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How does your
program affect my credit report?
Debt Consolidation Programs are designed to
improve your credit rating by reducing your
debt-to-income ratio. Debt Consolidation
Trust does not promote hardship
based debt consolidation programs, hence, we are
not required to report to the credit
bureaus. If you are behind on payments, most
creditors will waive late fees and re-age
your accounts bringing them to current
status. Consider this an extra incentive
when setting up your bill consolidation
account, especially when you are behind in
payments.
Why will creditors lower my interest rates?
Creditors realize that good people sometimes
need help with their finances. Most
creditors provide debt consolidation
guidelines which were devised to accelerate
the repayment of debt. Since you have made a
commitment to us, they feel comfortable
extending you with the tools and resources
which are keystone to your financial
success.
Should I
file bankruptcy?
Most people file bankruptcy to escape debt
collectors. Debt Consolidation Trust offers a safe and
sound alternative to bankruptcy. Surveys show
that most
people would rather not file for bankruptcy. By
enrolling with Debt Consolidation Trust, our clients are able
to avoid the problems associated with
bankruptcy.
What exactly
is unsecured debt?
Unsecured debt is when a creditor holds no
collateral. Examples of unsecured debt
include credit cards, department store
cards, medical bills, and gas cards.
Collateralized debts such as a home or car
are utilized to secure a loan for services
rendered or goods received. Lenders secure
loans as a precaution against default.
When will my
first payment be due?
When you enroll in our bill consolidation
program, you may pick the payment date that
is most appropriate for you. Choose any day
from the 1st to the 30th of every month.
Keep in mind that your first payment will be
due within the first 30 days after
enrollment.
Can I still
use my credit cards?
Since your creditors know that you have a sincere
desire to get out of debt, usually the
accounts that you have included in your debt
management program are either frozen or
closed until you are debt free.
Do I have to include all of my credit cards
in the debt
consolidation?
Debt Consolidation Trust does not require that you
include all of your credit cards in the
program.
Can you help
me if I'm being charged late and past due
fees?
Most creditors will waive late and over
limit fees, bringing your accounts to
current status. Most creditors will also re-age
your account once enrolled in our program.
Will
creditors keep calling me and sending
collection letters?
Most creditors will stop collection activity
once they receive the first payment.
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