FAQ - Americor


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  • 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.

  • 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.

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

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.