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Frequently Asked Questions
Our purpose is to provide answers to important questions that are often asked about debt settlement. Brief answers are linked to the questions below. We hope this information helps you during the process.
When does Credit Counseling, Inc. begin settling my debt?
If I miss a monthly payment to Credit Counseling, Inc, will I be dropped from your program?
How do I find out the progress of my debt settlement??
Will I still pay my creditors directly while in the program?
Will Credit Counseling, Inc stop late fees and interest from accruing on my accounts?
I have a flexible monthly income. Can I still participate in the program?
Are my creditors going to continue to call me?
Will my creditors continue to contact me by mail?
Will this program have a negative effect on my credit?
Why should I use Credit Counseling, Inc to settle my debts as opposed to handling it myself?
Who do I call if I have a question about the program or a problem with a creditor?
Do I have to include all of my creditors into the program for settlement?
What if my creditors won't settle?
How long will it take for me to become debt free?
How much will this program cost me?
When does Credit Counseling, Inc. begin settling my debt?
Once you have fully retained our services we will begin the settlement process. However, we can only settle a debt once the full funds are available in your trust account.
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If I miss a monthly payment to Credit Counseling, Inc, will I be dropped from your program?
No. Simply call your personal representative and they will be able arrange an alternate payment method that is more convenient. It is understandable that circumstances may arise and we will help you get back on track with your payment schedule.
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How do I find out the progress of my debt settlement?
You will also receive monthly reports that will keep you informed of the activity on your personal trust account. You can call us at 877-660-5200 Monday thru Friday from 9am - 5pm EST to speak with a representative
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Will I still pay my creditors directly while in the program?
No. Upon enrollment, you will stop paying your creditors immediately. We will be negotiating on your behalf, so we will pay your creditors directly from your trust account
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Will Credit Counseling, Inc stop late fees and interest from accruing on my accounts?
Credit Counseling, Inc cannot stop a creditor from adding interest or late fees to an account. However, your individual program will reflect those fees and/or interest, and is incorporated into the Settlement Program. Because we negotiate the debt down to a fraction of what you owe, your savings are far greater than any interest or late fees that could accrue.
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I have a flexible monthly income. Can I still participate in the program?
Yes. Our fees and payment schedule is on a client-by-client basis. We will figure an affordable and simple plan for your unique situation.
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Are my creditors going to continue to call me?
You should expect creditors to call you once you stop paying them. You owe them money and they are going to want to try to collect it. We suggest that you do not speak with them, but notify us so we can ensure that they are calling you within the guidelines of the law.
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Will my creditors continue to contact me by mail?
Your creditors may also attempt to correspond with you by mail. With that being said, we ask that you immediately contact Credit Counseling, Inc and forward any letters to us.
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Will this program have a negative effect on my credit?
The debt settlement program may have a short-term negative effect on our credit profile. However, once negotiated and settled, your creditors will report the accounts as "settled" or "paid in full". Once all of your accounts are settled you will be DEBT FREE, and you will be able to start to reestablish new credit.
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Why should I use Credit Counseling, Inc to settle my debts as opposed to handling it myself?
We have counselors that are experienced in negotiating debt and working with creditors. We have built up a good rapport with creditors and collection agencies, which are usually unwavering in negotiating with the consumer directly.
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Who do I call if I have a question about the program or a problem with a creditor?
Upon enrollment, you will be given an account number and be assigned a personal account manager who will be handling your case. You can talk directly with any counselor whenever you need to discuss a problem or concern.
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Do I have to include all of my creditors into the program for settlement?
No. We recommend that you keep open at least one credit card. Any accounts that are included in the settlement will have to be closed immediately. You should keep one credit card open for emergency use only.
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What if my creditors won't settle?
Creditors know that if they don't settle for even a fraction on the debt, they will most likely get nothing. Creditors know that if you declare bankruptcy, then they will get absolutely nothing, and that is what they are trying to avoid. Most of them will settle very quickly. In the rare event that a creditor won't settle with our offer, they will return with a counter offer that will be favorable to you.
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How long will it take for me to become debt free?
It can vary depending on the individual client. However, it typically takes the average client about 18-36 months after we've negotiated the total amount of your debt down to 40%-80%. This includes all fees.
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How much will this program cost me?
Our debt settlement program costs are based on an individual financial situation. Your monthly payment will be determined by what you can comfortably afford, and is based upon your level of debt, income, and living expenses.
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