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Can I still use my credit
cards? |
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We tell the creditors you have a sincere desire to get
out of debt and ask them to help. Creditors usually offer
concessions with interest rate, payment, etc., as a result
the accounts included in your debt management plan are
frozen or closed until you are debt free.
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What if I need a credit
card for travel or emergencies? Do I have to put all of
my creditors on the program? |
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No, it is entirely up to you which accounts you put on
the program. We have many clients that need to keep a
credit card for travel and other purposes.
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Can you help if I am being
charged late fees? |
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Most creditors will stop charging late & over limit
fees once you enroll in our program.
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What if I am past due on
my accounts? |
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No problem. Creditors just want to be paid. Most creditors
will bring your accounts current, stop late and over limit
fees, stop collection calls and stop or reduce interest.
Most creditors will also Re-Age your account (bring it
to a current status, showing no behind payments are due).
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Should I get a loan instead? |
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We don't recommend it as loans are what got you into trouble
in the first place. Most unsecured loans have high interest,
and if you get a home equity loan you are now securing
your credit cards with your home.
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Will I continue to get phone
calls and collection letters from my creditors?
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Most creditors will stop collection activity once they
receive the first payment.
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Is this confidential? |
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Absolutely. We never have and never will sell your name
or address to any party for any reason.
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Must I remain on the program
until I am debt free? |
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No. You are only enrolled on our program for as long as
you want to be. You may terminate the plan at any time
for any reason.
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Does this affect my credit
in anyway? |
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Generally it is neither a plus nor a minus on your credit
due to the fact that you are still making the payments.
Also, your payments are computed based upon each individual
creditor's requirements (what they deem to be acceptable).
We do not report to the credit reporting agencies however,
it is in the sole discretion of your creditors whether
or not they report your credit counseling status.
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How long does it take to
get started on the Program? |
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When you use our on-line forms, you can get started the
same day.
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Will a Debt Management Program
also help me with my overall monthly budget? |
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Yes, Our Debt Management Program will help you to adjust
your monthly expenses and formulate a monthly budget.
All of your unsecured debts can be paid from automatic
deductions from your checking or savings accounts on the
day that you choose. By consolidating your payment dates
to one day, you will be able to plan a more efficient
and effective monthly budget.
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What information should
I have on hand in order to get started? |
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You will need all of your creditors names, phone numbers,
account numbers, balances, interest rates and required
minimum monthly payments for each account. It is a good
idea to gather your most recent statements. All information
must be accurate and current in order for us to process
your application. If information is inaccurate then your
creditors may not accept you on the program.
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How do you figure what my
monthly payment will be? |
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Each of your creditors has specific guidelines that we
must abide by in order to allow them to accept your payments.
Depending on your balance the creditors require a certain
amount of that balance for your monthly payment. We calculate
the lowest possible monthly payment that you can make
to keep you in good standing with your creditors. There
is no penalty to send more each month, if you can do so
it will help get you out of debt sooner, and if not, you
at least know the minimum amount that you can send. |
