Queries about creditors in debt consolidation program

Hi Chon

Welcome to the forums.

If you enroll in the debt consolidation program the creditors will not cancel your credit cards. The debt consultant will negotiate with your creditor and the creditor may reduce your total debt amount to the extent of 40% to 60%. Further the interest charges may be reduced as well as your late fees will be eliminated. So you will be in a much better position to pay off your debts. You will be allowed to repay the debts in affordable monthly installments. So debt consolidation program is a better program to clear off your debts easily.

Hope to hear from you soon.

Regards
Peter

Hi Chon

Welcome to the forums. Peter has explained the role of the debt consolidation program with your creditors in the right way.

The creditors are interested in recovering their money from you and for this reason; they are willing to reduce the amount of your debt through the debt consolidation program.

The creditors also appreciate your enrollment in this program because they find you taking this responsibility to clear off your past debt. This program will help you in improving your financial ratings and you will be able to regain your credit worthiness.

Please let me know if you have further queries.

Regards
Roxette