Client Handbook
Questions & Answers about Debt Management Programs
How is CCCS funded?
CCCS’s Debt Management Programs serve the dual role of helping you repay your debts and helping creditors collect the money owed them. Most of CCCS’s funding comes from voluntary contributions from creditors who participate in Debt Management Programs. Since creditors have a financial interest in getting paid, most are willing to make contributions to help fund our agency. These contributions are usually calculated as a percentage of the payments you make through your Debt Management Program – up to fifteen percent (15%) of each received. However, your accounts with your creditors are to be credited with one hundred percent (100%) of the amount you pay through us and we will work with all your creditors regardless of whether they contribute to our agency.
- 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?