How It Works

Initial Consultation with a Mach 3 Debt Specialist

A Mach 3 Debt Specialist will conduct a thorough examination of your household budget, creditors, and hardship situation to provide recommendations for a successful program. Together with your involvement, the Debt Specialist will customize a program that is specific to your unique needs.

Determine an Appropriate Program Payment

Your program payment will be determined by several factors but primarily on your total debt amount owed, your budget, your hardship, and the timeframe in which you would like to complete the program. The payment amount quoted includes all program fees as well as your savings, all of which is deposited into a Special Purpose Account. The savings accumulate in this bank account which remains solely in the client’s name. The client has full control and access to these funds at all times.

Enrollment Application is Completed, Submitted and Approved

After determining the best Debt Settlement Program for you, you will be sent an enrollment application. The application will provide us with required information about you as well as information about your creditors. Your completed application will be submitted to our legal department for a second review and final approval.

Welcome Call is Conducted

Upon approval, you will complete a Welcome Call with our Client Services Department where your program terms will be discussed in detail and you will be provided the opportunity to ask questions, request changes, and understand the way your program works. Once the call has been completed, you will be sent a Welcome Package that will contain pertinent information about your program and tools that will help you to handle creditor calls, letters to send to creditors, and even money management tips.

Managing Creditor Correspondence

Mach 3 Debt Solutions will educate you on how to handle creditor calls and communications and Mach 3 Debt Solutions will contact creditors when appropriate. We will also assist you in communicating with creditors by providing you forms and letters that may help reduce the call volume and/or collection attempts, particularly after the debt has passed from the original creditor to a collection agency. This process will vary as creditors change their collection method from time to time. We also offer the ability to provide clients with a unique device that attaches to any home phone to divert creditor calls away from the debtor to our offices where they can speak to one of our representatives.

Monthly Courtesy Calls

A Mach 3 Debt Solutions negotiator will make a monthly courtesy call to make sure everything is going as planned. If you have any new information or questions your client account manager will be happy to assist you at that time. You will also be given a direct line to call anytime with any concerns or questions you may have.

Negotiations Begin

Our Negotiators will start negotiations with your creditors to obtain the best settlement possible once you have saved sufficient money in your Special Purpose Account. The trigger amount is determined by your assigned Lead Negotiator who will apply their experience with your particular creditor.

Settlements are Obtained

Working with creditors can be a timely process of negotiations between the creditor and our company. Our program is structured for you, and is set up so that when you have a reasonable amount of savings, our debt negotiators will begin the process of obtaining settlement offers. Creditors know that approximately 30% of the almost 2 million bankruptcies last year occurred on debt that was current. Creditors do want to settle and we will negotiate aggressively on your behalf.

Authorization to Withdraw Funds is Obtained

You are always asked to approve any settlement and written documentation is obtained for every finalized settlement before the settlement is actually funded. Remember, Mach 3 Debt Solutions is working for you and not your creditor.

Account is Paid in Full and Closed Indefinitely

Upon payment of the settlement amount, the referenced account will be closed by the creditor indefinitely. Creditors will not agree to settlements unless this stipulation is adhered to. It is advised that you keep one credit card out of the program for emergency purposes.

Program Qualifications

We are dedicated to providing professional debt assistance to people who have accumulated serious debt problems due to personal or financial hardships. We specifically focus on developing a debt relief solution for people with unsecured debts, such as credit card debt or medical debt.

We work with people who have experienced the sudden loss of a job, a divorce, death in the family or some other unexpected medical or financial situation. Our caring and experienced team understands that these circumstances can seriously impact families and are often very embarrassing, frightening and unavoidable. When they find they cannot keep up with their bills and begin to lose hope, we are here to help.

Our program is unique and specifically designed for individuals who:

·         Have a minimum of $5000 in qualified unsecured debt

·         Experienced personal or financial hardships such as (but not limited to):

o   Job Loss

o   Pay Cut

o   Medical Bills

o   Divorce or Separation

o   Death in the Family

o   Unexpected Expenses

·         Are struggling to make their monthly payments or feel that they will be struggling in the near future

Although reducing your debt may seem like a deal to great to pass up, there are many factors that should be considered before seeking out the services of a debt settlement company. First off, research your particular type of debt and ensure that debt settlements are even possible in your situation.

Types of debt routinely cut by debt settlement companies include (this list is NOT inclusive):

·         Medical Bills

·         Gas/Store Cards

·         Personal Loans

·         Personal Lines of Credit

·         Judgments

·         Credit Cards

Types of debt that CANNOT be settled through a Debt Settlement Program are (this list is NOT inclusive):

·         Tax Debts

·         Alimony

·         Child Support

·         Mortgages

·         Car Loan (unless vehicle has been repossessed and repossession balance remains)

·         Federally Insured Student Loans

Still have questions? Check our Frequently Asked Questions page