Payment Management FAQs
Since they have been helping families with debt elimination in the same basic manner for years, we have heard the same questions come up frequently. Here are some of the more popular questions here for your reference.
Q. You have to be making some profit from this. How does Asset Management get paid?
A. There is a fee associated with the debt acceleration/elimination services that we provide. This fee is most often worked into the debt elimination plan itself, which means that you never have to write a check out to Asset Management. We accelerate and eliminate the fee along with the rest of your debt. In the end, the fee is never more than a fraction of the money you save by getting out of debt sooner--usually no more than 2-3% of the total savings you receive. A small price to pay for becoming debt free in half the time or less, and saving tens of thousands of dollars in interest!
Q. Why shouldn't I just do this by myself?
A. There are many reasons for this. The two most common reasons people do not create and follow a debt elimination process on their own are A) the knowledge of how to do it appropriately, and B) the discipline to follow the plan. Figuring out the amortization schedule for each one of your debts, calculating the most advantageous one to accelerate in any given month, and having the discipline to do it month in and month out is something most people can't or won't do on their own. Asset Management handles both of those issues for you, so the lack of knowledge or discipline no longer gets in the way of debt elimination.
Q. What if our only debt is our home?
A. It is true that both the time and interest saved in the debt elimination process is most dramatic with a household that has multiple line items of debt (i.e. one or more car payments, a student loan, one or more credit cards, a mortgage, and so on). However, many of our clients have only one or two line items of debt--some of them just a home mortgage. Many have decided to allow Asset Management to assist with the debt elimination process even though their debt is not immense. This is usually because they do not have the knowledge and/or the discipline to follow an accelerated program on their own. The fact is, in the worst case, families who only have a home mortgage typically cut the term of their mortgage in half using our debt elimination program, allowing the computer to decide how much to pay on the home and when to pay it. Since the home is by far the largest common debt among American families, it is also the area where our program can save the most money in interest. See: "Why shouldn't I just do this by myself?" above.
Q. How do my creditors get paid?
A. We ask you to set up a separate checking account with the bank of your choice. This becomes your "Debt Management" account. We do this for many reasons, but the two most important reasons are to make the process easier for you, and increase your feeling of security. The process becomes easier for you if you have a separate checking account to handle debt because it becomes easier to balance your checkbook. Your feeling of security increases because it is your checking account, not ours. Thus, the funds going in and out of the account are ultimately in your control. To pay your creditors, you place the monthly debt contribution that you choose in your Debt Management checking account. Asset Management drafts this account directly to your creditors. The money does not go through any Asset Management account, but goes directly from your Debt Management checking account to the creditors. You continue to receive your monthly statements from your creditors, you receive a report from Asset Management on how the program is progressing, and you receive a copy of the drafts that were sent each month from your bank.
Q. How long does it take to set up my program?
A. That's mostly up to you. We can have everything up and going in a matter of days. We have found that what holds up the start date more than anything is getting the separate checking account open that will be used for paying off debt. You are given a list of what is needed upon signing the agreement. Once we have these items, we put in any finishing touches you require, and the most advantageous start date is settled upon. It's as simple as that!
Q. What if I want to change the way my program is set up?
A. Your Debt Management program is your Debt Management program. We are here to assist you. We will give you the information, advice, and the figures to make rational decisions concerning your family's finances. We know that situations change, and we will respond with you to those changes. Our willingness to be flexible with your changing debt and circumstances is one of the great advantages of being a client of Asset Management. We will give you updates as you require. We will advise you on how these changes will affect your short and long range goals. You are the boss! After all it's your finances.
Q. My income is not stable. I get paid on commission. I find it impossible to have my bills paid on the same date every month. Will your program work for me?
A. We know not all people are alike. But we also know that everyone with debt will benefit from our program. That is why we have designed the Debt Management program to be so flexible. While a bi-weekly contribution toward debt is the most advantageous method, some clients who are paid less frequently may need to opt for a once-per-month payment plan. Our program is flexible enough to allow that option. Additionally, while the vast majority of our clients choose to have us administer the program, some will want to "go it alone" for one reason or another. To accommodate this, Asset Management will provide those who wish to implement their own program a planned payout schedule upon becoming a client. Our goal is to assist you in whatever way we can.
Have a question that isn't listed here? Their knowledgeable staff is always ready to assist you! Just send your question to: email@example.com .
Getting America Out of Debt...One Family at a Time™