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1What can I do to start the process?
First, contact BSCC. We can show you legal, government-approved programs ideally suited for your situation. If you’re not ready to contact BSCC, we recommend calling each and every creditor, explaining to them why you’re unable to make payments on-time and suggesting an arrangement that works for both parties. You might be surprised to find many creditors are more than willing to cooperate with you.
2What are the benefits of working with BSCC?
Our Debt Management Program is focused on assisting you in regaining control of your finances, creating a household budget, and consolidating your debt into one monthly payment. BSCC has established a relationship with creditors that allow us to offer you specific program benefits as determined by each individual creditor. Most creditors do provide program benefits, which may include lower interest rates, stopping late and overlimit fees, and reaging delinquent accounts to reflect a current status.
3Is my information kept confidential?
4Will creditors stop harassing me?
Yes! By law, all collections activity including phone calls and other correspondence must cease the moment documents are filed. While this doesn’t apply to all secured creditors such as bank-funded mortgages, liens or car loans, BSCC can show you the most favorable resolutions available based on your individual circumstances.
5What kinds of debt can be consolidated?
Our debt management program can help you with unsecured debts such as credit cards, department store cards, signature loans, and many different kinds of collection accounts.
6When will my interest rates start to go down?
Many creditors will lower the interest rate immediately upon acceptance of a Debt Management Proposal. Others may wait for a predetermined number of consecutive program payments to post on your account before lowering the interest rate.
7Is this program similar to Bankruptcy?
No. Bankruptcy is a negative remark that stays on a consumer’s credit report for 7-10 years and negatively affects creditworthiness, whereas a neutral Credit Counseling notation is removed once someone completes the program. Through a Debt Management Plan, many creditors will report your account as current once your proposal is accepted and there is a consistent payment history, thus improving your credit rating.