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What is Debt Consolidation? Consolidated Debt plans involve restructuring your existing debt with your existing creditors. Money is not loaned, and creditors do not change --- but the terms and conditions under which the existing debt can be repaid usually change significantly. Under our Consolidated Debt Plan, the monthly payment which is expected by the creditors is typically lowered and, in most cases, interest due to the creditors is lowered --- and sometimes totally eliminated. A person qualifying for a Consolidated Debt Program will usually find they are making more progress towards reducing their debt even though they are making lower monthly payments. Since most creditors report payments received under this plan as prompt payment, the person's credit report is usually improved by a payment plan. What are the benefits of Debt Consolidation? A Consolidated Debt Program combines two essential elements: the ability and the motivation to get out of debt. Under such a plan, you make one convenient monthly payment to us and we disburse all funds to your creditors. Usually this payment is lower than current minimum payments and it is always within your financial ability to pay. When we pay your creditors, it is almost always at a lower interest rate so that your payments actually go toward reducing your debt. Will credit counseling appear on my credit report? Only your creditors can report your actions to the credit bureaus. Creditor participation in our program and financial support of our operations are strong indicators that such a program will not harm your credit. By reducing debt and having the creditors report the payments received as prompt payments, most people who enter into a consolidation plan will actually improve their credit rating. Some creditors do report participation in a debt consolidation program to credit reporting agencies. You should keep in mind that such reporting has many positive elements. Participants in debt payment programs cannot go further in debt. In addition, debt plan participants are paying creditors according to the creditors terms and conditions. How do we obtain lower payments on your behalf ? We have established relationships with many of the major lending institutions and credit card companies who have agreed to either reduce or eliminate an individuals interest charges and late fees. It should be of interest to you that we may be able to lower your monthly payments by as much as 50%. Can medical and hospital bills be included in a Consolidated Debt Plan? We work directly with these types of creditors on an ongoing basis. We contact them immediately and are usually successful in negotiating better terms, lower payments and rates. For
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