SERVICES
What We Offer For You
Credit repair involves the process of improving a person's credit score by addressing inaccuracies on their credit report and implementing strategies to rebuild creditworthiness. This typically includes disputing errors, negotiating with creditors, and responsibly managing finances to demonstrate creditworthiness over time. The goal is to enhance one's credit profile, enabling access to better loan terms and financial opportunities.
Assessment and Goal Setting
"At Prosperity Financial Network, we believe that debt settlement is not just about resolving debts—it's about empowering individuals to reclaim control of their financial lives and pave the way for a brighter tomorrow."
-Alex Lopez
Credit Report Analysis
What Are Our Customers Saying ?
Steve - Texas
Stephanie - Pennsylvania
FAQS
Debt settlement involves negotiating with creditors to reduce the total amount of debt owed. It's a proactive approach that can help you pay off your debts for less than what you owe, providing a pathway to financial freedom.
Yes, debt settlement is a legitimate and effective option for resolving debt. It allows individuals to negotiate with creditors to settle their debts for a reduced amount, helping them regain control of their finances.
While debt settlement may initially have a negative impact on your credit score, it can ultimately improve your financial situation by helping you become debt-free. Over time, as you pay off settled debts and demonstrate responsible financial behavior, your credit score can recover.
Debt settlement can be used to negotiate and settle various types of unsecured debts, including credit card debt, medical bills, personal loans, and certain types of business debts.
The amount you can save through debt settlement varies depending on factors such as the total amount of debt owed, your financial situation, and your negotiating skills. However, it's common for individuals to settle their debts for significantly less than the original amount owed. Understanding Debt Settlement is an art and it changes often, rest easy knowing our team does everything possible to maximize your savings!
The duration of the debt settlement process varies from case to case. It typically takes several months to negotiate settlements with creditors and finalize payment arrangements. However, some individuals may be able to settle their debts more quickly, while others may take longer. Really depends how motivated a client is and what financial means they have available!
In many cases, forgiven debt may be considered taxable income by the IRS. However, there are exceptions, such as insolvency or certain types of forgiven debt, which may be excluded from taxable income. It's essential to consult with a tax professional to understand the tax implications of debt settlement fully.
While it's possible to negotiate debt settlements on your own, enlisting the help of a reputable debt settlement company or attorney can often lead to better results. These professionals have experience negotiating with creditors and can help you navigate the process more effectively.
In many cases, creditors may continue to contact you during the debt settlement process. However, once a settlement agreement has been reached and payments are being made, these communications typically decrease. It's important to keep in mind that creditors may be financially motivated to scare you into working with them directly. Often times, collection companies are dishonest, claiming they do not work with debt relief companies. This is far from the truth. Working with a debt settlement company can help streamline communications with creditors on your behalf.
Debt settlement may offer relief to individuals grappling with overwhelming debt and struggling to meet monthly payments. Before determining if debt settlement aligns with your needs, it's crucial to thoroughly assess your financial circumstances, objectives, and available alternatives. Consulting with a debt relief expert, such as PFN, is highly advisable to gain comprehensive insight into your options and to make a well-informed decision promptly. Contacting PFN as soon as possible ensures timely guidance and support tailored to your specific financial challenges.
Our Team
ALEX LOPEZ - PRESIDENT / CO-FOUNDER