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What is Pay Off Live?
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Pay Off Live is a web-based application that uses mathematical algorithms to determine the fastest and easiest way for you to pay off your debt. Think of it as having your own personal financial planner guiding you through all of your financial decisions—without the fees or commissions! You can use Pay Off Live on any computer or web-enabled device. It's easy, the application analyses your financial situation and then guides you, with step-by-step monthly prompts, to pay off your debt quickly—without altering your lifestyle.
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Do I have to change banks?
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No. Pay Off Live works with any standard checking account from most banks. We suggest a checking account because of the check writing and debit card capabilities, which allow you to easily deposit your income and pay out all your monthly expenses. It is also recommended that you have access to online banking. This is not a necessity, but it does make updating and keeping track of your accounts easier.
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What happens if I sell or refinance my home, car, or charge more to a credit card?
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Pay Off Live easily adapts to any these scenarios. While the ultimate goal of the program is to completely pay off all of your debts, it is understandable that life will happen and at times you may find yourself taking on additional debt. The program will work as efficiently as possible to increase equity (future down payment), accumulate funds, and lower your balance even if you only use the program for a few months or years. The longer you use Pay Off Live and stay on track the better and faster the system will work for you.
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What if I take on more debt while using the program or get off track?
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Pay Off Live works very much like a navigation system in your car. In this case it calculates and maps out step-by-step directions to get you 100% debt free in the shortest amount of time. If you take on more debt or get off track the system will simply re-calculate and give you new directions. Just like taking a wrong turn can cost you time on a trip, taking on more debt or getting off track may adversely affect your original results.
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Is there any risk involved?
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No. In fact Pay Off Live can often time reduce risk in some situations such as when a person may try to make extra payments to debt on their own, but forget about an expense that is coming due which they need the money for. Using Pay Off Live is simply a “different” way of managing your debt using the help of a sophisticated program. Pay Off Live sees your entire financial picture and plans budgets. It predicts far more precisely than most of us ever could on our own, which is the reason behind the extraordinary results. In many cases, using Pay Off Live actually reduces risk, because of it's built-in ability to help reserve funds. This can be especially beneficial if you experience sudden job loss, or an unexpected emergency expense. However, this does not replace savings or the solid financial principles behind “putting money away for a rainy day." There is also no program that will help you if you spend money foolishly and carelessly. Please consult with a licensed financial advisor if you have any concerns in this area.
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Can anybody qualify or use Pay Off Live? Is Pay Off Live right for me?
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If you have a checking account, make more money than you spend and have debt that you want to pay off quickly then Pay Off Live will work for you. If you still aren't sure that Pay Off Live is right for you try a free, no obligation, analysis.
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What’s the magic behind Pay Off Live? Can I do it on my own?
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Math. Lot’s of math. The Pay Off Live core calculating engine is comprised of over thousands of lines of code and algorithms. Contained within those lines is the programs ability to analyze every piece, down to the smallest detail, of your financial picture. It then comprehends the data to produce a personalized accelerated plan or route for you to begin paying off your debts or mortgage in a fraction of the time—saving you money along the way.
We’ve built and developed the algorithms to conform to generally accepted financial principles. These are in place to give you peace of mind. You never need to worry about your checking account being depleted or exhausted. Instead, you can rest assured that your funds will be accumulated and reserved.
Of course, developing solid financial principles, making extra payments, and keeping a good budget, is something that anyone can do and achieve results. However, Pay Off Live makes it easier. Anyone who is in debt understands how hopeless it can feel. Pay Off Live guides you, step-by-step, so you never have to worry again.
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What if I only have a couple hundred dollars in my checking account?
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No problem. As long as you make more than you spend each month, Pay Off Live will make sure that the optimal amount of funds will accumulate in your account.
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Do I need to consolidate or refinance anything?
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No. This is another example of using solid financial principles. It is true that consolidation may make sense for some individuals in certain circumstances. However, financially speaking it is not good practice to convert short term debt (i.e. credit it cards) to long term debt (i.e. rolling into a 30-year mortgage); this can cost you a lot of extra money in interest. Second, it is not good practice to take unsecured debt (i.e. credit cards, personal loans) and secure them with your real estate (i.e. home equity loan).
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Does this system use a line of credit?
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There are programs on the market that claim to do, what Pay Off Live actually accomplishes. However, many of them require a line of credit or a HELOC (home equity line of credit) to operate. Unfortunately, because of the current troubled economy, these types of loans have become very difficult to obtain. These types of loans also can be dangerous as many individuals consolidate their unsecured debt into secured home equity loans. Pay Off Live was designed to work with a standard checking account that allows nearly anyone to qualify.
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