Goldcoast Credit Counseling Inc. - credit, counseling, debt, bill, free, delinquent, overdue, credit cards, alternatives, bankruptcy

Questions and Answers

Q. Is this program like bankruptcy?

A. No, definitely not. Our program is an alternative to bankruptcy. Most people do not want to file bankruptcy, but feel they have too much debt and no other choice. We offer an alternative to bankruptcy.

Q. Is this a loan?

A. No it isn't. Our program enables you to get help without any additional borrowing. Rather than lend you money we negotiate with your creditors to lower or eliminate interest rates and reduce your payments. You send us one monthly payment and we disburse the funds to your creditors.

Q. How do I know payments are being made each month?

A. Good Question! There is a check and balance system in place. Even though you are in our program and not remitting funds to the creditors directly, they will continue to send you a monthly statement. This enables you to see that payments are being made and posted to your account.

Q. How long will it take to pay off the debts?

A. Since we are able to substantially reduce the interest being charged to our clients, they are able to pay off their debt in a fraction of the time. Remember, if you make only minimum payments on your own with no reduction in interest it can take approximately 15 to 20 years to retire the debt.

Q. If my circumstances change, can I pay my debt off faster?

A. Absolutely! You can send more each month as your budget permits. If your circumstances change and you wish to pay off the accounts in total, you can. Simply contact our customer service department for assistance.

Q. How does this affect my credit report?

A. If you are already behind on your accounts, understand that late payments are already being reflected on your credit report. We do not do a filing with the credit reporting organizations; however, being in our program should actually improve your credit once your accounts are brought current and re-aged by the creditor. Remember, your ability to obtain additional credit depends on what else is on your credit report and individual lenders guidelines for qualifying.

Q. Can I leave the program?

A. You may leave the program at any time. However, if you elect to do this remember that all concessions granted to you as a client will also be terminated. This obviously includes the reassessment of higher interest rates.