that time.

What Happens to my Credit Score During Debt Settlement?

In most cases, your FICO score will fall to some degree. However, once you have completed the LMG Financial Solutions LLC program, you will be able to improve your score dramatically.

How Much Does Debt Settlement Cost?

Consulting fees are determined by your total outstanding debt and will be significantly lower than a debt settlement company.

What Are the Tax Consequences of Debt Settlement?

Debt forgiveness is considered income and will be reported to the IRS. The good news is that most individuals going through debt settlement will be regarded as insolvent (owing more than what they have in assets) and will be exempt from paying taxes. As an experienced tax professional, LMG Financial Solutions LLC will address the issue appropriately.

What About Lawsuits?

Lawsuits can still occur. Most creditors don’t want to pursue this avenue as it is costly and time-consuming. This is why, in most cases, debt settlement is the direction you should follow.

Can my wages be Garnished During Debt Settlement?

Yes. However, creditors would much prefer a debt settlement vs. garnishing your wages.

Will I Still Be Able to Use My Credit Cards?

The credit cards enrolled with the debt settlement program cannot be used. Please contact LMG Financial Solutions LLC to discuss your situation during a complimentary 30-minute consultation.