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Frequently Asked Questions When you are looking for solutions to a problem as difficult as high debt, you are sure to have questions. To help you understand debt management, we've put together the following frequently asked questions.Q: How will using a Debt Management program affect my credit rating? If you have a good credit history, then you should be aware that your credit report may state that you are working toward a solution to your problems through a Debt Management program. Future interpretation of this information will be at the discretion of your future creditors. We believe that this information reflected on your credit report shows that you are taking the initiative and trying to pay off your creditors. If you are having serious debt problems, it is very likely that your credit report already shows late payments and added finance charges. Showing that you are concerned about the problem sheds a positive light on your character.Q: Will bill collectors still call me? Until your creditor's collections departments know that you are working with a Debt Management program, you may still get collections calls. But as more of your creditors learn that you are trying to pay off your debts, these calls will become fewer. 3rd party collection agents must obey this letter, according to the Fair Debt Collection Practices Act. Make sure you tell your account specialist if you receive any such calls from a collection agent.Q: Can't I just negotiate with creditors on my own? It's possible to negotiate with creditors on your own to arrange payment or have positive information reported to a credit bureau, but, to get the benefits of lowered monthly payments, lower interest rates, stopped late charges, and waived over the limit fees, you need a solid Debt Management program with trained and courteous professionals that have a working relationship with your creditors. Our account specialists know your creditors, have worked with them before, and know how to get you positive results.Q: Can't I just keep paying off my creditors on my own? If you are reading this page, chances are, high debt has been a problem for you for some time. If you've already been trying to pay off high debts on your own, you know that it is a slow process. As you make your payments, if you are making the minimum payments, most of each payment goes toward interest. The balance never gets lower. Remember that this month's added interest is part of next month's balance. The new interest is calculated on this new and often higher balance than the previous month.By using our Debt Management program, you can pay off your bills much more quickly. Because we may be able to reduce your interest rates, stop over the limit fees, your balance will begin to drop. On average, our clients pay off their debts in 3 to 5 years, depending on individual circumstances. |
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