Frequently Asked Questions About Debt Management Plans & Programs
Providing answers to those looking for alternative ways to consolidate debt through
a Debt Management Program (DMP).
Here we provide the answers to your most common questions about being on a Debt
Management Program (DMP).
What happens after enrolling with InCharge
Debt Solutions?
When will I receive benefits from my creditors?
What can I do to be successful on a Debt Management Program?
How do I deal with collection calls?
Will being on a Debt Management Program affect my credit report or
credit score?
My boyfriend/girlfriend and I share our bills and would like to
put our bills together on the same account - is that possible?
My boyfriend/girlfriend and I do not share accounts as co-applicants.
Can we still enroll our debts together on your program?
What do I do if I do not have all of my creditor information?
What if my accounts are in my maiden name?
Why should I include all of my credit card accounts on the program?
Would it be okay if I just held on to one of them?
I do not feel comfortable/want to give you my Social Security Number,
what can I do?
How does the InCharge Debt Management Program work?
What are the benefits of InCharge?
What is InCharge Debt Solutions?
What is the InCharge DMP?
What special services does the InCharge Debt Management Program
offer?
How do I know if my payment was received?
How many accounts can I put on the Debt Management Program?
I am behind on my mortgage as well. Is there anything you
can do for me?
Can I pay more than my monthly payments?
My name is on the accounts, but someone else will be making that payments.
Is that okay?
FAQ Answers
What happens after enrolling with InCharge Debt
Solutions?
Call us for a free credit counseling session so we can fully understand your debt
situation and help you determine the best strategy for you. Many of our clients
are able to solve their problem on their own and simply need budgeting assistance
and financial guidance. Others need our help in obtaining lower interest rates and
monthly payments from creditors. Still others benefit from the vast network of referral
partners we have in order to get the help they need. Whatever the need, we have
the experience, contacts and resources you’ll need to resolve your debt problem
with a customized solution.
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When will I receive benefits from my creditors?
Because your creditors may extend special benefits like lower interest rates and
waived late fees, it is important that you be consistent and on time with your payments
through InCharge. Most creditors start granting benefits upon acceptance of your
proposals. However, some creditors may wait until you make your first three consecutive
payments on-time before offering full benefits. That’s why it is so important to
carefully review your monthly creditor statements. Once benefits are granted, they
will be reflected on your statement. You should also check each month to make sure
that you are receiving credit for all payments made through InCharge.
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What can I do to be successful on a DMP?
Make your payments on time.E-Pay is the best and easiest way to ensure your
payments are timely, since the amount is automatically deducted from your account
on the day you specify. This is the best way to ensure that you honor your commitment
since it eliminates the possibility of mail delays or forgetting to obtain a money
order or cashier’s check on time.
Review your creditors' statements.It is your responsibility to check your
statements to see if creditors have reduced interest rates and waived fees (if applicable),
and to see that your payments are being applied correctly. It can take up to three
months for these benefits to be applied. InCharge does not see or receive copies
of your creditor statements. Should you notice that an account has been turned over
to a collection agency or that a creditor has changed an account number or address,
let us know immediately. Keep your statements organized for reference by filing
them in your Welcome Kit binder.
Do not make payments directly to your creditors.Send all payments, including
any late or extra payments you might be able to make, directly to InCharge Debt
Solutions. If you decide to pay your creditor directly, they may elect to drop you
from the debt management program and reverse your benefits.
Do not apply for or accept any additional credit.Doing so could result in
your disqualification from our program and deny you the many benefits you have been
awarded. We know credit offers can be tempting, but opening new credit also may
disqualify you from the program and add more debt that you will be unable to pay.
Remember, you’re trying to pay down your debt, not increase it!
Keep your personal information updated.Keeping your personal information
current will enable InCharge to provide the best possible service. Contact your
Personal Care Counselor or log-in to your online account immediately with any changes
to your name, address, telephone number, or email address.
Never miss or make a late payment.Doing so could risk your benefits, your
reduced interest rates may be increased, and late fees could be imposed.
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How do I deal with collection calls?
Collection calls should eventually stop. However, in some cases it takes up to three
consecutive, on time payments before the calls stop completely. Should a creditor
call, please inform them that you are working with InCharge Debt Solutions. If they
call again, notify your counselor at 877-486-4916, and he or she will contact the
creditor. It's important not to ignore any mailings or calls from your creditors,
so please keep us informed of any concern you might have as soon as possible.
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Will being on a Debt Management Program affect my credit
report or credit score?
Some creditors will report that you are participating in a DMP and some will show
that you have elected to close your account. These are just notations on your report
and will not impact your score. Eventually, your consistent, on time DMP payment
will have a more positive impact on your credit.
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My boyfriend/girlfriend and I share our bills and
would like to put our bills together on the same account
Yes, absolutely. Both of you need to sign the agreement.
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My boyfriend/girlfriend and I do not share accounts
as co-applicants. Can we still enroll our debts together on your program?
We are unable to combine your debts together on our program, but we would be glad
to enroll each of you individually.
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What do I do if I do not have all of my creditor information?
You won’t need it! With our revolutionary new credit counseling software, we can
pull a portion of your credit file and import needed information directly to your
InCharge account. This is a "soft hit" on your credit report and will not affect
your credit score.
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What if my accounts are in my maiden name?
That's not a problem at all - you can still enroll today!
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Why should I include all of my credit card accounts
on the program? Would it be okay if I just held on to one of them?
Remember, our goal is to help you pay down your debt 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 may disqualify you from the program
and you will lose the benefits they have provided.
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I do not feel comfortable/want to give you my Social Security
Number, what can I do?
All of the information you provide us is completely confidential and is protected
by our Privacy Policy. Your Social Security Number is necessary for us to complete
your enrollment and access certain credit information so we can verify your current
balances and creditors. In order for your creditors to accept our proposal, we must
verify with them your account number and your Social Security Number.
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How does the InCharge Debt Management Program work?
The InCharge Debt Management Program offers a convenient plan for paying off debts
and regaining financial stability. Our counselors help you develop a budget and
then work with your creditors to obtain lower payments, reduced interest rates and/or
waived fees. Once an affordable payment plan has been established, you make one
monthly payment to InCharge. InCharge then disburses payments directly to your creditors.
It's that easy. Payments are made on-time, every time, as long as you do your part
and make your one low monthly payment to InCharge on-time!
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What are the benefits of InCharge?
By enrolling in the InCharge Debt Management Program you can reduce your monthly
payments, have your interest rates lowered, make one convenient monthly payment
and pay your debts off years sooner than you could on your own.
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What is InCharge Debt Solutions?
InCharge® Debt Solutions is one of the family of companies of InCharge Institute
of America, Inc. InCharge Institute is one of the nation's leading non-profit financial
wellness organizations. Through its affiliated companies, InCharge Institute offers
credit counseling, personal financial education and other products designed to assist
consumers in better managing their money and making better financial decisions.
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What is the InCharge DMP?
The InCharge Debt Management Program deals with debt and is becoming extremely popular.
Although it may sound like a consolidation loan, our program is entirely different.
Unlike a loan, InCharge works with your creditors to reduce your interest rate and
lower your payments in order to help you get out of debt within 3 to 5 years - without
a loan!
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What special services does the InCharge Debt
Management Program offer?
InCharge offers immediate, accessible and convenient assistance to consumers across
the country. In order to meet your needs, counselors are available by phone six
days a week and you also can start the process anytime of the day or night through
this website. You won't need to schedule an appointment or take time off from work.
We offer multiple payment date options so that you can choose the most convenient
time of the month for your payment. Through our convenient and E-Pay system, funds
can be withdrawn electronically from your bank account. In addition, InCharge is
dedicated to helping our clients learn how to better manage their finances. InCharge
provides consumer information and materials, including a dynamic, interactive website
and a quarterly newsletter offering budgeting and financial tips that help you stay
on the right track while you complete our program.
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How do I know if my payment was received?
You will have access to your account 24 hours a day, 7 days a week through our Client Services Center web site. Also, any counselor
or client service representative can help you research this.
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How many accounts can I put on the Debt Management
Program?
Creditors strongly suggest that all accounts be placed into the program. There is
no limit to the amount of unsecured (credit card) accounts that may be placed on
the InCharge Debt Management program. Creditors are very willing to extend benefits
when they know a consumer is earnestly trying to get out of debt. Placing all credit
cards on the program demonstrates an earnest commitment to repaying one's debts.
If a consumer only places a few cards on the program, then debt management is not
complete. Our experience also tells us that the successful graduates of our program
include all of their debts.
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I am behind on my mortgage as well. Is there
anything you can do for me?
If you are more than 45 days behind on your payment, we can start by enrolling you
in InCharge's Debt Management Program and then provide you with several other organizations
that can offer programs to help you catch up on those payments and even prevent
foreclosure.
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Can I pay more than my monthly payments?
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 revise your account so that
you do not have to make a call each month.
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My name is on the accounts, but someone else will be
making that payments. Is that okay?
If the payments will be made from a bank account other than your own, we must first
receive an authorization letter from the bank account holder. Also, you must be
sure to include your complete name and Social Security number on the check to ensure
it is posted to your InCharge account with no problems.
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