Plan B Consultants

The PlanB process lays out a plan to put you in control by taking advantage of several laws that have been set forth to protect you, the debtor. These statutes are primarily found in two major acts, The Fair Debt Collections Practice Act and The Fair Credit Reporting Act.

Within these is found several protections that can be utilized to best position you with your creditors. The process consists of a few phases: 1. Asset Guard - by placing a superior lien on your personal name before the creditor, you maintain a "first position" similar to the mortgagee of your home.

This strongly discourages any lawsuits, deficiency judgments, or other judgments from being pursued. The longer this defense is in place, the more protection you will have; so get started immediately! Certain steps are also taken to avoid the possibility of bank and wage garnishments as the process moves forward.

2.Debt Validation - This is a process of requiring proper evidence that specific obligations and requests for payment of debts are valid, it is not for the intent of complete elimination (although possible) but for the intent of building a case against the respective creditors and fortifying your position of negotiation.

This process can be a drain on collections budgets and cause creditors to look for alternatives to harassment alone for collection. Often, the original creditor will charge off the debts to collection companies, avoiding judgments with the original creditor, where the process continues until negotiation is decided upon.

3.Secured Loan Deficiency Negotiation - Working with our team of specialists, you may begin negotiating the sale of assets for less than owed in the event it is necessary in order to achieve the results you desire. This includes assets you find yourself "upside down" on such as a mortgage that is higher than a possible sale price, or even an auto loan that you find yourself owing more on than the vehicle is worth.

Now you have opportunities and options for not only unsecured debts but secured debts as well. 4.Negotiation and Resolution - When you are ready to negotiate, or when the opportunity shows itself, you will begin submitting properly structured negotiation requests that are on your terms.

This allows you to come out on top, having your head above water, avoided bankruptcy, protected your assets,and eliminated future garnishments, as well as avoided, in large part, any judgments and lawsuits. 5.Credit Repair - The final stage is to look at optimization and repair of your now damaged credit. In the negotiation process you may have minimize this but you will undoubtedly incur damage to your credit file.

Utilizing the correspondence that has occurred throughout the process in requesting validations and disputing accounts, much of this damage can be contested based on the laws of the Fair Credit Reporting Act. As accounts are in dispute, delinquency and derogatory marks cannot be reported. There are additional solutions outside of the specifics of this process that allow for continued repair.

Even if credit is not repaired, a derogatory mark can remain no more than 7 years, where bankruptcy remains 10 years. In many cases, you will be automatically denied credit for having filed bankruptcy where credit exists for those with damage alone. Once your credit is repaired, you are able to move back into opportunity, better loan rates, and a more prosperous future.

You will have gained a new understanding of debt management valuable lessons learned from the experience. If you would like more information on getting started, or if you would like to speak with a company representative about your personal situation, please fill out the form below and we will contact you in the next 24 hours.