Debt Resolution Program (DRP) Using an Escrow Agent and Settlement Organization
This plan is referred to in the industry as a "settlement plan ". Under this plan you select an escrow agent to hold your monthly payments and take the creditor phone calls as well as the collection notices. When your funds in the escrow account build to around half of one of your balances, then the settlement organization attempts to get the creditor to agree to clear the account for far less than the balance owed. As funds continue to grow, each debt is settled out.

What is the Debt Resolution Plan?
The Debt Resolution Program (DRP) is a debt management plan that is designed for consumers experiencing high-unsecured (credit card) debt. If you desire to payback your debt but need a plan that you can afford and finish, then the Debt Resolution Program is for you. The DRP is a plan that is beneficial to both the consumer and the creditor, without having to file for bankruptcy. Ideal candidates for the DRP are individuals who are unable to make their payments, currently experiencing collections, have past due accounts, and/or have overwhelming debt. While enrolled in the DRP, a client’s unsecured debt is negotiated to a figure that is considerably lower than the current balance. This settlement is made with funds that have accumulated from client monthly payments to the escrow agent , in lieu of their creditors. These funds are placed in an escrow account and remain there until a settlement is reached. Because these settlements are often made on a "Lump Sum" basis, the settlement organization is able to secure discounts that are far beyond those that are normally attained by an individual or most legal firms. The average DRP client completes the program in 24 ~36 months. Debt is reduced by 40%-60%, which often results in thousands of dollars in client savings. Throughout the program, clients receive monthly statements detailing both their overall account status and any creditor activity. The Debt Resolution Program is truly developed from the client’s perspective.

How Debt Resolution Program (DRP) Works
The Debt Resolution program begins when an applicant completes the DRP Escrow Agreement, Disclosures and Acknowledgments, Limited Power of Attorney, Personal Budget Worksheet, and provides them to their Escrow Service Representative along with a payment for the applicable escrow setup fee. The Escrow Service will accept a partial payment on the setup fee for applicants who are unable to pay in full at time of application. The applicant must also provide Escrow Service with the original Creditor(s) billing statement(s) for every account to be included in the DRP. Next, clients cease making payment(s) to all creditors enrolled in DRP and begins making a single monthly payment to the Escrow Service that is placed in a secured Escrow account to accumulate for eventual settlements. For the client's protection,all funds are paid to and directly managed by the Escrow Service. The settlement organization's professional negotiators, paralegal and attorneys handle all creditor contact. Once an applicant's setup fee has been paid in full, the Escrow Service begins the process of contacting the client's creditors by preparing Creditor Notification Letters for each of the client's creditors. Once these letters are prepared they must be signed by the client and mailed VIA CERTIFIED MAIL to each creditor the client has enrolled in the DRP. the Escrow Service will prepare and provide these letters to the client with properly addressed envelopes included. The notification letters announce that the client is affiliated with the Escrow Service and instructs the creditor to now contact the Escrow Service (only)and not the client. Clients are responsible for mailing the creditor notification letters VIA CERTIFIED MAIL. Once the client's account accumulates sufficient funds for settling a particular debt, the settlement organization's professional negotiators make a lump sum settlement offer to the creditor. The creditor usually answers with a counter offer. When settlement organization's negotiators and the creditor agree on a final settlement offer,the client debt is settled.The client's creditor is then paid. As a part of the settlement process creditors are asked to send a "Paid as Settled" or "Paid as Agreed" notification letter to the three major credit reporting bureaus and courtesy copy to the client for their records. This process is repeated for each of the client's creditors until all accounts are satisfied. Clients are able to track all activity with their monthly statement.

DRP FAQs

What will DRP do for me?
Ultimately,the plan will get you debt free in the shortest amount of time possible while saving thousands of dollars. On average the DRP program reduces client ’s debts 40%- 60%,and debts are resolved in a single lump sum payment.Creditors then consider the debt satisfied. Many Creditors welcome our efforts.

How will the Debt Resolution Program affect my credit report?
In most cases a client’s credit report is already negative prior to enrollment.Non-payment of the monthly payments to creditors will be reported by creditors to the major credit reporting bureaus. The settlement organization strives to manage the reporting of each settled account as "Paid as agreed" or "Settled". A positive credit reporting is negotiated when possible. Your credit score improves as debts are settled.

Will Creditors /Collectors call me at home?
With few exceptions, creditors are forbidden from calling clients who are enrolled in the DRP. Phone calls from bill collectors should stop 10 days after certified mail notification. At any time a creditor ’s conversation is harassing in nature,the client should contact American Payment Technologies immediately for further instruction.

Where does the Escrow Service keep my money?
All client funds are held in an escrow account and maintained according to strict accounting principles.The name and location of the financial institution is available upon request.