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Q: |
Is this a loan?
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A: |
No. This is not a loan so you do not have to qualify or put up any
of your assets as collateral.
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Q: |
Can anyone participate in the program?
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A: |
Yes. Individuals, couples and partners can participate.
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Q: |
What types of debt can I include in the program?
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A: |
Unsecured debts such as credit cards, personal loans, hospital
bills, department store credit cards, old telephone and utility
bills, gas cards, student loans, IRS, and repossessions can all be
included.
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Q: |
Can I include my home, car or business credit
cards?
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A: |
No. Secured debt such as mortgages, car loans, motorcycle loans,
boat loans, personal loans secured with collateral and business
credit cards and/or accounts can not be consolidated in the program.
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Q: |
How is my credit affected?
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A: |
If you have a good credit rating, you will remain in good standing
with your creditors after the accounts are re-aged. If you have a
below average credit rating, your participation can help you build
your credit by showing a positive payment history. If you have had a
hard time obtaining additional credit, you may have a high debt to
income ratio. Debt Consolidation allows you the opportunity to
obtain lower interest rates thereby allowing you to get out of debt
sooner. This, in turn, will help you obtain a better debt to income
ratio in a much shorter period of time.
. Keep in mind the processing center does not report to any
Credit Bureau that you are entering or that you are in a debt
management program. Credit reporting agencies, credit card companies
and others view this positively and appreciate your efforts to
satisfy your debts. Credit FICO Scoring ignores whether or not you
are participating in credit counseling of any kind.
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Q: |
Does this look like bankruptcy on my credit
report?
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A: |
Absolutely not.
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Q: |
If I am delinquent on my bills, what will this do
to my credit?
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A: |
Creditors will usually re-age delinquent accounts which means that
they can bring them back to a current status showing you in good
standing again. It takes approximately 3 payments into the program
for the creditors to bring your accounts current again and for it to
show up on your credit report. Creditors will usually stop late
fees, penalties and over the limit fees. This will put your back on
track again and get you out of debt much faster.
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Q: |
How can I stop creditor harassment?
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A: |
If your creditors are bothering you, after you have faxed us your
paperwork, please ask them to call us at (866)411-3328. To read what
your rights are under the Fair Debt Collection Practice Act
.
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Q: |
Can I still use my credit cards while I am in the
program?
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A: |
You will not be able to use the credit accounts you include in the
program. These accounts will be frozen or closed. You can choose to
keep credit accounts out of the program for emergency use. If you
would like, you may included additional credit accounts into the
program after your start date.
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Q: |
Can I pay extra each month?
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A: |
Yes. If you pay more than your minimum amount, you will get out of
debt much faster.
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Q: |
Can I pay by personal check?
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A: |
No. We can not except personal checks. The forms of payment we do
except are money order, cashiers check, or you can choose to have
the funds automatically debited from your account each month on the
date you choose. All of this information will be provided to you in
your enrollment paperwork.
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Q: |
Will I be canceled from the program if I miss a
payment?
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A: |
Your creditors will cancel you from the program after missing 2
consecutive payments. It is always best to contact the processing
center if your payment is going to be late or if you are sending a
partial payment.
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Q: |
Will I receive a statement each month?
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A: |
Yes. You will receive statements from your creditors showing an
amount paid by the processing center. You will also receive an
invoice from the processing center each month. This will allow you
to track the payment amounts made to each creditor and it will also
allow you to see your reduced interest rates.
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Q: |
Will I be able to access my account online?
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A: |
Yes. Once the account is fully set up you will be able to access
your account online.
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Q: |
How do I get started?
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A: |
Gather all the names, balances and monthly payments of the creditors
you would like to consolidate. Once you have that information on
hand, you may fill out our secure
quote
form, |