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Consumer Credit Consolidation is not a loan so you don't have to qualify or put up any of your assets. You can include current or delinquent unsecured accounts into the program. Your interest rates are either eliminated or reduced and that is in most cases. Interest rates will usually range somewhere between 0 to 9.9% once you have joined the program. By having this happen you will get out of debt up to 75% faster than you normally would. This in turn will help you build a better credit rating and score. Once your account is set up, you will make one payment each month and that payment will be distributed each month to the creditors you have included into your program.
The program usually lasts between 3 to 5 years and may be the fastest and most effective method of eliminating unsecured debts without a loan. Creditor payments are consolidated into one affordable monthly payment. The payment amount and payoff period quoted to you on our free quote system is 90% accurate. Keep in mind you can always make a higher monthly payment if you chose to. Making higher payments will help you get out of debt faster than the proposed payoff period quoted. There is no prepayment penalty. The program will end when you are finished paying off your included debt or if you cancel the program.
Participation in Consumer Credit Consolidation is NOT factored into your FICO® score.
Once you receive your quote online (Click Here for your Free Instant Online Quote) If you would like to get the enrollment paperwork click on the "Click Here for Enrollment Paperwork" button. Print the enrollment paperwork and fill it out to the best of your ability. Fax or mail in the completed enrollment paperwork along with a voided check and/or savings bank statement.
Whatever date you chose as your draft date is the day we will begin the setup and processing of your account. Approximately 7 to 10 days after your draft date to DSU you will receive an e-mail containing your processing package. The e-mail address this will come from is "ezpfa.com". At this point you should carefully review your accounts to make sure everything is correct. Remember you can always make changes to the number of creditors you wish to consolidate as well as your payment date. You will then be asked to sign 2 pages and fax them back to us. Upon receipt of these 2 signed pages, proposals will then be sent to your creditors. This is when you are enrolled into the credit consolidation program and it's benefits.The initial payment to DSU does not go to your creditors, it is used to setup and process your account so that you are enrolled immediately into the credit consolidation program. The benefits of immediate enrollment include lower interest rates, stop late fees and penalties, re-age accounts and change most due dates. Future payments drafted by the non-profit credit consolidation company will be disbursed to your included creditors each and every month. Payments are disbursed on approximately the same day each month. It is important to maintain your payment schedule each month. Remember to call after you fax the documents so that we can verify receipt.
You will have online access to your account. You will also continue to receive your bills from your creditors which will reflect the payments being made as well as your new lower interest rates. You may wish to keep these statements for your records.
Included accounts may fall behind during the initial setup of your program. If you do not want your accounts to fall behind and you have the money to pay for both your account and your creditor bills, you are allowed and encouraged to do that. This will keep your accounts from falling behind during the setup process. If not and your accounts do fall behind your creditors will be asked to re-age your accounts which means they are brought back to a current status. Your creditors will also be asked to stop and remove any late fees or penalties that have been charged to your account due to you joining debt consolidation. Keep in mind if your accounts do fall more than 30 days behind the creditor has the right to place a 30 day late mark on your credit report but may not do so. It will depend on the creditors procedure for those joining consumer credit consolidation.
Usual benefits of Consumer Credit Consolidation are:
- Elimination or reduction of interest rates
- Reduction of monthly payments
- Stop collection calls. Proposals will go out to your creditors approximately 10 days after your designated draft date.
- Elimination late fees and over the limit fees
- Re-aging of past due accounts to a current status (usually done after making 3 consecutive payments)
- Re-build your credit and credit rating
- Consolidate your bills into one easy and affordable monthly payment
- The management of your debt to ensure the earliest possible payoff
- Restoring your peace of mind through goal orientated financial management and budgeting analysis.
- Reduce creditor collection efforts because they are now being paid each month.
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