Personal Loan Questions
How soon can I get a loan?
Funds are generally deposited via ACH for delivery next business day, if approved by 4:30 pm CT, Monday through Friday.
What is the APR of a personal loan?
APR ranges from 4.95% to 35.99%
How much can I get as a personal loan?
What are the loan terms?
Loan lengths are 24 to 60 months
Can I pay off the loans sooner?
Yes, you can at any time.
What are the tax consequences?
You can expect creditors to report debts — either cancelled or settled — to the Internal Revenue Service (IRS) if the amount exceeds $600. You are required to report this amount to the IRS in your tax return. However, the IRS will permit you to write off income from cancelled debts up to the amount by which you were insolvent during that tax period. It is recommended that you consult your tax advisor in order to analyze your specific tax circumstances. Learn how Clear Sky Financial can help you resolve your debt.
Can I negotiate my debts with my creditors on my own?
Yes, you can. However, know that the debt resolution process is complex and can be time consuming. Most debt-ridden consumers greatly benefit from enlisting the help of experienced debt resolution professionals. Clear Sky Financial’s expert consultants have the experience necessary to negotiate with creditors on your behalf and successfully obtain reasonable and fair debt resolutions.
Does Clear Sky Financial repair my credit?
No, Clear Sky Financial does not provide credit repair services.
Can Clear Sky Financial stop my creditors from calling?
No, Clear Sky Financial cannot stop your creditors from contacting you. However there are laws enacted to help with harassment by third by collection agencies. It is important to remember that all collections agencies must adhere to principals laid out by the Fair Debt Collection Practices Act.
Can I be sued?
Yes. Your creditors have the right to sue you to recover their funds. However, lawsuits are usually meant to force a settlement of the debt. It is our experience that most creditors would rather negotiate a settlement than go to court. When you participate in the debt resolution program, you will have experienced debt resolution consultants on your side.
Can I still use my credit cards?
No. Financially challenged consumers who participate in the Debt Resolution program can no longer use credit cards. All credit cards that have been included in the program will not be active.
In addition, any credit cards that are not entered into the program should not be used. When implementing your debt resolution program, our consultant’s primary concern is getting you out of debt. Until this process is complete, credit card use will only compound your debt problem.
How will Debt Resolution affect my credit?
The purpose of Debt Resolution is to get you out of debt at a substantial settlement, not to improve your credit. There are many factors that need to be considered when assessing credit worthiness, including your total amount of debt, payment history, available credit, number of creditors, etc. For more information on how your credit score is determined visit www.myfico.com.
Is bankruptcy a better option for me?
Debt settlement does not guarantee that you are safe from bankruptcy now or in the future. It is strongly recommended that anyone considering the debt resolution program also seek advice from a bankruptcy attorney.
Who can join a Clear Sky Financial program?
If you are currently meeting your monthly debt obligations and are able to continue to do so, then a debt resolution program is NOT for you.
Clear Sky Financial debt settlement program is a hardship program. This program is only for people who:
- Have a financial hardship
- Are late paying their unsecured debts
- Have no ability to make payments in the future
- Bankruptcy is the only other option
Examples of qualifying hardships are loss of income, medical emergency, death of a member of the household who provided financial assistance, or a divorce.
How will they settle my debts?
The debt settlement consultants will carefully analyze your financial situation and work with you to determine a monthly amount that is in line with your total debt, income, and expenses. If you qualify, they will:
- Establish a Trust Account for you (set up for you when you enter into our program)
- Advise you on a recommended savings level for the Trust Account
- Advise you on how to build enough savings in the Trust Account that will allow us to negotiate a settlement with one of your account creditors
- Usually, starting with the smallest balance, then work up.
Once your Trust Account has enough funds saved, Clear Sky Financial will:
Reach out to your creditors and begin the debt negotiation process
Once your debt settlement is reached with your creditor, Clear Sky Financial will:
- Present you with the offer
- Thoroughly discuss it with you
If you approve the resolution offer, we will have your creditor send the agreement to Clear Sky Financial and you in writing.
How do you apply?
Contact the Clear Sky Financial team of debt resolution professionals to learn if you meet the criteria to participate in our program. Our experienced debt settlement consultants will review your application and information and contact you within 24 hours for a complimentary introductory consultation.
Who is not qualified for our program?
The unique debt resolution program is not meant for consumers who have the means to pay off their debts. However, for consumers who find themselves unable to cope with mounting debt, our experts can many times successfully negotiate with your creditors. Our debt settlement consultants will help you develop a reasonable payment plan, predetermine the amount you need to set aside, and then work directly with your creditors to negotiate your debt.
Who is qualified for our debt settlement program?
The debt resolution program is designed for consumers who are experiencing severe financial hardship and are unable to pay their unsecured debts, will likely not have the ability to pay their unsecured debts in the future, and are facing the possibility of bankruptcy. Qualifying financial hardships can include a loss of income, death of a financial provider of the household, a medical emergency, or a divorce.
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