Frequently Asked Questions
No. EDMS does not pay off your debts instead EDMS helps determine the actual validity of the 3rd party collectors right to collect on your debt. There are many laws that protect the consumer regarding collections and we assist clients in utilizing those laws to their benefit. The service fees that our clients pay support the significant staffing and document preparation assistance effort that goes into our comprehensive program. Our service team are experts at providing our clients options when it comes to navigating the challenges of financial hardship. We are not a Debt Settlement company.
The EDMS team has found the most success focusing on the unsecured debt that you have like credit cards and medical bills. However, our specialists will discuss all of your accounts and help you determine which ones you might want to enroll in the program. We can help you determine eligibility but you have to make the final decision on what to enroll in the program.
All of our clients have different circumstances depending so there is not a perfect answer but we generally aim for a 24 month period as an initial target subject to change. We even will provide service on your enrolled debts past our program period if required at no charge. This period can vary from 12 months to 36 months and is heavily influenced by the participation from our clients.
The majority of specialists at EDMS have experienced financial hardship themselves so we understand that our clients are struggling. If you have to miss a payment then discuss it as far in advance as possible with your account specialist so they can determine what options are available to you. Our priority is to always take care of our clients through the peaks and valleys of dealing with their financial challenges. We will always do our best to work together to find a solution and keep you enrolled in the program.
We have found that while all of our clients have different financial hardship situations that they generally follow a lifecycle of their credit score becoming lower as they work through the recognized process of debt transfer from original creditor (usually a major bank) to 3rd party debt collector. The client’s credit score will go down during this transfer period but the EDMS team will be working with you the entire time to ensure you know your rights as a consumer (to avoid harassment) and also to help you navigate the paperwork challenges of validating your debt with the 3rd party collection agencies. The EDMS financial hardship program provides the most benefits when our client’s debts are in the possession of 3rd party collectors. You probably will have to determine if your priority is a higher credit score or getting out of debt. This is a personal question but rebuilding your credit is difficult to do when you have a lot of debt. Please note that at anytime a third party collector can return the debt to the original creditor.
Yes as a normal part of the process. The great news is that the EDMS experts know the different laws that protect the consumer and they are focused on collector harassment practices both at the State and Federal level. EDMS will help inform you of the different laws so that you can stop the calls as much as possible. We are not a law firm but have a partnership with a national attorney group that will evaluate your situation for possible harassment. Disclaimer-We are not a law firm or a referral service.
A client is always free to do whatever they want regarding their financial situation and they could dispute their own debt. However, it is a difficult process where experience and industry knowledge are priceless. The EDMS team knows how to navigate our clients situations as quickly as possible with the best overall results. We exist solely to help support your efforts to reduce your debt.
The EDMS team will start as soon as possible depending on the client's situation. Client’s who have debts with 3rd party collectors already will begin almost immediately while other clients who have debt that is still in the process of transferring from the original creditor to a 3rd party debt collector will have to wait for that process to resolve itself. We are motivated to start as quickly as possible so that you can see results from our program but it can take several months before your accounts are sold to a 3rd party debt collector.
A creditor is always within their rights to sue any of their customers or to have your debt taken over by a 3rd party debt collector and/or law firm. This does happen with some of our client’s and the EDMS team is there every step of the way to provide as much support as possible. We are not a law firm but have partnered with a national firm that specializes in protecting their clients from the collectors. If necessary we will connect you with the law firm and provide them with all of the information that we have in your file (upon your consent) so that they may legally advise you. Any agreement between the client and a law firm is outside the scope of EDMS services because we are not a law firm.
No. Every client has different circumstances with multiple factors so we can’t guarantee results for legal compliance reasons.