Frequently Asked Questions
Is Debt Dissolve a "debt relief service" or debt relief organization?
No, Debt Dissolve is neither a debt relief service nor debt relief organization, as those terms have been defined by the FTC. Debt Dissolve is a consumer self-help service which assists consumers in understanding and utilizing their consumer rights through education and document templates.
What does the Program cost?
The cost of the Program depends on the number of accounts that are enrolled. Please visit our Subscription Options for more detailed information regarding pricing.
What is the basis of my credit card dispute?
Credit card disputes are typically based on Creditor violations of the Fair Credit Billing Act (“FCBA”), specifically 15 USC §1666.
Will using the Program impact my credit score?
Disputing a debt will not negatively impact your credit score, however non-payment a debt will likely negatively impact your credit score, even if it is ultimately corrected later.
Can I negotiate with Creditors myself?
Yes you can always attempt to resolve your debt yourself whether it is to settle with a lump sum or negotiate to lower interest rates, however this is often a difficult process for a consumer to take on without some assistance.
How long will it take to get out of debt?
The timeline to get out of debt can vary widely. If you are only able to make minimum payments on your credit cards, it can take up to 20-40 years and you would end up paying substantially more than the amount borrowed with interest.
Can I continue to use my credit cards?
A credit card dispute alone does not automatically stop you from continuing to use credit cards, however if you are not making payments to Creditors they may turn off the cards and close the accounts.
Will dispute letters settle my debt?
No, however creating a dispute with Creditors and retaining the proper legal artifacts may give you leverage in a negotiation with your Creditors.
Will disputing a debt remove it from my credit report?
If a debt is not valid or inaccurate it must be removed from your consumer credit report.
Is there a cancellation fee?
Is there a Setup fee?
- Create Debt Dissolve Online Portal
- Initiate Dispute for each Creditor account
- Create, send and track required communications to Creditor
- Track Creditor responses
- Digitally monitor and track Creditor compliance with statutory deadlines and requirements
Will I get sued by my Creditors?
If you are not paying Creditors under the exact terms of the contract there is always a possibility you may be sued, however, only a small percentage of accounts result in lawsuits, and disputing your debts may reduce that possibility significantly.
What is the Fair Credit Billing Act (“FCBA”)?
The FCBA is a law enacted to protect consumers from unfair billing practices. It enables individuals to dispute charges on their accounts for various reasons. The law can be found here
Does the FCBA apply to all debts?
The FCBA applies to “open end” accounts over $50 such as credit cards and revolving lines of credit, it does not apply to “installment contracts” such as car loans, although other consumer protection laws do apply to car loans, mortgages, furniture loans, and other “closed end” accounts.
What is debt settlement?
Debt settlement is when you negotiate a lower payoff amount on a debt. The payoff is typically expected by the Creditor to be a lump sum which the debt settlement industry reports to be around 68% on average on account which are successfully settled.
What is debt consolidation?
Debt consolidation is a term widely used to reflect a situation where you qualify for a new larger loan to pay off and “consolidate” a group of smaller loans into a single monthly payment, it usually does not reflect a decrease in the amount owed but may reflect a somewhat lower interest rate. To qualify for this new “debt consolidation” loan you usually need a good credit score.
What is credit counseling?
Credit counseling is usually where a 3rd party assists in negotiating a lower interest rate on your existing debt if you qualify.