A recent headline from the Consumer Financial Protection Bureau (CFPB) has alerted consumers that another financial institution has been fined for, “Illegally Exploiting Personal Data to Open Sham Accounts for Unsuspecting Customers.” This typically happens when financial institutions incentivize their employees to open new credit and loan accounts and to sell certain financial products. Find out how you can protect yourself.
Regain Control of Your Financial Life through Debt Management Options
Non-Profit Credit Counseling
American Financial Solutions, a non-profit agency, helps clients free themselves from the anxiety and stress of credit, debt and financial worries. We offer credit counseling, financial education and debt management services that put clients in control of their financial success. Our services will help you get back on your feet step by positive step.
In a confidential, one-on-one counseling session, our certified credit counselors will help you assess your situation. We can then inform you of debt management options that will allow you to get your finances under control and allow you to pay off your debts, improve your long-term credit standings or resolve other issues you may be facing.
There is no charge for our counseling or education services. Charges apply if you choose to enroll in a Debt Management Plan. These fees are regulated by the state you live in and by industry guidelines developed by non-profit credit counseling agencies. Wondering about other credit consolidation terms?
Debt Management Plans: One of the options available to clients who are struggling with repaying unsecured debt is a Debt Management Plan.
Pay Off Debts Faster With a Debt Management Plan
A Debt Management Plan is a way to consolidate your credit card and other unsecured debt payments into one convenient monthly payment that fits within your budget, allowing you to repay debts more quickly over time than you would otherwise be able to do. In helping clients set up a Debt Management Plan, American Financial Solutions will request that your creditors lower your overall interest rates, bring your accounts current and eliminate late and-over-the-limit fees. We create a structured repayment plan that gets you on track to repay all your debts in approximately five years or less.
Best of all, working with an American Financial Solutions counselor you’ll learn how to make smart financial choices that will keep you worry-free.
We do not charge for our counseling or education services. If you choose to enroll in our Debt Management Plan there is a one-time set up fee and monthly maintenance fee which are regulated by your state and non-profit agency guidelines. For more information on the fees in your state please call us.
Tips to Succeeding on a Debt Management Plan
In the first month, we will send proposals to your creditors with the payment plan we have discussed. Creditors may ask us to make adjustments to the plan. We will notify you immediately of any changes.
- Make Payments on Time – During the first three months of the Debt Management Plan, your creditors are making decisions about how much to reduce your interest rates and to waive fees. They may take up to three payment cycles to make a decision. It’s always important to pay on time, every month. It’s especially important in the first three months.
- Monitor Your Statements – Even though you’re making one payment per month, you should review each creditor’s statement as it comes in to see if your benefits are being applied. If they have not been applied by the time you make your fourth payment, contact your counselor. Also, when you see that an account is about to be paid in full, contact us so that we may set up the pay off and allocate the funds to another one of your creditors. Make all of your payments through the program, including the last one.
- Be Patient With Calls – Your collection calls should stop after the third payment has been posted. Try to be patient during the first three months. If you need support, call us. Advise collectors that you are working with AFS. If they are particularly persistent, provide them with the number to our Creditor Services Department, 1-888-282-5491. They can call this number to verify that you are enrolled on the program and when to expect your first payment.