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What are the benefits of a Debt Management Program? |
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What are unsecured debts? |
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Do you loan money? |
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When will the debt collection calls stop? |
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Will the credit accounts that I place in the program be closed? |
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Is my information kept confidential? |
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What happens if my payment is late? |
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How will the program affect my credit report? |
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When can I expect to pay off my debt? |
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Will I receive statements from my creditors? |
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What type of education do you provide? Is it free? |
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| Q. |
What are the benefits of a Debt Management Program? |
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Our Debt Management Program is focused on assisting you in regaining control of your finances, creating a household budget, and consolidating your debt into one monthly payment. We work with creditors to arrange for the benefits that creditors offer through participation in a debt management plan. Most creditors will provide benefits, which may include lower interest rates, stopping late and overlimit fees, and re-aging delinquent accounts to reflect a current status. |
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| Q. |
What are unsecured debts? |
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Unsecured debts include any loan or debt that has no tangible assets or property attached to it. The most common of these types of debts are: credit cards, department store cards, non-government backed student loans, medical bills, utility bills and personal loans. All of these kinds of debt can be consolidated. |
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| Q. |
Do you loan money? |
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No. CCC is not a lending institution. We work with creditors on your behalf to establish an affordable new payment arrangement, which may include benefits such as a reduced interest rate and no late or overlimit fees, allowing you to pay off your debt more quickly. We collect one monthly payment from you and disburse your payments to your respective creditors. |
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| Q. |
When will the debt collection calls stop? |
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Upon your enrollment and receipt of your first payment, we will notify the creditors for the accounts you have placed in the program. Once notified, some creditors will stop collection efforts immediately, while others want to see between three and six consecutive payments before stopping. If you receive a call after you have made your first payment, please refer the collector to us. |
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| Q. |
Will the credit accounts that I place in the program be closed? |
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Yes, all accounts included in the program will be closed and will no longer be available for use. We do recommend that all of your unsecured debt be placed on the program and that you avoid incurring additional debt. |
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Is my information kept confidential?
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Yes. CCC’s privacy policy pledges that client information will be strictly safeguarded and stored in a safe manner at our office. We maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information and will not disclose information to anyone except those persons authorized by you |
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| Q. |
What happens if my payment is late? |
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If you are going to be late with your payment, you should advise our Customer Service Department immediately. Most creditors require payment every thirty days or concessions may be lost or suspended. Our Customer Service Department may be able to contact the creditors and have your concessions reinstated depending on the circumstances. |
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| Q. |
How will the program affect my credit report? |
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Depending on your personal situation, participating in CCC could have a positive affect on your credit rating. Those who are in need of our plan will benefit by consistently making their monthly payments. This step alone will help you avoid negative marks on your credit report.
If your credit report already shows any late or missed payments, then CCC’s program will more than likely enhance your record because of our on-time, single monthly payment method. As an added bonus and incentive, through CCC’ plan, many creditors will bring current your account after three consecutive payments, and as long as you continue to make all your monthly payments on time. Once you have paid off all your debts and have finished with the plan, it will be easier to reestablish your credit and stay financially healthy and debt free.
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| Q. |
When can I expect to pay off my debt? |
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Becoming debt free is a process that takes perseverance. Most of Consolidated’s clients usually pay off their debts between three to five years – it all depends on your unique financial situation.
But along with paying off your debt, you will become educated on how to better manage your money and stay debt free permanently. CCC will help you achieve your financial goals so you will never have the stress and terrible feelings, both emotionally and physically, that debt brings. As a team, we can make it work for you. |
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Will I receive statements from my creditors? |
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Yes, you will receive statements each month from your creditors. These statements will reflect how much your debt is being reduced and enable you to track the progress you have been making. Please monitor these statements to make certain that the benefits you have received, by enrolling in our debt management program, such as lower interest rates and reduced fees, are active. If you find any discrepancies, don’t hesitate to contact CCC’s customer service at 1-800-710-5397. |
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What type of education do you provide? Is it free? |
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Consolidated Credit offers professional counseling, debt recovery programs and money management booklets. Our website is also full of informational nuggets geared toward helping you end your financial crisis. All of Consolidated Credit educational resources are free for you to take advantage of and to share with your loved ones. |
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