Another benefit that our program offers is one low monthly payment. Most of the creditors that we work with are able to lower the monthly payment, however, not all creditors will lower the payment. Some creditors will not allow a payment reduction because the current payment is already substantially low. If the payment is set too low, then the balance may never get paid off.
Keep in mind that the monthly payment on our program is not based on criteria decided by DebtWave. The monthly payment is dictated by the creditors. Typically each creditor requires a certain percentage of the balance (usually varies from 1-4%) regardless of the current monthly payment.
With some clients, a payment reduction is not important. More emphasis is placed on getting one monthly payment, reducing the interest rates, stopping late fees and bringing the accounts back to a current status. Some individuals would prefer to pay more to speed up the payoff process. However, we will always try to work out the lowest minimum payment possible that will enable our clients to get out of debt in a 3-5 year period.
