Frequently Asked Questions – Americor Financial Services
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Frequently Asked Questions


How long does it take to complete a debt resolution program?

While each person’s situation is unique, and it is dependent on how much debt you enroll and how fast you can save, our clients are typically able to complete a debt resolution program in 24-48 months.

Can you guarantee all of my debts will be successfully negotiated through your program?

Americor will not enroll a creditor that we have not successfully negotiated with. Part of the enrollment process is to determine which of your creditors we can and can not enroll. Americor has been successful negotiating debts by most all credit card companies since 2009.

How long does it take before I typically see results?

Our clients typically see their first account resolved in 4 to 7 months.

How are fees charged and paid in a debt resolution program?

We never charge a fee until we are able to successfully resolve one of your accounts. When we receive an offer from one of your creditors, we will submit a written agreement to you for your review and approval. Our fees are then paid on a prorated basis once the settlement payment is made.

Can you tell me in advance what percentage my debts will be settled for?

No. While we always strive to get the best possible results for our clients, many factors determine what we are able to resolve any given account for.

Can you stop the collection calls from aggressive collectors?

While we will contact your creditors and provide your authorization to have them speak with us regarding collection matters on your account, your creditors and collectors do have a legal right to contact you directly in an effort to collect an outstanding debt. While most creditors and collection agencies will honor your authorization to have them speak with us directly, you may still receive some collection calls. If that’s the case we have some helpful tools to help you stop those calls.

Can you ensure me that I won’t be sued by my creditors?

No. While this happens infrequently, your creditors do have a legal right to enforce their rights through litigation. Pursuing the collection of an outstanding debt is costly and time consuming for creditors, so if a lawsuit is filed on one of your accounts, it is usually done to force a settlement for less than the full amount owed. In the event that this occurs, we have a dedicated team who specializes in negotiation with the law firm to try and resolve the account before it goes to court.

Do I have to enroll all of my credit cards in the program?

In some cases, our clients need to have one credit card available for emergencies and for business travel if their job requires them to do so for business. If you can maintain this card with a low or zero balance, it is possible to keep one credit card for these purposes and not enroll it in the program. But we don’t recommend this. Creditors can do what’s called a “wellness” check and may close that account. Remember the goal is to be free of credit card debt.

Does a debt resolution program affect my credit score?

If you do not make timely minimum payments each month, or if you allow your credit cards to go into a charge-off status after six months of no payment, your credit score will be negatively impacted. This is true whether you enroll in a debt resolution program or not. The sooner you are able to resolve your delinquent accounts or negotiate a repayment plan for less than you owe, the sooner negative items will begin to not be factored into your credit score and the sooner you will be able to begin to rebuild your credit.

Does a debt resolution program help repair my credit once I have completed the program?

No. We are not a credit repair company and we do not offer credit repair services. However, negative items remain on your credit report for up to 84 months (7 years), so the sooner you are able to resolve your debts, the sooner you will be able to rebuild your credit with new credit accounts and timely payments.

Who is holding the funds I save each month?

By law, all debt resolution providers are required to use an independent third party payment processor to hold consumer funds while the consumer is enrolled in a debt resolution program. After enrolling in our debt resolution program, we will assist you in setting up a savings account with a licensed, third-party payment processor who will hold your savings funds and distribute all negotiated payments to your creditors in a timely manner. You are the owner of this account and you control all of the funds deposited and debited from the account.

Can I negotiate my own debts?

The short answer is yes. It is possible for you to contact your creditors directly and negotiate your own debts. However, our negotiators have years of experience and direct relationships with creditors and collection agencies. Unless you are a skilled negotiator and extremely knowledgeable about the credit and collection industry, you may not be able to negotiate agreements as favorable as the ones our negotiators may reach on your behalf.

Will I be able to enroll all of my debts in your program?

No. Our program focuses on unsecured debt like credit cards, medical bills and personal loans. Loans that are secured by collateral such as your home or an automobile do not qualify for our program.

Will I owe taxes on the amount of debt that is forgiven through a successful negotiation?

Some creditors may issue a 1099 for the amount of debt forgiven over $600. If this occurs, you may be able to file form 982 with your income tax return to offset any tax liability. To learn more about the impact of cancelled debt and how to offset potential tax liability, read publication 4681 on the IRS website.

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  • I am writing you this e-mail to let you know how happy I am with Americor Financial for getting me my first settlement well before my 4 – 6 months, this was fantastic!! The people at Americor Financial are very easy to work with and they go out of their way to help you in any way they can – would for sure recommend them to my friends and famly. I am very much satisfied with all they have done for me. With their help, my future will be fantastic being debt free, can't thank them enough, for all their help.

    Kathleen Arceo, AZ
  • I found myself drowning in credit card debt. After some research and careful consideration, I reached out to Americor Financial for help. Everyone I spoke with was pleasant and helpful. They made it easy to understand and together we came up with a monthly payment plan that was conducive to my financial state. I was very pleased that one of my creditors was settled after one month. I would definitely recommend Americor Financial to my family and friends who find themselves in a similar situation. With much gratitude to Americor Financial my future will NOT include credit card debt, leading me to a better lifestyle. Overall,my experience with Americor Financial has been exceptional.

    Michael Frawley, NY
  • I was very skeptical about participating because of all the scams. I did a lot of research on debt-resolution companies. After talking with the debt counselors and realizing it is for real and that I would get out of debt, we ended up participating. It was a very good experience and would recommend it to anyone if they are having problems.

    Andrew C, NV
  • I wanted to write a quick note to thank you for helping me. You are so kind! This is a big deal to me to trust anyone with my financial situation. I have tried hard to do it myself. You are my hope to get back on my feet again. I know everything can get better! Thanks to you I know it is OK to ask for help.

    Georgina S, CA
  • Thank you for talking to me. Your personality shows over the phone and you made this process really easy to understand and helped me through all my questions. Your technique and approach worked with me and if I have success with this program (as I’m sure I will) I will certainly recommend your name and number to anyone with a similar situation.

    James K, MA
  • Thank you so much for your help... I feel so relieved. I really like the time period in which all these debts will be cleared up instead of paying on these debts forever and not getting anywhere.

    Sherry A, CA
  • I called tentatively to discuss the delicate matter of my debt. The answers I received were direct and to the point but not lacking in sensitivity and wisdom. I was put at ease and motivated to stay through the program. They took care of the dreadful paperwork and I was comfortable with the work ethic and boundaries that were demonstrated

    Susan V, CA
  • Thank you so very much for all of your personal attention and for going above and beyond with my account. In the beginning, I had numerous companies to handle my business. However, YOU went above and beyond with your excellent communication skills. You helped to explain how the program works in clear, concise language that made it easier for me to understand the whole process. You have always demonstrated rapid response and a lot of patience in educating me and answering my questions. What I appreciate most of all is when you were there for me recently and educated me when my creditors began to call. Your personal attention and human touch helped relieve my anxiety and stick to the program.

    Twyla H, TX

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* Under our debt resolution program, we cannot provide a guarantee that that we will be able to resolve all of your debts that you enroll in our program or that we will be able to resolve your debts for a specific amount or within a specific period of time. Resolving your debts by paying less than you currently owe will likely negatively impact your creditworthiness and may subject you to collection actions or lawsuits by your creditors. We are not a credit repair company and we do not provide credit repair services. Under our program, we do not assume the liability for your debts and we do not make monthly payments to your creditors. If you do not make timely payments to your creditors on your enrolled accounts, the outstanding balances of your enrolled debts will likely increase due to the accrual of interest charges, penalties and late fees as outlined in your cardholder agreement, however, the repayment agreements that we may negotiate on your behalf will resolve the entire outstanding balance on that account including any interest, penalties or fees accrued during your program participation. Any amount of debt forgiven by your creditors may be subject to income tax. We do not provide tax, accounting or bankruptcy advice, and you should consult with an accountant or attorney regarding the potential tax consequences of paying less than the full amount owed on your accounts. Not all of our clients will be able to complete our debt resolution program for any number of reasons, including but not limited to their ability to save enough money during the term of their program enrollment. You should carefully read all program materials prior to your enrollment to be sure you fully understand the terms and conditions of our program.

The only service/product available to Pennsylvania consumers is debt settlement. Loans and debt management/credit counseling services are not available to Pennsylvania consumers through this company – Americor FS site.