One of your options may be a Debt Management Plan. This program is for families and individuals who are having trouble making regular payments to creditors, but have the capability of making some form of payment. Through this plan CCCS works for you, with your creditors, to establish a customized repayment program.
Our DMP's serve the dual role of helping you repay your debts and helping creditors collect the money owed them. Since your creditors want to get paid, many of them are willing to stop or reduce interest and other fees while you are on the DMP.
In order to qualify for a Debt Management Plan you must be on a balanced budget. This means you must have adequate income to cover all your living expenses with enough discretionary income so that reasonable proposals can be sent to your creditors. Here are a few frequently asked questions that may help you decide if a DMP is for you. If my budget doesn't balance, how can I qualify ?
Your financial counselor will outline your options during the counseling session. Some options may be to review your current monthly expenses for possible reductions, or seek a source of additional income. Remember the counselor will bring various options to your attention, but you will make the decision on which option will work for you.
If I don't qualify now, can I come back?
YES! After you know your options, and the necessary adjustments have been made to your budget, simply contact us for a second appointment.
If I qualify, can I sign up today?
The DMP requires a real commitment from you, generally a period of twenty-four to sixty months. When making such a commitment it's only natural for you to take time to evaluate it. Your certified credit counselor will review your obligations when you enter a DMP and will generally ask you to take the information home with you and take time to review your financial goals and objectives. However, if you are sure of your decision you may sign up immediately.
What happens if I enter the DMP and then have problems keeping my commitment to the program?
Communicate! Making a financial commitment isn't easy, and unforeseen circumstances can occur that may affect your carefully outlined plan. The key to remember is that CCCS and your creditors understand. However, we must communicate so we can assist you in resolving the problem and alerting your creditors of the action taken.
What will it cost me?
Financial counseling (not including bankruptcy counseling) is only $35 for the first session and additional sessions are free. If you only need budget work and want to come back again, there will be no charge for 90 days. Should you become one of our Debt Management Clients, all counseling while on the program will be FREE. To begin the DMP, there will be a very small set up and monthly maintenance fee.
How is CCCS funded?
CCCS is a 501c3 non-profit community service that is primarily funded by creditor contributions, local businesses, grants and minimal client fees. |
