Who are you?
National Center for Debt
Elimination (NCDE) is a credit counseling company.
Our expertise on the subject of debt and credit counseling has led us to
the development of services intended to (1) educate individuals about the use
of credit, and (2) provide services that facilitate debt elimination and credit
counseling no matter what the circumstances.
What exactly
is the Credit Manager® Program and how can this program revise my terms to
creditors?
Credit Manager® Program is a credit counseling program
intended to relieve the pressure placed on individuals who are having trouble
making the required payments on their unsecured debts. These debts may include
all unsecured credit cards, medical bills, personal loans, etc. The first step
is for a Credit Counselor to determine that the applicant qualifies for the Credit Manager® program and is truly in need of
our services that fit within the Credit Manager®
program guidelines. Next, your Credit Counselor determines your one
monthly payment amount required. NCDE
does require a Power of Attorney to administer your debts. NCDE notifies your
creditor by submitting an initial proposal and arranges a monthly payment with
each creditor. Upon completion of this process, you may stop making payments to
these creditors and instead make one monthly payment to NCDE, who will then
remit the proposed monthly payments to the creditors. NCDE also helps protect
your rights under the Fair Debt Collection Practices and other consumer rights
acts.
What is the Fair Debt Collection Practices Act?
In 1977, the Fair Debt Collection Practices Act was
passed to protect consumers from unscrupulous collection activity sometimes practiced
during the course of collecting on debt. Here are just a few items addressed in
the Fair Debt Collection Practices Act of 1977 that you may not be aware of:
·
Creditors may
only contact you between the hours of 8:00 a.m. and 9:00 p.m. in your time zone.
·
Creditors may not
call you at home if notified in writing.
·
Creditors may not
call you at work once you’ve instructed them not to do so.
Credit Manager® works with you to
protect your many rights outlined in federal law. To review this legislation, simply
look it up on any search engine on the internet. We suggest using www.altavista.com.
Enter “Fair Debt Collection Practices Act,” click on search and you’ll have
many resources at your disposal.
If the Fair Debt Collection
Practices Act exists, why do I need Credit Manager®? Why can’t I just do this
on my own?
You can most certainly research the
Fair Debt Collection Practices Act and use it to your advantage. However, what
makes Credit Manager® so appealing is that it protects your rights for you 24
hours a day, seven days a week. Credit Manager® provides the expertise you need
to make the Fair Debt Act work for you in the most effective manner. The time
you would have to spend researching the Act and contacting your creditors would
amount to many hours each week. Credit Manager® acts as your advocate and
attempts to defer any and all contact between you and your creditors. NCDE
retains a staff of trained credit counselors who understand exactly what to do
in all circumstances. Credit Manager® provides all the support you need at a
payment you can easily afford.
How is my monthly payment determined?
The Credit Manager® program is designed to analyze
your monthly cash flow and to develop a monthly repayment plan with each of
your creditors. Your calculated initial monthly payment amount will be
estimated by NCDE to start on the date you specify. NCDE will contact and
submit to each of your creditors a proposed monthly payment amount. Upon
receiving creditor confirmation from each of the NCDE proposals submitted, a
final payment amount
is calculated, which may result in an amount different from the initial monthly
payment amount that you had been contacted to authorize. If there is such a difference, you will be contacted
to authorize this revised payment amount. This is the only payment you make
each month to NCDE.
What does Credit Manager® cost me?
There is an Administration Fee of $10 per
month. This fee is more than offset by
the savings realized in the interest reduction from being on our program.
This
sounds kind of like one of those programs that are advertised on TV that state
that the service is free. Why shouldn’t I contact one of those companies?
Because
nothing is ever free. The Credit Manager® program works only for you, meaning
your best interests are constantly looked after. Also, while we do participate
in a selective Fairshare program, our Credit Manager®
program may result in a lower monthly payment than other advertised programs.
Most importantly, no other program out there is partnered up with an
organization that provides the high quality, life-changing educational services
that are available to you through your NCDE program. It would do you little
good to just help you through your current situation without also providing you
information to help you develop a solid financial future.
Will the
creditors call me at home?
Nearly 100% of creditors will stop calling you at home
after the initial proposal notification letter is sent to them.
Can
creditors call me at work?
Creditors are permitted to
telephone you at work until you instruct them otherwise. You should tell all of
your creditors that your employer does not allow personal phone calls; that they are not
to call there again and instead should call NCDE.
Sometimes
creditors demand that I call them back.
What should I do?
When will
NCDE start the Payment proposal process?
NCDE will begin the Payment proposal process
upon receipt of your creditor’s current statements.
You will be notified by NCDE
when to stop your monthly payments to your creditors and when to begin sending
your one monthly payment to NCDE. NCDE will disburse our arranged monthly
payments to each creditor 10 days following your draft date and funds
clearing.
Should I
tell my creditors that I am making monthly payments to NCDE?
Yes,
if they ask you can tell them. They will see what you are paying when we submit
a proposal to them.
If I have
questions whom should I call?
If you have email, please email NCDE at CM@ncde.org or call one of our Credit Counselors
at 1-888-913-8849, Extension 3010. We are available to answer any questions.
Where is my
money held?
Your
funds are held in an escrow account at PNC Bank N.A., but not for very long.
Within 10 days of receiving your payment NCDE distributes the appropriate
amounts to your creditors.
How will I
know that my creditors are being paid?
Can I
include only the bills that are causing me problems in the program?
No. All of your credit card activity is open to
scrutiny and review by each of your creditors.
Your creditors will ask us why you are not paying their bill when you
have the money to pay other unsecured debt.
This causes your creditors to take an inflexible and difficult stance
and as a result, a favorable repayment arrangement with that creditor is
unlikely. NCDE feels that it is in your
best interest to have all of your unsecured bills handled through The Credit
Manager® program and in order to avoid any difficult situation where some of
your creditors believe that they are not being treated as well as some of your
other creditors.
Will the Credit Manager® Program stop interest
and late fees from being charged on all accounts?
The Credit Manager®
program can in most cases negotiate and reduce interest rates, waive over the
limit fees and eliminate late charges.
Do we have
to continue to work with our creditors?
Do I get to
keep my credit cards?
DISCLAIMER - This
document is intended to provide a brief overview of this program. This
document is not intended and should not be construed as constituting any type
of expressed and/or implied warranty or contractual representation.