The
Association of Settlement Companies
TASC™ Disclosure
Agreement
This
company is a Member of The Association of
Settlement Companies and as such has agreed
to publicly disclose the following on each
of our websites and as part of our contract
with consumers. Should you wish
to comment on our use or avoidance of this
disclosure please email ClientCare@tascsite.org with
your contact information and the nature of
the complaint. A TASC™ board member
will get in touch with you in
short order.
Disclosure
Statement (Review this attachment
carefully)
GHS Solutions provides consumers with a method
of debt resolution known as debt settlement.
Debt settlement is an aggressive
method of debt management, which depends
on the negotiation of mutually agreeable
settlements between the consumers and the
creditors. wants you to understand both the
potential benefits and pitfalls that may
arise out of the debt settlement
process and to have reasonable expectations
regarding the outcome.
GHS Solutions
- You are enrolling into a debt settlement
program after voluntarily seeking the
assistance of GHS Solutions. The
goal you have set is to negotiate mutually
agreeable settlements between you and
your creditor(s) for payment of certain
unsecured debt(s)
described as Enrolled Debts. No specific
results can be predicted or guaranteed.
- You will be responsible for saving
sufficient funds that you control to
fund debt settlements that GHS Solutions
will endeavor to
negotiate on your behalf. You and only
you will be in control of all settlement
funds and under no circumstances will
GHS Solutions have
custody or control of the funds you set
aside to fund debt settlements.
- Summaries of the total
settlement amount, monthly savings, and
the period needed to reach your goal
were prepared based on the goal you selected.
Those summaries
reflect the minimum amount that we have
estimated you will need to save to put
yourself in a position to reach your
goals. Actual settlement
amounts, necessary savings and the period
required to reach your goal may vary
based on creditors actions and other
factors that may affect or
prevent the realization of your goals.
The savings program you have made to
reach your debt settlement goal is detailed
in your Client Agreement.
- Most creditors and collectors negotiate
with Debt Settlement Service Providers;
GHS Solutions cannot force the negotiations
and cannot
force creditors to accept a settlement.
GHS Solutions does not make regular monthly
payments to your creditors. Your creditors
may continue
collection efforts on delinquent accounts
while you are enrolled in a Debt Settlement
Program. Such collection efforts can
include phone calls and
letters to you, charging off the account,
sending accounts to collection agencies
or attorneys, lawsuits and even garnishments
of your wages if a
judgment has been obtained GHS Solutions
has made no claim that it will be able
to stop these collection activities.
These activities may
continue while GHS Solutions is making
its best efforts to negotiate your debt.
- Your Debt Settlement Program assumes
an effort that will continue for many
months. The time needed to produce a
settlement depends on a
number of factors. These may include:
(a) your financial hardship, (b) the
age and balance of the accounts that
you owe your creditors, and (c)
the funds you have available to pay for
a settlement; and (d) the willingness
of individual creditors to enter into
debt settlement negotiations. While
no guarantees can be given, generally
the quicker you save money the sooner
you will be in a position to reach your
goals. Increased savings will
provide you with the option to accept
lesser discounts and will also enable
you to accumulate funds to reach your
debt settlement goals more
quickly. However, any settlement must
be acceptable to both you and your settling
creditor.
- The fees paid to GHS Solutions are
intended to compensate them for its efforts
and will only be refundable to the extent
they have not
been deemed to have been earned in the
manner described in the Client Agreement.
Those fees are not being set aside or
held in escrow to fund
debt settlements. Fees paid to a Debt
Settlement Services Provider such as
The Company’s
Name for its services will not be available
to pay
creditors.
- Communications with creditors are
handled on a case by case basis. In some
instances creditors may not be contacted
until several months
after you enroll.
- You have stated that, because of
circumstances beyond your control (hardship),
you are unable to meet the minimum payments
required by
your creditors. If you do not make required
minimum payments to your creditors you
may be breaking the terms of your agreements
with them
and your actions will probably be reported
to consumer reporting agencies as late,
delinquent, charged-off or past due balances.
Your creditor
may also raise the interest rate on your
account and impose other penalties. Your
account balance may continue to grow
as your creditor adds
accrued interest, late fees, over-limit
fees and penalties. Your balance may
continue to grow until a settlement is
reached with your creditor; and, if
negotiations are unsuccessful, you could
be called upon to pay the entire balance.
After settlement your creditor may comment
that the account
was “settled for less than the
full amount” on
your credit report. A
Debt Settlement Program may have an adverse
effect on your credit report and credit
score.
- When your creditor settles your debt,
a savings of $600 or more off what you
owed may be reported by your creditor
to the IRS as Discharge of
Indebtedness income. You may wish to
consult your tax advisor to determine
whether your individual circumstances
may permit you to exclude
any such Discharge of Indebtedness Income
from your reportable income due to insolvency.
For more information on tax ramifications
to you
personally you may also wish to consult
a CPA or Tax Attorney and to refer to
the IRS website IRS Publication 908 - “Bankruptcy
Tax
Guide” and IRS Form 982, Reduction
of Tax Attributes Due to Discharge of
Indebtedness available on the IRS website
www.irs.gov
- You acknowledge that the company
is not a law firm and cannot provide
legal advice.
- You understand that
you have the responsibility and the right
to communicate my comments directly to
the company’s
management using the
information provided below:
Company: GHS Solutions
Address: 200 Lindell Blvd. ste. 920
Phone Number: 800-986-6035
Email: Anthony@ghsdebtsolutions.com
Upon
request, you will receive from the Company
the refund procedure and grievance policy.
Finally, you have a right to report directly
any
concerns to TASC™ via email: Clientcare@tascsite.org
To summarize,
Each case is unique and results may vary:
A Debt Settlement Program can be a very
effective way to resolve your debt, but it
is not a painless process and no guarantees
can be given
effective way to resolve your debt, but it
is not a painless process and no guarantees
can be given
because the process is subject to factors
that neither you nor your service provider
may be able to
control. As with any type of debt repayment
plan, failure to complete a Debt Settlement
Program is
likely to have negative consequences on your
financial situation.
|
