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“Debt settlement,” “debt relief,” and “debt resolution” are terms frequently used interchangeably to describe the process where you or a company acting on your behalf will negotiate with your creditors to reduce the amount of debt that you owe, with the goal of paying off your enrolled debt entirely.
Many customers who complete our program pay off their enrolled debts in as little as just 24-48 months. Compared to spending years and years making the minimum monthly payments and accumulating interest at a high rate, debt relief can be a quicker, cheaper, and easier way to reach your goal of becoming debt free.
Debt Free Daisy does NOT collect any fees. The service is Free. However, our debt relief partners fee for settling your debt is calculated into your quoted monthly payment that we work out from the get-go. If you complete the program faster or slower, the fee remains the same; we will never charge you hidden fees. This fee is a percentage of each debt that you enroll in the program and settle, and that percentage varies from client to client based on their individual situation. If we can’t settle a specific debt for you, we won’t take a fee on that debt.
Clients enter our Debt Resolution Program because they are struggling to make ends meet. While we don’t advise anyone to stop paying their credit card bills, it’s important to note that continuing to make payments could impact our leverage when negotiating with creditors. The decision to stop paying your creditors is yours.
We cannot and do not offer tax advice, but in general, if your debt is canceled, forgiven, or discharged for less than the amount owed, the amount of the canceled debt is taxable. If taxable – usually if the debt exceeds $600.00 – you must report the resolved debt on your tax return for the year in which the cancellation occurred. That said, this does not necessarily mean you owe taxes on the forgiven portion. In many cases, clients can legally exclude resolved debt from their income through the “insolvency exclusion” provided by the IRS code. This exclusion means that your liabilities exceed the fair market value of your assets, or that you “owe” more than you “own.” Please consult the IRS or a tax professional directly.
Debt relief is often seen as a less drastic alternative to bankruptcy. While both bankruptcy and debt relief can get rid of your debt, they use very different methods to achieve that goal. For one, debt relief programs typically operate on a shorter timeline than bankruptcy would. Additionally, while both negatively impact your credit score, bankruptcy can stay on a credit report for up to 10 years, which is longer than for debt settlement.
Any solution to overwhelming debt, has its pros and cons—but you’re the only person who can decide if it’s worth it. Because debt relief is a major commitment, you’ll want to do some digging about what your financial goals are by asking yourself a few key questions. What am I using my credit for? Do my goals require me to have a decent credit score in the short term, or do I want to have an excellent score in the long term? Can I afford to make a monthly payment toward my debts? Again, you’re the one who knows your situation and your money goals best. You might conclude that debt resolution isn’t right for you—or you might realize that it’s the best thing to happen to your finances! If you’re unsure, our team of certified debt specialists is available to help you make an informed decision.
Disclaimer:
We may receive compensation from debt relief providers for the referrals generated through this site. The amount and type of compensation received can influence how, where, and to whom leads are directed. Our referral process may therefore affect the order or selection of providers you are matched with. We strive to connect you with the most suitable options based on your situation, but other factors may impact the providers presented to you.
In addition, some images or testimonials used on this site may feature actors and not actual clients, and are intended for illustrative purposes only.
Questions & Answers
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