Our Program

After you have selected your debt consolidation company, you'll sign a contract that gives the company power to negotiate on your behalf with your creditors. You will also be required to make your payments on time and verifying that the statements your creditors send you are accurate. Your new reduced total monthly payment, the new payment due date, and a detailed spreadsheet of how much each individual creditor has reduced your payment and interest rates should accompany any contract.

Three or four months of consistent payments will usher in the next stage of debt consolidation services. At this point, the debt consolidation company judges the account and requests that each creditor "re-age" its client's account. Around the sixth month of payments, the consumer's credit report should list all of his accounts as "current/paid on time." Although this re-aging process can take up to three months, usually creditors will grant the request as long as no similar actions have taken place within the previous year.

Bear in mind the various advantages and drawbacks to debt consolidation. Once the consumer begins making payments, most creditors will immediately eliminate all late payment fees and finance charges. All creditors, however, will require accounts under debt consolidation to be closed. The consumer will not be able to use that particular account again. Additionally, these accounts will be marked "undergoing credit counseling" on the credit report, which could hinder the consumer's chances for obtaining additional credit within the first 12 months of the program. Weigh the consequences carefully, but remember that Bad-Credit-Cards-Repair-Reports-Bankruptcy-Counseling.com is dedicated to helping consumers just like you end their debt problems permanently.