Is the service insured and bonded? Are client funds held in separate trust accounts? How often are payments made to creditors? Are financial counseling and educational programs offered?
Welcome to the forums. I hope that you will have your solutions to all your queries in this post.
Quote:
Is the service insured and bonded
When you have enrolled yourself in a debt consolidation program, the debt consolidation company pays your debt to the creditor making the first move. After that, all you will have to do is to make your monthly payments to the debt consolidation company at easy installments. So, your debt is paid to the creditor through the debt consolidation company at the first go.
When you sign for this program, everything is on paper and legal to safeguard the interest of the consumer and the company.
Quote:
Are client funds held in separate trust accounts?
Yes, there are different accounts for each client.
Quote:
How often are payments made to creditors?
The debt consolidation company pays your debt to the creditor through proper negotiation and eliminates the late charges and other expenses if possible to minimize the overall payment of the debtor.
Quote:
Are financial counseling and educational programs offered?
Definitely, there is free counseling to help the consumers and solve the related debt problems.
If you need further clarification, we will be pleased to assist you in this matter.
Please fill our short registration form at the home page of this site to start using the services of the debt consolidation program.
Hi su
Welcome to forums.
Since you have multiple questions,i will answer it in steps.
Step1:
Yes service is insured and bonded once the retainer fees are paid off.
Step 2:
Yes the client accounts are held in seperate trust accounts specifically in major FDIC insured financial institutions.
Step 3:
Generally after a lump sum amount is there in your personal account money is transferred from your account to the creditors account.In this way your debt is cleared off and if you have anything left in your personal account after the consolidation program is over will be returned back to you.
Step 4:
Of course financial counseling and educational programs are offered before you sign up in the debt consolidation program. After a proper counseling you will allowed to participate in the consolidation program.
Please feel free to come in this community with your queries.
By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Posts: 3957
Credits: 55973.9 Send message to roxette
Hi su
Welcome to the forums. I hope that you will have your solutions to all your queries in this post.
Quote:
When you have enrolled yourself in a debt consolidation program, the debt consolidation company pays your debt to the creditor making the first move. After that, all you will have to do is to make your monthly payments to the debt consolidation company at easy installments. So, your debt is paid to the creditor through the debt consolidation company at the first go.
When you sign for this program, everything is on paper and legal to safeguard the interest of the consumer and the company.
Quote:
Yes, there are different accounts for each client.
Quote:
The debt consolidation company pays your debt to the creditor through proper negotiation and eliminates the late charges and other expenses if possible to minimize the overall payment of the debtor.
Quote:
Definitely, there is free counseling to help the consumers and solve the related debt problems.
If you need further clarification, we will be pleased to assist you in this matter.
Please fill our short registration form at the home page of this site to start using the services of the debt consolidation program.
Regards
Roxette
Debt Samaritan
Posts: 284
Credits: 11411.1 Send message to peter
Hi su
Welcome to forums.
Since you have multiple questions,i will answer it in steps.
Step1:
Yes service is insured and bonded once the retainer fees are paid off.
Step 2:
Yes the client accounts are held in seperate trust accounts specifically in major FDIC insured financial institutions.
Step 3:
Generally after a lump sum amount is there in your personal account money is transferred from your account to the creditors account.In this way your debt is cleared off and if you have anything left in your personal account after the consolidation program is over will be returned back to you.
Step 4:
Of course financial counseling and educational programs are offered before you sign up in the debt consolidation program. After a proper counseling you will allowed to participate in the consolidation program.
Please feel free to come in this community with your queries.
All the best
Peter
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