You have questions. We have answers to the commonly asked questions about debt consolidation. If there is a question you need answered that is not listed below feel free to email us on our contact form or call us directly toll free 800-957-8310. A debt consolidation specialist is available to answer any questions you may have.
What is Debt Consolidation?
Debt consolidation is the process that allows a professional agency to negotiate with your creditors to reach a payment agreement in order to satisfy all your credit accounts.
How much can I reduce my monthly payments by?
In most cases your monthly payment may be reduced as a result of debt consolidation.This will depend on how much you are paying at the moment and how long you want to take to repay the loan. Reductions in monthly payments can be as much as 75%.
Can I use the loan for more than debt consolidation?
Debt consolidation is not a loan. It is a restructure of existing unsecured debt into one monthly payment instead of multiple payments. This allows you to write one check each month to a debt consolidation company who manages your accounts. The benefits of the program is that there is an established completion date and with each passing month you're closer to becoming debt free.
Are my creditors going to continue to call me?
When you signup with a debt consolidation program, the firm notifies your creditors and demand they stop contacting you. It usually takes about 30-60 days for them to stop contacting you. In the meantime, you will keep a creditor log of every phone call or letter that you receive from a creditor and report it to your debt consolidation agency.
