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 programs are calculated based on 62.5% of the total debt enrolled. This percentage includes creditor settlements (estimated at $0.50 on the dollar), as well as Emerge service and settlement fees (of $0.125 on the dollar) which are associated with each individual program.
Creditor settlement results are an estimate. The actual time and cost of repaying your credit card balance may differ from this estimate.
Regarding “Additional Cost Due to Interest” - when participating in any debt settlement program, interest and penalties will most likely continue to accrue, thus causing your original debt amount at the time of enrollment, to increase. However Emerge America will ONLY charge its fees based on the original debt amount.
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.
Although Emerge America agrees to perform professional services on your behalf to the best of its ability, Emerge cannot make and has not made any expressed or implied guarantees regarding the exact settlement(s) that will be achieved. Emerge calculations regarding the outcome of any matter are its best professional estimates only, and may be limited by your financial resources at the time settlements are obtained with your creditors. Cash advances and balance transfers may settle at percentages above company averages. Please consult a tax professional as forgiven debt may or may not be taxable.
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.
|
|