Client Handbook
Questions & Answers about Debt Management Programs
Will using CCCS protect our credit rating?
CCCS does not report your participation in the Debt Management Program to credit bureaus. However, be aware that each creditor deals with CCCS clients in a different way. Some may report your account as current when they receive our proposal, while some do this after receiving three consecutive payments through CCCS.
Other creditors will consider your account delinquent and will continue to report these delinquencies even though you are working with CCCS. They will accept the payment and stop calling you, but they may still report negative information to credit bureaus. It is up to the individual creditor to make changes in the “History of Payment” column on your credit report.
Some of your accounts may be charged to profit and loss by your creditors during the course of your program. This will depend on the condition of the account when you entered the program, the size of the monthly payment you will be able to make, the creditor’s general policy, and other factors. Your Debt Management Program does not replace your contractual legal obligations to your creditors.
Upon completion of the program, we suggest that you obtain a copy of your credit report to make sure it is accurate.
- Where do we go from here?
- What can we do to help our Debt Management Program along?
- What should we avoid if we want our program to go smoothly?
- Will CCCS contact our creditors in the Debt Management Program?
- What if a creditor does not accept the plan?
- What happens if we receive a large sum of money and want to pay off our account early?
- Will our creditors still contact us?
- Will our creditors stop interest on our accounts now that we are working with CCCS?
- Will we receive statements from our creditors?
- Must all of our creditors be included in our Debt Management Program?
- When is our deposit due?
- May we pay with a personal check?
- To whom should we make our money order, certified check or cashier’s check payable?
- What if your deposit is late?
- Can we increase our monthly deposit to CCCS?
- What if we miss a deposit?
- What if I lose my job?
- Can our creditors take legal action against us while we’re enrolled in the Debt Management Program?
- Will creditors help us re-establish credit?
- What if we have to borrow money?
- Will using CCCS protect our credit rating?
- What if we want to withdraw from the Debt Management Program?
- How is CCCS funded?