Frequently Asked Questions
Your questions answered. Find answers to some of the most common questions we receive about our services, the debt management process, and what you can expect when working with us.
To exit debt review, you need to settle all the debts listed in your debt review plan. Once you have settled all the debts, your debt counsellor will issue a clearance certificate which you can use to have the debt review flag removed from your credit report.
Yes, you can exit debt review before the end of the repayment period by settling all the debts listed in your debt review plan or proving in a court of law that you are no longer overindebted.
Yes, you can still access credit after exiting debt review. However, it is important to be cautious and only take on credit that you can afford to repay. It is also advisable to monitor your credit report to ensure that the debt review flag has been removed.
Exiting debt review can improve your credit score if you have settled all your debts and are no longer flagged as being under debt review. However, it is important to note that other factors such as payment history, credit utilization, and credit inquiries can also impact your credit score.
Yes, you can reapply for debt review if you exit the process. However, it is important to assess your financial situation and ensure that debt review is the best option for you before reapplying.
A judgment is a court order stating that you owe a specific amount of money to a creditor, and it can have negative consequences on your credit report and financial situation.
Yes, you can have a judgment removed from your credit report by either having it vacated or satisfied.
Vacating a judgment means that the court has set aside the judgment, and it is no longer enforceable. This can happen if there was a procedural error or if the judgment was entered in error.
Satisfying a judgment means that you have paid the full amount owed, and the judgment has been marked as paid on your credit report.
Yes, you can negotiate with the creditor to have the judgment removed by reaching a settlement agreement that includes the removal of the judgment from your credit report. However, the creditor is not obligated to agree to this, and it may be challenging to negotiate this type of agreement.
Affordable distribution is a debt management strategy that involves negotiating with creditors to lower interest rates, reduce payments, and create a more affordable debt repayment plan.
Affordable distribution works by consolidating your debts into a single, manageable monthly payment that you can afford. The debt management company negotiates with your creditors to reduce interest rates and fees, which can lower your monthly payment and help you pay off your debts faster.
To qualify for affordable distribution, you need to have a regular income, be able to make a monthly payment towards your debts, and have debts that are not secured by collateral, such as a home or car.
The length of time it takes to pay off your debts through affordable distribution depends on the amount of debt you owe, your interest rates, and your monthly payment. On average, it can take between 3-5 years to pay off your debts through affordable distribution.
The fees associated with affordable distribution vary depending on the debt management company you work with. However, most debt management companies charge a monthly fee or a percentage of your monthly payment.
Adverse debt is debt that has negative consequences on your credit report and financial situation, such as delinquent accounts, collections, and charge-offs.
Yes, adverse debt can be removed from your credit report by disputing inaccurate or outdated information, negotiating with creditors to settle or pay off the debt, or waiting for the negative information to age off your credit report.
To dispute inaccurate information on your credit report, you need to contact the credit reporting agency that issued the report and provide evidence to support your claim that the information is inaccurate. The credit reporting agency will investigate your dispute and remove the inaccurate information if it is found to be incorrect.
Yes, you can negotiate with creditors to settle or pay off adverse debt. You can offer to pay a lump sum or set up a payment plan to pay off the debt over time.
The length of time it takes for adverse debt to be removed from your credit report depends on the method used to remove it. Disputing inaccurate information can take up to 30 days, while negotiating a settlement or waiting for negative information to age off your credit report can take several months or even years
Prescribed Debt
Prescribed debt is debt that has not been acknowledged or paid for a period of three years or longer, and is therefore no longer legally enforceable.
Yes, prescribed debt can be removed from your credit report, as it is no longer legally enforceable. You can dispute the accuracy of the information with the credit reporting agency or ask the creditor to remove the debt from your credit report.
Creditors can still attempt to collect on prescribed debt, but they have no legal recourse to enforce the debt. They can only ask you to voluntarily pay the debt, but you are not obligated to do so.
No, paying prescribed debt will not improve your credit score, as the debt is no longer legally enforceable and does not affect your credit score.
You can check your credit report or contact your creditors to find out if you have prescribed debt. If the debt is no longer legally enforceable, it should not appear on your credit report.
Credit Boosters
Credit boosters are strategies or techniques that are designed to help improve your credit score. These strategies may include paying bills on time, reducing credit card balances, disputing inaccurate information on your credit report, and adding positive information to your credit report.
There are several strategies you can use to improve your credit score, including paying bills on time, reducing credit card balances, disputing inaccurate information on your credit report, and adding positive information to your credit report.
The length of time it takes to see an improvement in your credit score depends on the strategy you are using and the current state of your credit report. Some strategies, such as paying bills on time, can result in an immediate improvement in your credit score, while others, such as adding positive information to your credit report, may take several months to have an impact.
Credit repair companies may be able to help improve your credit score by disputing inaccurate information on your credit report or negotiating with creditors on your behalf. Our Mi Law Legal Credit Booster leverages the legal expertise of our seasoned legal professionals to effectively boost our clients’ credit ratings and help them achieve their financial goals.
There are no quick fixes to improve your credit score. Improving your credit score takes time and effort and requires a consistent approach to paying bills on time, reducing credit card balances, and adding positive information to your credit report.