Debt Consolidation - Debt Settlement, Management and Debt Consolidation Services

Debt Consolidation Counselors - Frequently Asked Questions

How does the Debt Consolidation Counselors program help me?
A debt management or debt negotiation program is a well-proven plan to get you out of debt. By negotiating with your creditors for better terms, we enable you to lower your interest rate payments and often decrease the overall principal owed. This eliminates the need for you to make individual payments to each creditor, and also stops all collection calls.

In many cases, the results are immediate. With the Debt Consolidation Counselors program, most clients are out of debt within 2-4 years. Beware of companies who promise immediate debt relief. As one of the largest providers in the industry, our track record is proven. See our success stories section for just a handful of examples of satisfied customers.

How do I qualify for the Debt Consolidation Counselors program?
To benefit from our program, many of our clients have:

1. A minimum of two unsecured debt accounts (unsecured debt includes credit card debt, medical bills and some other forms of debt)
2. At least $6,000 worth of unsecured debt.
3. At least one of your credit accounts must be a bank credit card or department store card. Unfortunately, our program does not work with government student loans, automobile loans or mortgages, which are all classified as secured debt, because they generally have collateral attached to them.

How will this program affect my credit?
If your credit report already includes late or even missed payments, our program will definitely improve your record by settling your debt and bringing back consistency to your monthly payments. Also of note is that with the Debt Consolidation Counselors program, many creditors re-age your account, which means they will keep your account as "current" even if you have been late in the past. This is as long as you continue to make your monthly payments on time.

You should beware, however, that if you currently have perfect credit, our program may not be your best bet. In a case where you, as an example, have spotless credit and a high level of home equity, we generally cannot accept you into our program. This is because sending reduced payments to creditors or getting interest concessions through a debt management or settlement does have some effect on your credit rating. In some unique cases, a creditor may report a reduced payment or settlement as late, or reflect that your payments are being handled by a debt consolidation agency. Read more about our program here.

Once I enroll in your program, can I still use my credit cards?
Although the main objective of the Debt Consolidation Counselors program is to get you out of debt as quickly as possible, there are certain exceptions where retaining a credit card account may be necessary. This is an option available to some clients who require cards for business. During our initial consultation, you should make certain to state that you will need the use of at least one credit card.

Will I still receive statements from my Creditors?
While enrolled in our program, you will continue to receive statements from your creditors so that you can track your payment progress with our program. Of course, we will also send you progress reports which ensure that you understand how your account is being handled every step of the way.

What is the typical length of time it takes for my creditors to accept the negotiation/settlement proposal?
Once you have been accepted into our program and we have completed a full financial assessment of your resources, your creditors will receive proposals. This is usually a period of about one week to 10 days from first contact. It will often take four to seven weeks for your creditors to process the proposal. If the proposal is declined, we research the cause and work with you and your creditor to make the necessary changes for proposal acceptance.

What interest rate reductions are available with your program?
Generally, your creditors will take a look at your individual case, and determine your interest rates. In some cases, we can negotiate a settlement which not only lowers your overall interest, but also the total principal owed.

Again, this depends on your individual situation. In most cases, however, we can eliminate most fees and penalties and reduce your overall interest rates by a significant amount.

How much will your debt management/setllement program cost me?
Debt Consolidation Counselors does not charge enrollment fees nor require any advanced deposits in order to enroll. Once a debt settlement is obtained, however, we do include a small fee to pay for our services, counseling and educational programs.

One thing is for certain, is that once a settlement is obtained, you will save thousands of dollars over the next 2-4 years, an amount that far exceeds the nominal fee we charge. See the Savings Calculator to see how much our program may save you.

Enrolling in the Debt Consolidation Counselor program is free and secure. From the privacy of your own home, you begin the process today.
Click here to apply for a free consultation.

How Do We Compare?
Read about how Debt Consolidation Counselors is different than most credit counseling and debt settlement agencies out there.

Do You Qualify?
Find out if you qualify for the DCC program.