What is forensic mitigation/negotiation and financial restructuring?
Forensic mitigation/negotiation is when your creditor agrees to accept less than you owe to satisfy your obligations. This process usually involves negotiations between the consumer and his or her creditors to settle unsecured obligations for less than the full balance. These negotiations are often conducted on behalf of the consumer by a professional forensic mitigation negotiator.
Will this affect my credit?
The primary purpose of the program is to help you resolve your obligations. Any time a borrower does not make timely payments to their creditors they run the risk that their credit profile will be negatively impacted. We will stress here that the purpose of this program is to resolve your obligations, not attempt to improve your credit score.
Are there any guarantees?
Yes. Alliance Law Group guarantees that it will perform all of the services you are paying for. We guarantee you with quality customer service and aggressive negotiations with your creditors on your behalf. We cannot, however, guarantee any specific outcome or that all creditors will work with us and accept any settlement offers we send to them.
Is it possible that I will need additional funding to complete the program?
Your savings payments are based on past history and results of working with creditors similar to yours. It is entirely possible that you might need to make additional payments to your savings account if ALL of your creditors actually respond to the requests for validation, and if ALL require a higher settlement percentage than we have experienced in the past.
How much can I expect to save in your program?
The exact amount that you might save cannot be predicted. However, the fees for professional services rendered are fixed and will never go up during your program. Therefore, the amount that you save is determined by taking the current amount you owe at the time you enroll in the program and then subtracting the professional service fees and the actual amounts you agree to pay back to your creditors.
What do I do when they call?
Explain to them that you are now working with a law firm to assist you in restructuring payment of these debts. Give them the Alliance Law Group toll free number and we will be happy to speak with them.
What if these companies don't want to call Alliance Law Group or tell me they don’t work with third parties?
It is very common for creditors to tell you they do not work with us and don’t have to call us. Resistance in the beginning of the program is almost a given. Remember, your creditors are now receiving notice that you are requesting that the obligation be validated and proven to be legal. They most likely want to discourage you from using a program like this because they are more likely to get more money out of you by harassing you than working with us.
When can I expect the negotiations and settlement process to begin?
In order to send out settlement offers to your creditors you will need to have savings available to honor any settlements that are accepted. If you have the ability to save additional amounts or you receive a lump sum from a source like a tax refund, Alliance Law Group can work on your settlements much sooner.
What exactly is “forensic mitigation”?
Forensic Mitigation is a form of a “financial workout” for consumers where our law firm negotiates with creditors to modify the terms of our clients’ financial obligations at a reduced rate. We customize an affordable plan for our clients to repay their creditors. Frequently we are able to eliminate late fees, lower interest rates, and decrease the total amount of debt owed by our clients.
What types of financial obligations can be resolved?
All unsecured obligations including credit cards, lines of credit, medical bills and personal loans can be resolved and substantially reduced.
Will forensic mitigation stop creditors from harassing me?
Although we cannot guarantee that all creditors will cease calling you, we immediately send notice to all your creditors that you are represented by a law firm and that they should only contact us. If any creditors contact you after we have given them notice, simply tell them you are represented by our law firm and to contact us directly. If any collection agency continues to harass you, contact us and we will protect your rights under federal law.
How long will it take to complete the program and pay off all my obligations?
It typically takes about 24 to 36 months. However, it could be much sooner depending on your particular situation.