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Debt Management Option
Debt Management Options FAQ's
Debt Management FAQ
This guide is intended to answer some commonly asked questions about your Debt Management Program. We look forward to working with you.

How does this affect my credit?

The Debt Management Company does not report to any credit bureau. All credit reports contain a combination of public records and information provided by creditors. Creditors retain the right to report that you have enrolled in a debt management program as a notation on their individual entry. The Debt Management Company has no control over creditor reporting decisions. Some clients may experience a short term blemish on their credit report during the first 90 days which is the negotiating period. We know of no long term negative impact.

How does your program work?

You make one convenient monthly payment to us and we disburse those funds to your creditors at our pre-negotiated rates. It is a new payment plan, customized to meet your needs. Our debt management program is not a loan.

My creditors are calling me, what should I do?

Please let them know that you are enrolled in our debt management program. Provide them with your enrollment number, enrollment date and our toll-free number. Ask them to contact our customer service department.

Why do creditors participate in your program?

Creditors are interested in repayment of the funds they expended on your behalf. Participation in our program assures them of that repayment. Our debt management program gives you an opportunity to pay off your debts in a timely manner with manageable payments. Not all creditors participate in Consumer Credit Counseling and may not offer benefits. We do our best to negotiate on your behalf. If a creditor does not participate, we can include your current payment to them as part of your monthly account activity.

Am I eligible for your plan?

Your Debt Management Company’s counselor reviews your completed budget analysis to confirm the suitability of the program to your situation. We want you to succeed. Our concern centers on your ability to meet the obligation to your new payment plan.

Will my accounts remain open?

No. Purchase activity would undermine your goal of becoming debt free and oppose the purpose of debt management. While you are in the program, your accounts will be closed.

Will I still receive statements from my creditors?

Your creditors will continue sending you monthly statements showing the payments disbursed from our program and your balances being reduced.

My creditor statements reflect late charges, over the limit fees and the same interest rate. When will that stop?

Creditors establish their own policies on these issues. Some, but not all, creditors are willing to waive some or all of these fees and/or lower your interest rates. Please allow 1 to 3 billing cycles before your creditors may stop any of the charges or lower their interest rates.

Do you send a monthly statement?

Yes. Our statement will show a breakdown of payments made to each creditor and your remaining balances. Please refer to your creditor statements for exact balances and interest rates. The remaining balance shown on our statement is only an estimate. We require you send us updated copies of your creditor statements every 90 days.

Can I change my scheduled payment date?

Yes Please give us at least two week notice of the original payment date, in writing.

How do I make my payments?

In order to provide you with the ease and convenience of our service, we electronically draft your monthly creditor payment from your checking or savings account. Payment dates are scheduled to fit your budget. Electronic funds transfer also insures no late payments to your creditors.

Is there a grace period?

No. On-time payments are a contractual obligation.

What do I need to do if I change bank accounts?

Please contact us and let us know your new information. We will update our records accordingly. As with any change, we request one week notice, in writing.

As a creditor is paid off, is my payment reduced?

No. In order for you to become debt free as quickly as possible, that money will be applied to your remaining accounts. Our customer care representatives will determine to which account(s) the extra money will be applied, unless specific instruction is given by client.

What do I do if I move?

Please contact us and let us know your new address. We will update our records accordingly. As with any change, we request one week notice, in writing.

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