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Frequently Asked Questions
What do I do if I my checking account has changed?
If your banking information has changed in any way you must get that information to us in writing as quickly as possible. The most effective way to do this is to print out a "Bank Authorization" form from the client website, fill in your new bank information and fax it to us immediately.
An attorney sent me a letter about one of my accounts. What do I do?
Send the letter to us, so we can contact the attorney. Our mailing address is:
The Debt Solution
25115 Avenue Stanford Suite 300
PO Box 801090
Santa Clarita, CA 91380-1090
Or fax it to us at (661) 702-0317.
An attorney is calling me, what do I do?
Calls from attorneys follow pretty much the same rules as all other creditor calls. They are handled as follows:
Client: Hello
Attorney: I am calling on behalf of _____________ (creditor name) concerning your past due account with them…"
Client: What is the name of your firm and your phone number?
Attorney: (Answers the question) (NOTE: Repeat the above question as often as necessary to get the answers. Do not engage in any other conversation. The attorney may try to avoid the question, threaten you with lawsuit or some other form of intimidation tactic. Don't take the bait. Get the information you need and continue with the next step of the script.)
Client: Please call The Debt Solution at (661) 257-9755. Thanks for calling. (Hang up the phone at this point.)
IMPORTANT!! Do not engage in other conversations with the callers! Do not answer any other questions. Do not get upset. Always be friendly. Stick exactly to the script. Note the call on the call log and get it to us. We will follow up.
Once you have ended the phone call, send us an e-mail, customer service request, or fax with all of the information you have on the attorney so we can get a communication to him/her.
I received a summons, what do I do?
You should get legal advice and fax a copy of the summons to us for our records.
You should then get legal advice. We have therefore made arrangements with a national legal service provider to provide our clients with legal support at discounted rates. The best way to take advantage of their services is to click on the link to their website from our client site. This will take you to a special web page for TDS clients and will facilitate the smooth transfer of information from our computer systems to theirs, which will be more accurate and less time consuming than having you try to enter a lot of information we will already have in our systems. This link is also the way you get the discounted rates we have arranged.
You can visit their website directly. However if you contact them for service in this way, you may not be able to get the discounted rates we have arranged.
How do I add/delete an account?
We wouldn't advise you to delete an account from the program unless it is secured by property you are in danger of losing. Such secured debt should not be included in the program when you enroll, but it has happened in the past that clients have given us a debt to settle as an unsecured debt because they forgot that it was secured. If that has happened to you, please send us the details in writing and we will remove the debt from the program. As always you have for methods of sending us written communications: customer service requests, e-mails, faxes or letters.
Adding a debt to the program is as easy as sending us a written request to do so along with an account statement for the account. The account statement needs to be a complete statement showing it's your account, the account number, the balance due and the interest rate on the account.
Additions or deletions of accounts may affect the fees you are charged. Please see your service agreement for details.
Can I get a secured card to use for emergencies -a prepaid card- and have it worked into my financials as an expense each month?
This is not advisable. The best way to approach "emergencies" is to plan for them in your monthly budget. Home repairs, car repairs and medical expenses can be planned for and you can put money away for these things every month. These possible "emergencies" can be put into your budget and you should save money for those things every month and only use those funds for their intended purpose.
To help you manage you money more effectively, we encourage you to contact Benchmark Innovative Solutions about their money management system available at a discount to TDS clients.
What is a 1099C?
This is an IRS form used to report cancellation of debt to the IRS. Any savings over $600 realized by settling with your creditors through our debt settlement program may be reported by your creditors to the IRS as Discharge of Indebtedness income. The 1099C is the form used for that report.
We assume that if you enroll in our program you are insolvent and are having financial difficulties with your unsecured debts and you elect to do our program to avoid filing for bankruptcy. Per the IRS website, www.irs.gov you may be able to exclude Discharge of Indebtedness income if you are insolvent. For more information on tax ramifications to you personally, please consult a tax preparer, CPA or Tax Attorney or refer to IRS Publication 908 - "Bankruptcy Tax Guide" and IRS form 982, Reduction of Tax Attributes Due to Discharge if Indebtedness available on the IRS website.
What does "Insolvent" mean?
According to Webster's New World Dictionary:
Insolvent adj.
1 not solvent; unable to pay debts as they become due; bankrupt
2 not enough to pay all debts !an insolvent inheritance"
3 of insolvents or insolvency
n.
an insolvent person
Where online can I learn more about if I am insolvent or not?
Please see the above definition. If you do not have enough money to pay debts as they become due, then you fit the basic English definition. However, for tax purposes, the IRS has more specific things they look at. You can read about the IRS' requirements for insolvency in IRS Publication 908 - "Bankruptcy Tax Guide" and IRS Form 982, "Reduction of Tax Attributes Due to Discharge of Indebtedness" these can be found on the IRS website www.irs.gov.
Why do you need a statement from my creditor? Can't I just tell you the account number?
We need the statements for our records and to reduce the possibility of mistakes. Data in computers can be lost or corrupted. If we have statements in our files we can reconstruct the basic information we need should something go wrong with our computer systems. Having the original statements also helps us reduce the likelihood of data entry errors due to misunderstandings that can occur over the phone. Data entry can be checked against the written statements. We appreciate your cooperation in this manner.
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