Debt Settlement Frequently Asked Questions

What does "debt settlement" mean?

Debt settlement means negotiating with a creditor to reduce the amount of a delinquent debt down to a lower amount, that the debtor can then pay in order to fully satisfy (or pay off) the debt. The primary benefits of this strategy are to help you become debt free sooner, pay your debts on terms structured to your specific budget, avoid bankruptcy, and pay less than you would by making the minimum monthly payments.

My monthly income varies. How would your program work for me?

We analyze every client’s financial situation on an individual-case basis. That allows us to recommend a fee-and-payment schedule that works for you.

How much do debt-negotiation and -settlement programs cost?

Kazlow & Tucker sets its program fees on an individual-case basis. We calculate an affordable monthly program payment based on your level of debt, your income, and your living expenses.

Am I required to place all my unsecured debt into your program?

Actually, we recommend that you keep at least one credit card out of the program, because every account placed into the program must be closed. (Creditors will not agree to settle unsecured debt on open accounts.) You may need one credit card for emergencies.

When will Kazlow & Tucker begin negotiating debt settlements for me?

When you enter our debt-negotiation program, we notify your creditors that you have engaged us to represent you. Once adequate funds are available in your settlement account to fully settle a debt you’ve placed into our program, we can settle that debt.

After I enter your program, what should I do if my creditors call me or send me mail correspondence about debts I’ve placed into your program?

Kazlow & Tucker first notifies your creditors that you have engaged us to represent you, and we will ask that you redirect to us any contact you receive from your creditors. If a creditor does not stop contacting you, let us know so we can remind that creditor of our representation. In addition, keep a written record of every contact you receive from that creditor.

What do you do if some of my creditors refuse to settle my debts?

Kazlow & Tucker will work diligently to obtain your creditors’ agreement to settle your debts.

Will participating in your program harm my credit?

Participating in Kazlow & Tucker’s debt-negotiation and -settlement program will likely result in delinquency notices and other negative notices on your credit reports. Once you have completed the program successfully, you can start rebuilding your credit.

Will your program stop late fees and interest from accruing on the debts I put into the program?

Not all creditors will agree to stop adding interest or late fees to your unsecured debt in the program. However, those fees and interest will be included in the settlement amount, which ultimately may still be much less than you owed before settlement.

Why do my creditors say they will not work with you?

Usually the person telling you that is a paid collector who is "self-interested" and makes a commission or bonus on what is collected from you. They may tell you they will not work with us just to get you to send money to them. Once you become a client, you will direct all creditor calls to our customer service and debt mediation division.

What should I do if I miss a monthly payment to Kazlow & Tucker?

Call us as soon as possible to arrange payment. We know that unexpected situations arise, and we can help you get back on schedule.

What if I receive a court summons or arbitration letter?

If you receive a collection letter, arbitration letter, or a court summons, do not panic. Let us know as soon as possible so that our legal resources department can walk you through the steps that need to be taken.

How do I obtain information on the status of debts being negotiated and settled?

Just call us!