Q- Who
qualifies for a Debt Management program?
A- Anyone
who has $2500 or more in unsecured debt (credit cards,
personal loans, etc.), 18 years or older, and currently
employed.
Q- What
kind of debts does Debt Management help with?
A- Debt
Mangement programs help with unsecured debts such as credit
cards, personal loans, medical bills, utility bills, etc.
They do not consolidate car loans or home mortgages. They
work only with debt that is not backed by an asset.
Q- Will
a Debt Management Program stop collection calls?
A- Collection
calls typically stop once the creditor starts receiving
payments through a debt
management agency.
Q- How
will a Debt Management program help me?
A- Contrary
to popular belief, debt management is NOT A LOAN! A debt
management program allows you to make a single monthly
payment that is in turn distributed to your creditors .
This eliminates the need to make individual payments to
each of your creditors . Many of the creditors allow you
to reduce your monthly payment and reduce interest and
late charges and stop collection calls. That way, more
of your payment goes to reducing your debt, getting you
out of debt faster.
Q- How
will my creditors know I have joined a Debt Management
Program?
A- Once
you have enrolled in a debt management program and all
paperwork has been received, a proposal is sent to each
of your creditors for the amount indicated by your counselor.
Q- Is
a Debt Management Program the same thing as filing bankruptcy?
A- Bankruptcy
is a proceeding in a federal court in which the assets
of an individual experiencing financial difficulty are
sold, and the individual is relieved of further liability
to their creditors . In addition, bankruptcy will stay
on your credit report for seven to ten years and greatly
hinder your ability to obtain new credit. A debt
management program is an actual repayment of the debt
and a "cleaning-up" of your credit report.
Q- How
will a Debt Management Program affect my credit?
A- Debt
Management agencies work with many creditors who will
re-age or bring current your account thereby removing
the current delinquency rating on the account. This
is done by making consistent payments through the program.
Q- What
if I'm behind or not paying my bills, can I still apply?
A- YES!
Debt Management programs are designed exactly for this
situation. They work with you and your creditors to
create an affordable and manageable budget.
Q- How
do I get started?
A- Complete
our simple sign
up form. Once your application is submitted, you will
be contacted by a debt professional within 24 hours. Once
you are contacted, you can ask any further questions and
decide if the program is right for you.
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Toll Free, 888-678-9878
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