Listed below are frequently asked questions about debt consalidation.
- Is this like bankruptcy?
- What does the consultation cost?
- What is needed for the consultation?
- Will the creditor collection calls and letters stop?
- Can I still use my credit cards?
- What if my accounts are past due?
- How do I know my bills are being paid?
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Is this like bankruptcy? |
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No. Family Budget Counselings debt management program can be best described as a bankruptcy avoidance program. You will be paying all of your debt obligations in full through our program, once your creditors have received and accepted our payment proposals. There is no need on their part to go forward with any further collection activity. |
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What does the consultation cost? |
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Our goal at Family Budget Counseling is to get you out of debt. Not to charge you high fees and actually put you deeper in debt. Bottom line there are no enrollment, start up, counseling or application fees. |
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What is needed for the consultation? |
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It is necessary for you to provide us with the most accurate balances as possible. If you choose to come into our office to meet with a Credit Counselor it is necessary for you to bring your most recent credit card statements (within the last 30 days), a copy of your latest pay stub and a form of picture identification. |
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Will the creditor collection calls and letters stop? |
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We will notify your creditors upon receipt of your first payment. However, you must understand in some cases it does take a bit longer for the Giant Financial institutions to notify each of their departments about your enrollment into our debt management program. Within the first 30 days it is not unusual to receive telephone calls or letters from the creditors you owe. Upon enrollment your Credit Counselor will provide you with the Program Guidelines, which will explain how to handle any future calls if any are received. |
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Can I still use my credit cards? |
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No. The goal of our debt management program is to have you re-gain your financial freedom in the shortest amount of time. All of your accounts enrolled in the program will be closed. |
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What if my accounts are past due? |
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One of the many benefits of enrolling in our program is the fact that most of your creditors will re-age your accounts. Simply put, after one or up to three consecutive payments are received from our organization the majority of creditors we deal with will bring the account current. Even if your accounts are with a collection agency or in attorney's hands it is possible to get the accounts re-called back "in house" as a courtesy to our clients. |
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How do I know my bills are being paid? |
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You will continue to receive your monthly statements from your creditors. It is not necessary to send them into our office. However, it is imperative to review them to ensure the payments have been posted and any interest rates that should be adjusted, have been adjusted accordingly. After that simply file them away. |