Q. What
documents will I need for the process?
A. We require the name of the bank
and the amount of the debt. You must have this information when ordering a
process. For a credit card, that would be the highest credit limit on the
card. For a mortgage, that would be the total of principal and interest
actually paid to the bank. For the IRS/CRA, that would be the total federal
income tax you've paid in your lifetime.
Q. What if I don't have the
information on all my debts?
A. You may have to do some digging. Your
credit report should give you a start. You could also order Identity Theft
Protection from Wells Fargo or Bank of America, which apparently gives a
printout of all your lifetime debts. For mortgages, you can often find
information at the county recorder's office. For IRS/CRA payments, you can take
your total lifetime income and multiply by 25%.
Q. Does this program
work for all types of debts in Canada?
A. Yes.
Q. How will we
receive the payouts?
A. Payouts will be placed into your master funding
account, which will be attached to your free LLC and set up for you by the
club.
Q. Are the payouts taxable?
A. That question is currently
being researched. It's always best to consult your own tax advisor.
Q. Is this legal?
A. Yes. The club has been
thoroughly checked out by various government agencies and given the clear. The
security clearances have been passed and agreements are signed and in place with
the financial system.
Q. Will this process hurt my credit rating?
A. No. The Administrative Remedy is obtained in a private manner and in
such a way that the banks will not be directly advised of the
process.
Q. What if I still have
doubts or need more information?
A. Please listen to the recorded calls on
the website, including the Monday open calls, Nuts and Bolts, etc., and look
over the other information offered. Only jump on board if you feel comfortable
doing so.
Q. When will the Bronze Program open?
A. It's
expected to open in the early part of 2012.
