Frequently Asked Questions
- Who is Meracord?
- For 30 years, Meracord has been an industry leader in payment servicing. As a payment servicer for the debt settlement industry, Meracord gives debt settlement companies and consumers peace of mind. We have vast experience in trust account management; it’s what we’ve based our business on. Meracord is also one of only 11 companies in the nation that is operating as a money transmitter in 39 or more states. This, along with our dedication to our customers, and technology built around the needs of the debt settlement industry, is what sets us apart from the competition.
- What services does Meracord provide?
- Meracord is a payment servicer that collects, processes and disburses payments on behalf of customers in debt reduction programs. Customers’ savings are maintained securely in an FDIC insured, non-interest bearing trust account.
- How do I monitor my Meracord account?
- There are several ways. You can use MyPromise, our web-based reporting system, which gives you real-time access to your Meracord account information 24 hours a day, 7 days a week. By going to mypromise.meracord.com and using your secure login, you can see when your monthly payments have been made, when a settlement has been offered, when a payment to your creditor has been sent, how much money you have saved and a lot more. You also can speak with a live Meracord customer relations specialist Monday through Friday from 6 a.m. to 5 p.m. Pacific Standard Time.
- How does Meracord send settlement payments to my creditors?
- Your money will be held in a secure trust account at a leading national bank until your debt settlement company has successfully negotiated a settlement with each of your creditors. As soon as Meracord receives notice that a settlement has been reached, and the settlement is approved by you, Meracord sends the settlement payment to the appropriate creditor in accordance with the written instructions from your creditor.
- Does Meracord provide credit counseling or settlement negotiations?
- No. Meracord specializes in payment servicing. Meracord is an independent company that receives, processes and disburses your monthly payments. All other activities related to your debt settlement program, such as contacting and negotiating settlements with your creditors, are handled exclusively by your debt settlement company.
- How will I make my payments to Meracord?
- Making payments to Meracord is easy. You separately authorize Meracord, in writing, to have your payments electronically withdrawn from your bank account each month. You can also send payments by check and can make additional payments by web or by phone. Your payment schedule for your Meracord account will be set up according to the terms of your separate agreement with your debt settlement company.
- How will I know how much money I have saved for settlement?
- You will have 24/7 real-time access to your Meracord account information via mypromise.Meracord.com. You will be able to review your account balance and any account activity so that you always know how much money you have saved. You also can speak with a live Meracord customer relations specialist Monday through Friday from 6 a.m. to 5 p.m. Pacific Standard Time.
- Can I withdraw funds from my Meracord account?
- Yes. The funds on deposit in the secure Meracord trust account belong to you, and you are always in control of your money. Meracord is responsible for holding your money in a non-interest bearing trust account for your benefit until a settlement is reached.
- How do I pay the fees I agreed to pay my debt settlement company?
- When Meracord receives a payment from you, we will deduct the contractual fees you agreed to pay your debt settlement company, and automatically forward those funds to your debt settlement company.
Links
Network With Us
