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 Rescue One Financial can help you resolve your debt.

Yes, you can. However, know that the debt settlement process is complex and can be time consuming. Most debt-ridden consumers greatly benefit from enlisting the help of experienced debt settlement professionals.

Rescue One Financial debt settlement consultants have the experience necessary to negotiate with creditors on your behalf and successfully obtain reasonable and fair debt settlements. With the comprehensive, professional debt settlement services available at Rescue One Financial, there’s no need for you to waste time and effort trying to self-negotiate with your creditor for a sufficient debt settlement. Rest assured, your concerns are our concerns. Learn how Rescue One Financial can help you resolve your debt.

Yes. Even if you are in a debt settlement program, your creditors are able to garnish your wages. However, this can sometimes be a long process for creditors. First, the creditor must sue you, obtain a successful judgment, and then file for a garnishment action. When a person is working with a creditor to resolve their debt, wage garnishments can sometimes be avoided. At Rescue One Financial, we negotiate with each creditor as part of your debt settlement program. Learn how Rescue One Financial can help you resolve your debt.
No, Rescue One Financial does not provide credit repair services. Our goal is to settle your delinquent accounts.
No, Rescue One 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.
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 Rescue One Financial debt settlement program, you will have experienced debt settlement consultants on your side.

No. Financially challenged consumers who participate in the Rescue One Financial debt settlement 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 settlement 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.

The purpose of Debt Settlement 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
Debt settlement does not guarantee that you are safe from bankruptcy now or in the future. It is strongly recommended that anyone considering the Rescue One Financial debt settlement program also seek advice from a bankruptcy attorney.

If you are currently meeting your monthly debt obligations and are able to continue to do so, then our debt settlement program is NOT for you.

Rescue One 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

Our 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, Rescue One Financial 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, Rescue One Financial will:
Reach out to your creditors and begin the debt negotiation process

Once your debt settlement is reached with your creditor, Rescue One Financial will:
Present you with the offer
Thoroughly discuss it with you

If you approve the settlement offer, we will have your creditor send the agreement to Rescue One Financial and you in writing.

Contact the Rescue One Financial team of debt settlement 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.
The Rescue One Financial unique debt settlement 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.
The Rescue One Financial debt settlement 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.