Here are some frequently asked questions we get from our clients, if you have any other question, please feel free to contact us and we will get back to you as soon as possible.

Who is qualified for our program?
Who is not qualified for our program?
How do I get started?
Why should I use Financira?
What happens during my initial free consultation with a Debt Counselor?
Is a Debt Settlement Program the same as debt consolidation?
Is bankruptcy a better option for me?
Does Debt Settlement have a negative impact on my credit?
Can I be sued?
Can Financira stop my creditors from calling?
Can creditors garnish my wages?
Can't I negotiate my debts with my creditors on my own?
What are the tax consequences?

Who is qualified for our program?
Financira’s debt settlement program is only for people facing financial hardship. This means people who are late on paying their debts, have little or no ability to pay their debts in the future and are facing a possible bankruptcy.
Back to Top

Who is not qualified for our program?
Financira does not advocate that any person default on their debts. This program is not for people who have reasonable means to pay off their debts. If you have the ability to pay your debts in a normal fashion, by paying minimum payments, then you should honor your debts and do so. This program is not for people who can meet their monthly debt obligations.
Back to Top

How do I get started?
Contact us via our online form, or by telephone. You can reach us toll free at 1-866-987-3328.
Back to Top

Why should I use Financira?
Financira has assembled an impressive team of dedicated individuals who work with one common goal: to save you money. Financira' debt settlement program is set up to work with your best interests in mind. We have created a win-win relationship, by implementing procedures to ensure the best results for our clients. As always, getting you out of debt is our job. keeping you out is our mission.
Back to Top

What happens during my initial free consultation with a Debt Counselor?
Because everyone's situation is unique, it is essential to have an experienced person evaluate your particular situation. Financira' professional staff will consult with you about your different debt resolution options, and outline a suggested payment plan to settle your debts within 36 months or less. Our consultative approach is very unique to the industry, as we will be here to confer with you and not to "sell" you.
Back to Top

Is a Debt Settlement Program the same as debt consolidation?
No. Debt Settlement specifically reduces your current outstanding total balances by negotiating agreed payoff amounts with your creditors. Conversely, debt consolidation programs combine your outstanding debts into one monthly payment and secure them with one of your most valued possessions - your home. Debt Settlement Programs can save you thousands of dollars and years of repayment. Typically settlements with all of your creditors can be accomplished within 36 months or less, with a lower monthly payment than any other debt resolution option. Because of the reduction in overall debt, settlement negotiation is now becoming the ONLY viable solution for many Americans to rid themselves of burdensome unsecured credit.
Back to Top

Is bankruptcy a better option for me?
Anyone considering our program should also contact a bankruptcy attorney to determine if their situation warrants filing for bankruptcy. Using the Debt Settlement process does not guarantee that you will not have to file for bankruptcy in the future.
Bankruptcy may seem to be the quickest solution to removing your outstanding debt and bankruptcy attorneys will tell you it will only remain on your credit for 7-10 years. However, almost all credit applications today ask the question, "Have you EVER filed bankruptcy?" Even if the bankruptcy has fallen off your credit report, to answer this question untruthfully is considered a federal offense. This means bankruptcy will follow you for the rest of your life. Bankruptcy is a permanent decision that should only be considered as an absolute last resort to solving your debt matters.
Back to Top

Does Debt Settlement have a negative impact on my credit?
Yes. Your credit score will decline if you enter this program. Your original circumstances will dictate how much it will decline. Some of the accounts you place into negotiation are likely to “charge off” eventually, which reflects negatively on your credit. However, once the charged off debt is settled, the settlement is reported to the credit reporting bureaus. Settled accounts are positive compared to delinquent debts or bankruptcy. After debts have been settled and paid, your credit score should begin to improve, because the negative items have been resolved. A high credit score is desirable, but if you have a financial hardship and are unable to pay your debts, your first priority should be to pay your debts and get back on the path to financial freedom.
Back to Top

Can I be sued?
Yes. Your creditors retain the right to collect the money owed to them; they maintain the right to sue to recover their money. But usually the purpose of the lawsuit is to force a settlement on the matter. In our experience, most creditors would rather not go to the expense of suing but simply try to negotiate a settlement instead.
Back to Top

Can Financira stop my creditors from calling?
No. Your creditors have the right to contact you in order to collect a debt. However, we have been successful in eliminating some harassing telephone calls. If your account is in collections; collections agencies have to adhere to the FDCPA Guidelines. If you would like to learn more go to: Fair Debt Collection Practices Act. During our program if your FDCPA rights have been violated, contact us and we will work with you to try and resolve the matter.
Back to Top

Can creditors garnish my wages?
Yes, however this is can be a long process for the creditors. The creditor has to sue you, successfully obtain a judgment, and then file for a garnishment action. If you’re willing to work with your creditors, wage garnishment can normally be avoided.
Back to Top

Can't I negotiate my debts with my creditors on my own?
Yes, you can negotiate your debts with your creditors on your own. As a matter of fact if you successfully negotiate a debt it may cost you less in the long run to use this approach than to use Financira.

Although it is possible, it is very difficult to negotiate debt on your own. Creditors deal with thousands of people who are in financial difficulty every day and have a vast array of sophisticated--and some rather blunt-- methods of getting you to pay your debts. It's almost like trying to change your own car transmission. Can you do it? Yes, but if you don't know what you're doing, nor have the tools to change it, it can be an extremely complicated task. The settlement process is usually very emotional and stressful, especially when you are the one being attacked by collectors over the phone. By letting Financira do what we do best, you will get better settlements with a fraction of the stress. Remember, we have years of experience in dealing with creditors and handling peoples' financial problems.
Back to Top

What are the tax consequences?
Your creditors will report cancelled and settled debts exceeding $600 to the IRS and you are required to report the same as income on your annual tax return. However, the IRS permits you to write off any “income” from canceled debts up to the amount by which you were “insolvent” at the time. You need to consult your tax advisor for advice specific to your situation.
Back to Top