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Frequently Asked Questions

What is a Credit Counseling Session?
A Credit Counseling Session is an overview of your total financial situation.  It can be done on the telephone or in person.  During this session, a certified counselor will review all of you income, expenses and debts.  At the conclusion of this comprehensive session, the credit counselor will make recommendations to help you get back on track financially (one of which may be a debt management program).  For additional information about our credit counseling services, click here.


How long does the credit counseling session take?
The average credit counseling session will last about one hour.  This may vary depending on your specific situation.  Beware of agencies that claim they can help you get rid of your debt in 15 minutes or less.  These types of agencies may be trying to push you into their program without providing the full benefits of a credit counseling session.


What is a Debt Management Program?
A Debt Management Program is a payment plan between you, CCCS, Inc. and your unsecured creditors.  In this plan, creditors agree to offer special concessions to help you get out of debt.  These concessions may include reducing your interest rates and stopping late and over-limit fees.  This plan can reduce the months or years of repayment.  For additional information about our debt management program, click here.


What are the benefits of a debt management program?
Benefits of the debt management program include: 
  • Lower interest rates
  • Elimination of late and over limit fees
  • End to collection calls
  • One simple monthly payment
  • Debt free in 3 to 5 years
  • An alternative to Bankruptcy



I'm only a little behind on my bills, can you still help me?
Yes, creditors will respect the fact that you've taken responsibility early and are attempting to resolve the problem before it becomes a major concern.  In fact, catching the problem early can prevent further harm to your credit rating.

How long will it take to pay off my debts?
On your own it may take ten or more years to pay off average debt amounts when making only minimum payments. CCCS, Inc. can devise a debt management plan to significantly reduce or eliminate most unsecured debt within three to five years.

Can you loan me money?

CCCS, Inc. does not offer loans – our Debt Management Program is a manageable debt repayment plan designed to help you make affordable monthly payments while you work towards paying off your debt.

 
Is this like bankruptcy?
We do everything we can to prevent bankruptcy by offering alternative solutions such as our DMP. Since we don’t deal in bankruptcy ourselves, if the counselor feels that it is in your best interest, they may provide you with a referral to a trustee in bankruptcy.
 
How is this any different from bankruptcy?
We offer an impartial point of view and will only advise what we truly feel is in your best interest. Whether you choose to file bankruptcy or not, is your decision. Our DMP is offered to anyone who can benefit from it because it allows them to repay their debts with affordable payments. It also provides a higher rating on a credit report than filing for bankruptcy which makes it easier to re-establish credit once all debts have been paid.
 
How is your program different from a consumer proposal?
A consumer proposal to creditors is a legally binding procedure that is administered for the courts through a licensed trustee in bankruptcy. Both you and your creditors are bound to payment arrangements made through the trustee. You must be in a financial position to meet these arrangements or able to provide a third party guarantee or other security.
 
Will I lose my home, vehicle and have to give up all my credit cards?
The DMP excludes secured debt such as vehicle loans and mortgages. You will continue to be responsible for maintaining the debt payments that are still in good standing while on our program. You are not at risk of losing your home or car as long as these payments are kept up-to-date. We do require you to give up all credit cards and request that you don’t obtain any other credit while on the program. The goal is to not incur any more debt while on the program so that when you are finished you will be completely debt free with the exception of your mortgage and/or car loan.
 
Will my employer know that I am on a DMP?
No. We have very strict confidentiality/privacy policies and will not share your personal information with anybody other than the creditors you have authorized us to contact on your behalf.