Frequently Asked Questions
Will you answer my general debt questions even if I am not a client?
We welcome the opportunity. Often Consumers Debt Management answers questions about debts, credit reports, government programs, child support, taxes, income and many others on a daily basis. If we do not have the answer, we can refer you to someone who does.
Will you help me with all my debt?
Our Debt Reduction Program is designed to help with unsecured accounts (credit cards, medical bills, collection accounts), Consumers Debt Management has a variety of programs to help you.
Is there a minimum amount of debt I have to have in order to work with you?
Yes. Consumers Debt Management requires that you have a minimum of $3,000.00 of problem unsecured debt. We have in the past helped clients with $3,000.00 of debt and clients with over $200,000.00 of debt.
Why must my credit card accounts be closed while I'm on the Debt Management program?
Creditors normally require accounts included in debt management programs to be closed in order to extend special terms like substantial lump sum reductions, lower monthly payments and lower interest rates. Closure of the accounts keeps you from increasing the amount you owe to the creditor.
Can my creditors still call me?
Yes they can, but most will not. The vast majority of creditors are fully cooperative and will update your record to show that you are participating in a debt management plan. The amount of time it takes for their records to update varies by creditor. Usually, the calls will cease after the creditor receives notice of your Debt Management efforts.
How does this program affect my credit rating?
Consumers Debt Management does not report to the credit bureaus. However, your creditors may report that you are participating in a debt management program. This comment is not necessarily negative. It should not affect your chances of obtaining secured loans, but it may inhibit you from obtaining unsecured credit for a while. This is not a permanent mark and will be removed from your report at some point. Approximately, 1 out of 5 creditors report this type of comment.
How long will it take to eliminate my debt?
That depends on how much you owe, your available monthly income, how much you can pay to your creditors in a lump sum, how much creditors charge in interest, etc. A Certified Debt Arbitrator will be able to assist you in forecasting how long it will take to eliminate your debts.
SUMMARY:
We do everything in our power to insure that any questions that you might have are answered. If you still have questions that have not been answered please do not hesitate to ask. We are here to help in anyway we can. The advice and answers are FREE just Contact Us.
