Monthly Set-Asides
Instead of keeping track of multiple accounts and bills each month you will only need to manage one account and one payment. Debt relief comes not only when you’re debt free, but also when you don’t spend any more time juggling accounts and payments. Debt Shield takes care of that for you.
During your debt consultation, you and your debt consultant will review your financial situation, including your income and all of your expenses. Together, you will figure out how much you are currently paying to your creditors each month, understand how much you are supposed to pay, and determine how much you can realistically afford.
After determining what you can afford, your debt consultant will help you set up an automated monthly set-aside amount to be deposited into a separate, third-party savings account. Keep in mind that this money does not go to Debt Shield – it goes into your own separate account.
The money you set aside each month is placed in this third-party savings account for the duration of your plan. This savings prevents the money from being used for any other purpose than to pay off your debts.
At this point, your job is to sit back and wait for the money in your savings account to accrue. Once sufficient funds have accrued, Debt Shield’s debt negotiators negotiate on your behalf with your creditors to settle your unsecured debt, one account at a time.
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