How debt settlement works

Consumer Debt Mediation, also known as debt settlement or debt negotiation, is an approach to debt reduction in which the consumer, and creditor agree on a reduced balance that will be regarded as payment in full, or an alternative solution to a legal judgment.

  WCM does not recommend that our clients stop making payments to their current creditors in order to seek settlement options - When payments stop, balances continue to grow due to late fees, interest/default interest and other contractual cost. This tactic is damaging to consumers in every respect.   

How long will negotiations take? 

Knowing how long it will take to settle accounts for a particular client depends on the individual consumer circumstance, and creditor policies. Our experience, in a majority of cases, is three to six months. Some cases may take as much as a year, and depends widely on individual goals and current financial ability. Clients seeking lump sum settlements will more likely have funds available to move on an attractive negotiated settlement, while others may be seeking settlements with manageable payment options. Some creditors move more swiftly during negotiations while other may be hindered by internal protocols, and policies which may slow the process.     

No escrow accounts-You control your money

WCM does not hold funds in an escrow account nor does it disperse any payments to the creditors. Once a settlement agreement has been reached our clients are instructed to make either a lump sum settlement payment or arranged payments directly to the primary creditor or attorney/collection firm. Once the first payment has been established WCM will close the file and submit a release of the POA.   

FTC Rule - No front-loading fees

WCM Does Not front-load fees or charge a fee based on the total amount of debt you owe. Many, so-called, debt settlement companies charge anywhere from 18%-26% on top of the total debt that is owed. This can amount to thousands of dollars added to your debt load and only serve to drive you further into debt - and it is illegal!  

Performance Fee

A performance fee will be assessed on the amount that WCM actually saves you not the total amount of the debt you owe. The performance fee is a percentage based on the reduced amount and is fully disclosed to you upon your free analysis. This fee is not assessed until a settlement has been reached and accepted by our client with the initial payment completed. Our fee is performance based - as it is the only measure that matters to our clients.

Cost on work performed

Some cases may require actual work to be performed prior to negotiations. For example a consumer may be facing a lawsuit or may have a judgment wrongly entered against them and require the assistance of outside counsel or legal document assistant (LDA); as defined under The Business and Professions Code Section 6450. Cost varies from case-to-case and is considered actual work performed and not associated with the process of negotiating the associated debt.

Debt negotiations isn't for everyone

Truth is, debt negotiation isn't right for everyone. Some consumers have so much debt and so few assets, that settling one or two accounts wouldn't be a reasonable approach to debt relief. Our team will be honest with you and if this seems to be the case we will decline or services and suggest an alternative.

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 We have successfully settled debts with: CACH, LLC, Portfolio Recovery, Patenaude & Felix, APC, Midland Funding, Mandarich Law Group, LLP, Reese Law Group, FarMar Law Group, PC, Velocity Investments LLC, Hunt & Henriques, LLP, Gimbal Capital Inc, LVNV Funding LLC, PMGI Financial LLC, Calvary, Zwicker & Associates, P.C., Wells Fargo Bank, SFM-6 LLC, Bank of America, Quall Cardot LLP, The Moore Law Group, American Express, Persolve, Law Offices of Kenosian & Miele, LLP, Capital One, Citibank, Springleaf Financial, Atlantic Credit and Finance Inc, US Bank, HSBC, Discover Card, - to name a few. WCM is dedicated to negotiating settlements with meaningful reductions; avoidance of attorney fees and cost; without entry of judgment. Individual results may vary.

Disclosure:

Estimates are based on historical results and individual results may vary. Not all clients are able to complete our program for various reasons, including their ability to save sufficient funds. Our clients experience greater satisfaction and reduced stress by having a knowledgeable negotiator fighting for them and avoiding the pitfalls of going in alone. Statements made are examples of past performance, which are not intended to be a guarantee of any future settlement results. West Consumer Mediation (WCM) assists with unsecured debt and any use of "debt free" or "debt relief" are forward looking statements ACCOUNTS, authorized by our client and successfully settled and accepted by our clients. While our negotiators work aggressively to reduce your debt balances, creditors are under no contractual obligation to negotiate or accept settlement offers. Debt reduction percentages do not guarantee that your debt balances will be lowered by a specific amount or percentage, or that you will be debt free within a specific time period. WCM, has not been endorsed  by any government agency and WCM is not an agenT of any government. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice. Actual testimonials may be presented but the names have been edited or redacted to protect our clients under our privacy policy (see privacy notice). Services may not be available in all states.