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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 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?
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 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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