FAQ'S

Credit Card Consolidation

• 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.

•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.

• Can I change my scheduled payment date?

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

•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 types of debt can I include?

Our credit card consolidation program is primarily designed for credit cards (Visa, MasterCard, Discover, Amex). We CAN work with unsecured debts, including:  department store cards, personal loans (Citifinancial, Beneficial, etc), collection bills, or medical bills.

• We CANNOT work with any secured debts, such as home loans, car loans, or payday loans. We also CANNOT help with tax debt, student loans, child support, loans from family, etc.

 

• Is this a loan? No. Our goal is to get you OUT of debt, not create new debt for you. Our  consolidation program DOES accomplish what most people are looking for: One lower monthly payment and lower interest rates.

 

• Can I still use my cards? No. In order to lower your interest rates, the creditors require that your accounts be closed. That means you cannot use the cards. However, if you choose to, you may leave a card off of our program and still use it during the debt consolidation process.

 

• Do I have to include ALL of my cards? No. If you would like to keep a credit card to continue using it, you may do so. You would pay that separately from our program.

 

• Can I pay more than the minimum payment? Yes. We encourage you to pay off your debts as quickly as possible. Any extra payment you make will go straight to the principle. Simply call us before your payment date to tell us how much you want to pay that month.

 

• How does debt consolidation affect my fico score? When you enroll in the program, your accounts will be closed. Debt consolidation may or may not effect your credit score. Depending on the creditor, they might place a foot note in your credit profile stating that your account is currently in a PP [payment plan] Your creditors are being paid on time each month, so your fico score will  go up. If you are behind on your bills now, our program will help you rebuild.   If you have good credit, you should be able to obtain secured debt (mortgage, car loan, etc) even while on the program.