How it Works
The PayMaxx plan from Live Interest Free
Our PayMaxx plan is designed to assist clients in paying off their debts as quickly as possible so they can move on to other financial priorities in their lives. The plan relies on three elements:
1. The ‘strategic payoff order’ which is determined by computer models that compare three different time-tested concepts to arrive at the most time efficient strategy to pay off debts. The shortest time to debt freedom also means the lowest amount of interest paid, generating the greatest interest savings for the client.
2. As debts are paid off, freed-up monthly payments – or ‘rollup payments’ – are applied to the next debt in the strategic order. Between the ongoing minimum payments, the accelerator amount and rollup payments, debts are paid off very quickly. While Accelerator payments are not required to make the plan work, they significantly compress timelines and increase overall savings.
3. A monthly or periodic debt ‘Accelerator’ amount, determined by the client, creates ‘extra’ money to help accelerate the payoff process. Accelerator amounts are applied to debts in plan’s strategic order to optimize the payoff schedule.
Our experienced Debt-Freedom Coaches work with you monthly to reconcile account balances, make debt payment on your behalf, and manage the application of both Accelerator and Rollup payments until you are debt free. If adjustments are needed along the way – they help you flex your plan to achieve the best possible outcome based on your needs and abilities.
See how the program works in this short case study video.
Once you’ve decided to move forward by paying your Enrollment Fee, you’ll work with your personal Debt-Freedom Coach who is employed by our partner organization. They will help you gather details on your debt accounts. They’ll provide a schedule of payments, for your approval. You authorize them to make those payments on your behalf. They manage the details of the accelerator amount and the rollup payments in accordance with the Plan schedule – and before you know it – voila – you’ll be debt free.
You will provide limited authorization for your Debt-Freedom Coach to make payments directly from your designated bank account to enrolled creditors (along with your monthly fee) – period. We’ll recommend you set up a separate checking account for these transactions and move money into that account as needed to cover bill payments.
Before bills are paid each month, you’ll get a ‘draft schedule’ by email from your Debt-Freedom Coach showing what bills and amounts are scheduled to be paid that month. Before any money leaves your account, your authorization is required. If any changes need to be made, you’ll get an updated draft schedule reflecting those adjustments. You’ll also receive a monthly report documenting all payments made. Additionally, you have online dashboard access to all your account activity 24/7/365.
Suspending your accelerator amount will move your debt-freedom date into the future. However, if you need to take some time off – let your Debt-Freedom Coach know in advance, and they will adjust the payment schedule accordingly. This plan is for your benefit, and because life sometimes gets in the way, flexibility is a built-in feature.
If you have questions about the plan prior to enrolling, your Live Interest Free representative is there to help. If you have questions related to the program once you’ve begun, you’ll have direct access to your Debt-Freedom Coach who will help you through anything you encounter.