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 Credit Counseling |
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Credit Counseling is a Non-Bankruptcy Program where we can consolidate
your Debts, usually Credit Cards and other Unsecured Debts, into ONE
REDUCED monthly payment with reduced Interest. You make one monthly
payment into the Credit Counseling Program. That payment is deposited
goes into our trust account and then we pay all your creditors. You can
make your payments by money order, cashiers check or direct debit from
your Bank Account. Our Credit Counseling Program has been in existence for over 10 years and is fully Licensed and Accredited by the Internal Revenue Service as a Non-Profit 501(c)(3) Tax Exempt Credit Counseling Organization. Because of our special status, we are able to reduce Interest Rates on average to about 6% and monthly payments 25-50%. Some Creditors will reduce your interest rate to 0% depending on the circumstances. A few Creditors will not reduce a few Creditors the interest rate at all. The average reduction is to about 6%. We are also able to Re-age your Accounts or bring them current, provided you make three to six on-time payments through our Program. |
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This process, called Re-aging should increase your Credit Rating because
you will be shown to be current on your credit report. Most of our
Clients complete this Program in 36-60 months and save thousands of
Dollars. For example, if you owed $20,000.00 in Credit Cards demanding
18% Interest and were paying 3% of the Credit Card Balance monthly on
your Credit Cards, it would take 24 years and six months to pay of the
Balances and $39,698.45. If you pay 2% of the Credit Card Balance
monthly, it would take 62 years and 5 months and $78,397.00 to pay all
your Balances. Julian Consumer Counseling has trained counselors with over 12 years experience. We are large enough to provide the efficiencies that come with volume, but yet small enough to give you the one on one quality customer service you need for a program such as this. Julian Consumer Counseling is supported primarily by the Creditors’ contributions. We do not charge for initial counseling. If a Debt Management Program is set up. A very normal fee is required, usually around $10.00 to $35.00 per month. Since we are Non-Profit Agency, the Creditors assume most of the burden of cost for our service Your security concerns are taken very seriously. All information submitted electronically is protected by a secured web site. No outside party has access to your information. It is not released or sold to any outside company. Only the Creditors involved in your program will be contacted on your behalf. You should allow about an hour for your first appointment. You should bring the budget information we ask you to provide, along with your current month’s debt statements to your session. If your session will be conducted over the telephone, have the information available. Working together, we will examine your situation and help you determine the best way to repay your debts, In some cases, a budget for you to follow may be the solution. If a Debt Management Plan is your best option and decided upon, an agreement is prepared listing the debts to be paid, the schedule of payments and the terms to which both parties agree. It is at this time that we can answer specific questions regarding your repayment program such as interest rates or other creditor concessions, as well as any other personal financial questions. Generally, only your Unsecured Debts are included in a debt repayment program, such as Credit Cards, Unsecured Bank or Finance Company Loans, Medical Bills, bills with collection agencies or various other unsecured past due accounts. We can advise you on any difficulties you may be having with your mortgage, auto loan, utilities, etc. However you will continue paying these on your own and within the budget we will help you develop. |
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Not all Creditors stop or reduce interest. Each company has their own
policy. However, most major national credit grantors will reduce
interest. Your Counselor will advise you as to their individual
policies. We are able to successfully work with your Creditors in the majority of cases. However there is no guarantee that impending legal action can be stopped. Many creditors will halt this action upon the implementation of your program. Collection calls normally cease within 90 days. Julian Consumer Counseling does not report any of your information to the credit bureau. This is a responsibility of your creditors. Most companies have favorable credit reporting policies. If you are currently behind on your payments, you have probably already been reported as late. Once on a repayment program, many companies will re-age your account within 90 days, meaning they will report your account as current on your credit report. Many companies will also report your participation in a Debt Management Program. This is designed to discourage other creditors from granting new lines of credit during the debt repayment process. This notation comes off once the account is paid in full. We do have a Credit Repair Program to help you with any issues wit your Credit Report. You should still continue to receive monthly statements from each of your creditors. These statements should be closely monitored to determine whether concessions are granted and timely posting of payments continues. Julian Consumer Counseling will also send you a statement each month showing the receipt of your payments, as well as a breakdown of how much we sent each company on you behalf. |
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As a Non-Profit Organization, in addition to counseling persons on Debt
issues and our Credit Counseling, we also have various Charities to help
the Community such as our support and contributions to numerous Veterans
and Children’s Organizations. There are a few unscrupulous Creditors that may contact you and continue to harass you even after you entered the Credit Counseling Program. They may ask you to make additional payments outside the Credit Counseling Program, or make threats to collect a particular Debt. This behavior is prohibited if you are under the protection of Credit Counseling. If you are a client of Credit Counseling and received such calls or contact from your Creditors, you need to call our office so we can stop such behavior. However, most Creditors will honor the terms and protections of the Credit Counseling Program. Any Debt that is to be settled must first be paid to our office by Certified Check or guaranteed funds. Those funds are then deposited into our Trust Account and immediately paid to the Creditor when an acceptable settlement (approved by the client) is reached. You can elect to pay more than the minimum prescribed payment in the Credit Counseling program. For example, if your payment is $200.00 per month, you can pay $250.00 per month if you desire. We will apply the additional $50.00 to the credit card(s) with the highest interest rate, unless you specify otherwise. Sometimes our clients want to pay off the entire obligation under the Credit Counseling Program. You need to simply contact us so we can obtain the most recent payoff figure. We do not recommend that you refinance your home or take a second mortgage to pay off your Credit Cards. If you can not pay your Credit Cards, we have other Programs that can help, but if you can not make your home mortgage payments, you are in danger of losing your home. This program is very different from the “Debt Settlement Companies” often advertised on television. These Debt Settlement companies will usually have you pay monthly into their program and promise that once they have roughly 50% of your Credit Card balance in their account, they will settle or pay your credit card in full. The problem is that by the time you have enough funds in their account, you are so far behind on the Credit Card or other debt that the debt has been sent to an attorney. The attorney is usually not interested in a settlement but in bringing a Law Suit for the full amount owed. The other problem is most “Debt Settlement Companies” are scams. You should especially be aware of Debt Settlement Companies operating out of California or Iowa. If you are already a victim of a Debt Settlement Company, we suggest you contact the Attorney General in the state in which the company is located. |
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