| *HOW WILL DEBT NEGOTIATION AFFECT MY CREDIT? |
|
|
| You should expect your credit score to decline while in the program. Once your accounts are settled you credit score may improve since the negative items have been resolved. CDMA does not provide credit related services. Therefore, only you can improve your credit score through responsible financial behavior. |
| |
| |
*WILL I RECEIVE COLLECTION CALLS? |
|
| You should expect some collection calls. Your creditors have the right to try to collect on past due accounts. |
| |
| |
*CAN I STILL USE MY CREDIT CARDS? |
|
| NO! You will not be able to use any credit card that you have enrolled in our program. You may choose to keep a credit card out of our program. It is important that you not pick and choose accounts to enroll because if a creditor looks at your bureau report and sees some accounts paid and active you may not get as good a settlement on the accounts enrolled. If you must have a credit card available to you for business, travel, or emergencies, we would recommend you hold on to a MasterCard or Visa account. |
| |
| |
*IS DEBT NEGOTIATION (SETTLEMENT) LEGAL? |
|
| YES! Debt Negotiation is legal in many states and has been available for many years. |
| |
| |
*IS DEBT NEGOTIATION AND DEBT CONSOLIDATION THE SAME? |
|
| No, Debt Negotiation is when your account is settled for less than the balance owed. With Debt Consolidation, you make monthly payments that are disbursed to all your creditors until your balances are paid in full. |
| |
| |
| *CAN I BE SUED? |
|
| The first thing you should remember is that unsecured debt is unsecured. Lawsuits can and do happen, but are less frequent than you may think. However, this option is a possibility and some creditors will resort to lawsuits occasionally. |
| |
| |
| *HOW LONG WILL IT TAKE TO NEGOTIATE AND SETTLE MY CREDIT CARD DEBT? |
|
| Our program is generally 18-36 months. Negotiations are based on our ability to pay. The quicker you have the funds available we can help you in reaching your financial goals. |
| |
| |
| *WILL MY INFORMATION BE KEPT CONFIDENTIAL? |
|
| Yes, we will only disclose the information necessary to your creditors that you have authorized us to disclose, and to other parties necessary to effect, administer, or service your account. (Please see our Privacy Policy for complete details.) |
| |
| |
| *WHAT IS UNSECURED DEBT AND WHAT TYPES OF DEBT ARE ACCEPTABLE FOR CDMA? |
|
| An unsecured debt is when the creditor holds no collateral. Examples of unsecured debt include credit cards, department store cards, personal loans (signature loans), gas cards, medical bills, car repossessions and collection agencies. |
| |
| |
| *WILL CDMA PROVIDE ME WITH LEGAL ADVICE? |
|
| We can't provide legal advice. But you will have unlimited access to our LEGAL ADVICE LINE which will assist you with legal matters. LAL is provided as a free service to all our clients to provide answers to any legal questions regarding their situation as it relates to debt settlement. |
| |
|
