FAQs

How do I qualify and begin taking action?
How does Debt Settlement affect my credit?
Can I settle my own debt?
Why should I not just declare Bankruptcy?
When will I be debt free?
Do I include all forms of debt?
What is secured versus unsecured debt?
Is this like debt consolidation?
Why should I choose Precept?




1. How do I qualify today and begin taking action?

Precept Financial Solutions has an easy enrollment process which allows us to immediately go to work on your behalf. Because everyone's circumstances are entirely different, it is vital to have one of our Senior Debt Representatives assess your current financial state. Our experienced staff will counsel with you on your different options, and then provide you with an honest, straight-forward appraisal of your current situation, along with a plan for getting you out of debt in 36 months or less. You will find Precept's consultative approach truly comforting as we are here to help recommend options that fit your situation best... even if it means Precept is not the best alternative for you. Schedule your FREE Consultation today.
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2. How does Debt Settlement affect my credit?

Your credit score is largely comprised of two factors: (1)your payment history and (2) your debt-to-income ratio. Many people often mistake good payment history as "good credit". However, if all of your monthly take home pay goes back out to paying bills, chances are you currently have a dangerously high debt-to-income ratio and your credit rating may already be affected. In this scenario, the foremost concern should be to immediately reduce expensive overhead. Any debt management intervention, such as consumer credit counseling (CCCS), debt consolidation or debt settlement will have an impact on your credit. The goal of debt settlement is to help you get into a positive cash flow situation in the quickest, least expensive means possible by negotiating reduced settlement amounts with your creditors. This specifically addresses main financial crisis... the debt! Once the excessive debt is back under control, a positive credit history will soon follow.
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3. Can I settle my own debt?

While it may be possible to settle your own debts, it can also be extremely difficult. Dealing with your own personal debt matters is a very emotional task, especially when you're the one on the phone talking with collectors who are experienced in saying things to intentionally upset and intimidate you. Because of these common collection tactics, it simply makes good economical sense to let an expert handle these emotional negotiations for you.
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4. Why should I not just declare Bankruptcy?

Initially, many consumers consider bankruptcy as the quickest solution to resolving financial struggles. While nearly all bankruptcy attorneys will claim a bankruptcy will only stay on your credit report for 7-10 years, almost all credit or job applications today ask, "Have you ever filed bankruptcy?" On a job or credit application, to answer this question untruthfully is considered a federal offense, which means bankruptcy may follow you for the rest of your life. Because bankruptcy has such permanent implications, it should only be considered as the absolute last possible resort.
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5. When will I be debt free?

The estimated time frame required for you to go through the Precept program depends on several factors, and this will be discussed with you during your initial free consultation. Because settlement negotiates on average a 50% or more reduction of your total principal balances, the majority of our clients are able to obtain agreeable settlements with all of their enrolled creditors in 36 months or less. Should your income or financial situation improve at any point, you always have the option of expediting the program to become debt free sooner. Take the first steps to being debt free by scheduling your FREE Consultation today.
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6. Do I include all forms of debt?

You can select which accounts you would like for us to resolve. We may recommend you include all or most of your unsecured debt, and this will be discussed during your free initial consultation.
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7. What is secured versus unsecured debt?

Secured debt is defined as debt backed or secured by a mortgage or pledge of collateral or other lien in order to reduce the risk associated with lending and which the creditor has the right to pursue upon default. Examples of secured debt would be home mortgages, auto loans, student loans and some personal loans. Unsecured debt is defined as debt not secured by collateral in which the creditor holds no special assurance of payment. If the borrower defaults, the creditor has no assets to back up the loan.
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8. Is this like debt consolidation?

No. Most consumers who are in need of debt assistance need immediate monthly cash flow relief. Consumer credit counseling or debt consolidation programs do not automatically provide consumers with this much-needed monthly assistance. Many times, the new monthly payment consumers make to the credit counseling or debt consolidation agency is more than their regular monthly minimums made directly to the banks. This in no way provides consumers with the monthly cash relief that is desperately needed. For many Americans, simply reducing the interest rate on already high balances does not have a significant impact on the overall debt. As a result, the 4-6 year plan they were promised by these agencies turns out to be considerably longer.
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9. Why should I choose Precept?

While there are many reputable companies throughout the debt management industry, each company has their own distinctive methods in dealing with clients and creditors. Precept Financial Solutions has an industry-unique approach to guiding you through this worrisome period of uncertainty. However, it is a straightforward approach that has stood the test of time. Simply put...  Customer First.

While this may sound like a basic business principle, many companies have lost sight of this fundamental relationship concept. Precept provides you and your creditors unparalleled support by utilizing state of the art technologies to efficiently communicate between you, your creditors, and your Precept team members. This approach was first developed by the founders of Precept and has been the basis of industry wide recognition. Although the Precept concept is often imitated, it is never duplicated. This concept is an inner passion that only comes from the true understanding of relationships between debtors and creditors and years of industry know-how.

Precept constantly strives to improve the effectiveness of our relationship model so we may better serve each and every customer. Our genuine concern for our clients shines through in the lasting results we consistently achieve. It's these outstanding results that have made Precept a leader in the debt settlement arena, and we will continue to set new standards of excellence.

Call us today and give yourself peace of mind knowing we are here to provide you with the help and support essential to placing you on a new precept for financial security!    

1-800-866-4447

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