FAQ’s

Is Consolidation like bankruptcy?

No. Consolidation is the opposite of bankruptcy. Bankruptcy is when you don't pay your bills and you destroy your credit. In consolidation your debts are being paid, and your creditors are satisfied.

How is my payment determined?

Each creditor requires a minimum payment to qualify you for the program. All creditors have different requirements for acceptance. The payment is based on your particular mix of creditors and your balances.

What is the difference between non-profit and for profit organizations?

There are many financial firms offering a debt consolidation program today. Many of these companies are "for-profit", unregulated businesses. If a company is not being subsidized by the creditors, they must collect all operating costs from YOU the client. This result in much higher monthly service charges that can sometimes be very close to the interest they claim to be saving you. Also many creditors will not work with for-profit companies or give the same concessions to their clients.

When you enroll with Make-me-debt-free, your account is handled by our 501C non-for-profit servicing agent establishing a strong relationship with your creditors and receiving the lowest payment and interest rates without any negotiations.

When will you contact/send proposals to my creditors?

We will send proposals as soon as your initial payment has cleared. However, it is still very important that we have your Agreement signed and returned immediately, so that we can set up your debt management account and accept your first payment with no delays to your creditors.

Can I pay more than my monthly payment on your program and pay the debt off quicker?

You can always pay more, never less. If you are going to pay an amount over the minimum, please contact our Client Services Department so that they can make adjustments on your account and the posting of your payment will not be delayed. If you plan to pay a higher amount regularly, Client Services can set a default on your account so that you do not have to make a call each month.

Why should I include all of my credit card accounts on the program? Would it be okay if I held on to one of them?

Remember, our goal here at Make-me-debt-free is to help you become debt-free in the quickest and most efficient way possible. In order for us to do that, you must include all of your unsecured accounts on the program. This is a requirement of your creditors, who will monitor the activity on your credit report while you are on the program. If you use any credit cards or department store cards, they will withdraw from the program and you will lose the benefits they have provided.

Who needs our service?

Anyone who is experiencing problems keeping up with their bills or seeking to rid their life of financial burden.

What are unsecured / secured debts?

An unsecured debt is an account or monies owed that has no tangible property or product attached to it. Examples: Credit Cards, Medical Bills, Department Store Cards, Signature or Installment Loans, Repossessions, etc.

A secured loan has something physical attached, that protects the loan in case of default, such as a mortgage or a car note.

Why can't I just negotiate with creditors on my own?

In some cases, you can negotiate with creditors on your own to arrange payment or have positive information reported to a credit bureau. However, to get the benefits of lowered monthly payments, lower interest rates, stopped late charges, and waived over the limit fees, you need Make-me-debt-free. Make-me-debt-free and its non-profit agencies credit counselors can secure you these benefits not usually available to credit consumers.

How much will it cost me to be on the Debt Management Program?

Due to the fact that Make-me-debt-free works with non-profit organizations, we do not charge any advance fees for our service. We do request that clients make a monthly contribution to our organization to cover the costs involved in handling the accounts on a monthly basis. Make-me-debt-free and its non-profit organization depend on these small contributions to meet our operating costs. Our clients find that their increased cash flow from lower monthly payments, interest rate reductions and stopped late charges more than covers the cost of the monthly contribution.

How will joining Make-me-debt-free’s Program affect my credit rating?

Do you have a good credit history? If yes, then you should be aware that your credit report may state that you are working through Make-me-debt-free. We can't guarantee how future creditors will interpret this information, but we believe that it shows you are trying to get help. Your credit report probably states that you've been carrying balances, made late payments in the past 7 years, or even missed payments, so it may not be as perfect a credit history as you think.

If no, then Make-me-debt-free can only help you. If you make your payments in full and on time to Make-me-debt-free and its agencies, then many of your creditors will "re-age" your account, which means they will show your accounts as current after several payments. Showing that you are working through a credit counseling service may show future creditors that you needed help but wanted to pay off your debts in full.

How long will it take to settle to my debts?

The time required to settle all your debts depends upon your specific financial situation, including the amount of debt, your income and expenses. One of our Credit Counselors can provide you an estimate during your free consultation. Typically, clients are able to settle all their debts within three years.

Can my creditors still contact me if I am in a Debt Settlement Program?

Immediately upon representation, Make-me-debt-free and its agencies contacts your creditors (in addition to any involved collection agencies and attorneys) and advises them to direct all collection efforts to our agency, and to cease all communication with you. If you receive further calls, you should refer them to our Client Services Department who will handle the situation and advise the creditor once again to cease communication with you.

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