Debt Calculator Disclaimer
This debt calculator provides the user with reasonable estimates for the following categories; interest, fees, savings and completion (payoff) timelines. The results are based on the information the user provides, as well as formulas used by third party providers which include:
1. Creditcards.com
http://www.creditcards.com/calculators/minimum-payment.php
…used to calculate “minimum monthly payment” results with the following exception; Emerge America uses a larger minimum monthly floor payment (a fixed dollar amount that the minimum payment won’t fall below) of $75 as compared to $30, used by the calculator on creditcards.com, which provides a more conservative estimate.
2. CNN Money
http://cgi.money.cnn.com/tools/moneygrow/moneygrow_101.jsp
…information is provided by CNN Money Savings Calculator. Saving years are calculated by taking the number of years it would take to pay off your debt by making minimum payments outside of a debt settlement program, subtracted by the months in your selected Emerge program.
Debt Consolidation: This assumes a 5-year loan with total fees being 6% of the loan value and at an interest rate of 10%. This interest rate is an average percentage, and this figure could vary based on accounts enrolled in a debt consolidation program.
The Emerge 22, 33 and 44 programs are calculated based on an average settlement percentage, estimated at 58%, of the total debt enrolled. This percentage includes service and settlement fees associated with each individual program as well as, all creditor's interest, fees and penalties.
These results are an estimate. The actual time and cost of repaying your credit card balance may differ from this estimate.
This calculator is provided "as is" and on an "as available" basis without representations or warranties, expressed or implied, including, without limitations, warranties of suitability, merchantability, and fitness for a particular purpose. Emerge America is not liable for damages of any kind arising from the use of (or inability to use) this calculator.
By using this calculator, you accept these terms.
Individual results may vary based on ability to save funds and successful completion of all program terms. Program does not assume or pay any consumer debt, or provide tax or legal advice. Emerge program is not available in all states. Creditors are not required to accept settlement offers made by Emerge America or its servicers, nor are they required to settle for less than full balance. Read and understand all program documents prior to enrollment.
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