Debtco Frequently Asked Questions
Read below FAQs from our Site visitors
Read through our FAQs to get a better understanding of how Debtco operates. If anything is unclear please contact us for further information.
Generally, negotiations will take from a few days to 4 weeks to complete.
This largely depends on your circumstances. We are able to save you from 5% of the debt to as much as 95% of your original balance owing. If the circumstances are right, we can even have your debts written off.
Contact us immediately so that we can discuss how we can stop this legal action for you and then facilitate a good settlement offer. Alternatively, it is advisable to contact a lawyer to seek further advice.
No. Loans that remain under 2 months in arrears will not be credit listed, your credit will not be harmed no matter how much we save you. Accounts that are already listed as a Default with VEDA Advantage before the client engages our services will be listed as ‘Settled’ once our service is completed.
Yes. While we are involved in mediating between you and the bank, all phone calls, letters and legal action will cease.
It is seldom we are not successful in negotiations, however if we cannot save you money you have us free.
No, however in the interest of giving you a clean break from debt it is advisable to include all or most of your debts in the negotiation program.
Yes you can. You can also repair your own car, build your extension on your house and do your own taxes, but most people choose to seek help. Most people prefer to leave these tasks to experienced people who earn their livelihood as specialists in those lines of work. We are specialists at one thing only, negotiation with financial institutions. We live and breathe to save you as much money as possible from the banks who squeeze as much money from you as possible.
Use us to negotiate your debts. You can Google this topic, but be careful as some ranking companies on this topic are insolvency specialists, which is fine if you’re looking at a bankruptcy option.
The negative side to debt negotiations is that some specialists can be expensive. However, if there is a guarantee in place such as a “no win no fee” policy and you expect to save a considerable amount of money then it may well be worth it for you.
The other disadvantage is that you will need to raise funds to make the offer of settlement if your specialists are dealing with a bank or trade creditor. This means if you want to offer 20 cents in the dollar you must raise this money ready to pay when your creditors agree to the offer.
However, in the end debt negotiators will generally provide their services without the client risking their house, business, and their credit rating. Additionally, if you have the right profile you will have your debt dramatically reduce with guarantees in place and without you investing upfront cash for the service.