Repayment of loan
Each CreditAssociates client has a Special Purpose Savings Account on which the client's monthly payments are accumulated. CreditAssociates take these funds as payment for services only if they succeed in negotiations with the lender. Payments can be made in any way convenient for the client.
If the customer does not make the payment on time, this negatively affects the debt relief program. If clients miss several payments in a row, work on their situation stops.
If, after 36 months, CreditAssociates fails to negotiate successfully with the lender, then the client can receive the entire amount from the savings account back.
Early payoff
Monthly program payments made on time help the company's employees to continue working on the client's situation. The company welcomes early payments and does not require payment of prepayment penalties. The early payoff doesn't have benefits for the clients since the stability of payments does not affect the work of CreditAssociates. Monthly payments do not affect the negotiations between CreditAssociates and the client's lender.
Canceling and refunds
The client can cancel the debt settlement. At the same time, CreditAssociates will not require the client to pay the cancellation fee or charge any penalties. The client can receive all monthly payments accumulated on the Special Purpose Savings Account.
The client will also receive a refund if, after 36 months, CreditAssociates could not obtain a debt settlement from the client's lender. This can happen because the company does not guarantee the result. CreditAssociates takes payment only if the program is successful.
