Why do I need to update my creditor’s balances?

Keeping the creditor balances updated in UGotiate is very important.  It is likely each creditor’s balance will change monthly.  UGotiate will remind you every 30 days for the first year to update your creditor’s balance. 

The experience you have with UGotiate will be greatly enhanced by updating your balances regularly.  Your goal, in using UGotiate is to resolve your debt.  Part of what UGotiate does is to keep track of your creditors and send you alerts to a possible settlement or to when it may be time to begin negotiations.  In order to provide you accurate alerts, you must keep your creditor’s balance updated!

For example:  ‘Creditor A’ has a balance of $10,000 when you begin using UGotiate.  It is common for a credit card to charge 29% these days.  So, with 29% interest and late fees each month, in 6 months from now, your balance could be up to $11,500*.  If you did not come to UGotiate every month to update your balances, you would not receive accurate alerts and information.  UGotiate can only alert you to the information you have provided within your account.  So, in this example, you would receive alerts based on a balance of $10,000 instead of a balance of $11,500 – that would not be accurate. 

To get the most out of your subscription with UGotiate, update your balances regularly.

Just realizing that your debt will increase because of interest and late fees?  This is normal – part of the process, really.  Remember, even if you were paying your debt each month, the interest would still be added.  For more information about this topic, read:  “Why are my balances increasing”.

*The example provided in this article is for comparison and general information ONLY.  Every case is different and the example should not be taken as advice to your specific situation.  It is only general guidance.