Debt Consolidation Loans and Service-Frequently Asked questions

Frequently Asked Questions about Debt Consolidation

What is Debt Consolidation?

Our debt consolidation program offers special benefits not otherwise available to the consumer that helps anyone overwhelmed by debt to pay off their debts, usually in less than five years. During this same period the consumer's credit rating will ordinarily improve. In our program, you make one monthly payment to us and we use that to pay all of the creditors you list in the program. Usually, that one monthly payment is substantially less than the combined monthly total of what you are currently paying to those creditors.

What benefits do you offer?

Our debt consolidation program can offer the following benefits, depending on the creditor and the debt circumstances:
Reduced interest rates (sometimes to 0%)
Waived account fees (such as late charges or overlimit fees)
Re-aging of accounts, and
A single, consolidated monthly payment that is generally much lower than the total of what all of your creditors are asking for now.

These benefits allow you to:

Pay more towards the principal of the real debt (as apposed to just interest) and, therefore,
Get out of debt in a much shorter period of time than it would currently take by continuing to make minimum payments.
Ordinarily, if the program is successfully completed, and no new or additional financial difficulties occur, credit ratings and scores should improve.
While on the program, you may not use your credit cards. It is also important that you make your single consolidated monthly payment on time. It's as easy as that.

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Do You loan me money?

No. We do not ask you to sign up for a loan that may make your current situation even worse. We simply make arrangements with your creditors for payments that you can handle. We also offer all available benefits to help make those payments really cut down the debt.

What is the difference between bankruptcy and your Debt Consolidation Program?

Our Program is a smart alternative to bankruptcy. Our program allows you to stay out of court and pay off your debts at a pace that you can handle.
There are many potential problems with bankruptcy. Many employers now ask if you have ever filed for bankruptcy on employment applications. Filing bankruptcy may be seen as irresponsible and it could affect your ability to obtain or use credit for up to ten years. It could possibly affect your ability to get the employment position you want.
Our Debt Consolidation Loans Program should ordinarily, in most cases, improve your credit rating and scores, and many creditors will subsequently extend credit to you after you have paid off your current debts with them on our program. The same may not be true following a bankruptcy.

What about home equity loans?

Caution is advised! Many companies offer home equity loans to promote what they call debt consolidation. Usually these loans only add to your total debt, except that afterwards you can lose your home if you have trouble paying! That will never happen with our program.
If you are considering a home equity loan to pay off your debts, think twice. Currently, if you are unable to pay your unsecured debts your home is not at risk. If you receive a home equity loan and are unable to pay, they can foreclose and take your home.
The safest way to consolidate your unsecured debts is through a service like our program. That way, your home will never be at risk for problems paying unsecured or credit card debt.

Can I pay more than my consolidated monthly payment?

Absolutely, the more you send in, the sooner you will be debt free.

Will I still receive harassing phone calls?

Once your creditors receive your first payment made through our program, you should stop receiving collection calls.

Not all Credit grantors/debt collectors comply with this requirement, and may still call you even after arrangements have been made on your behalf. If these calls persist please notify us immediately.

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How does Debt Consolidation affect my credit rating?

Equifax (A credit reporting agency) circulated a formal memo on September 7th , 2000, that stated: "Financial counseling narrative codes are no longer considered negative." What this means is that, by entering the e Debt Consolidation Loans Program, there will be no negative impact on your credit report. On the other hand, in most situations, successfully completing our Debt Consolidation Program should improve your credit scores and rating, if no new or additional financial difficulties come up.

By entering into our program, you get the opportunity to have your credit report re-aged. What this means is that after 3 consecutive on-time payments, your revolving charge accounts may be updated and shown as current on your credit report. This re-ageing is limited to once in a 5 year period pursuant to the guidelines of the Federal Reserve.

Also, by paying down your debt, your debt to income ratio will be dramatically improved. This will be reflected on your credit report, which in turn should improve your credit rating.

How much does it cost ?

Nothing. We charge no application fee, no interest or late fees. There is a reasonable administrative fee which is calculated directly into your monthly payment. The administrative fee is typically far outweighed by the savings in reduced interest rates & credit card fees.

How do I get started?

To get started, fill out our free quote form. Once complete, your information will be submitted to our office. We will review your information and contact you within 2 business days. There is no cost and no obligation to call and speak to one of representatives, either to receive a quote or to join the Program.

Feel free to contact us should you have any questions.

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