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What is CCCS OF NH & VT of New Hampshire and Vermont?First, we are NOT a collection agency, finance company or bank. We ARE a community based, non-profit 501(c) 3, United Way-affiliated organization, committed to helping people in New Hampshire and Vermont take charge of their money. We do this by offering free credit, debt, and housing counseling. We also offer bankruptcy counseling, credit report reviews and Debt Management Programs. We are members of the National Foundation for Credit Counseling, the nation's largest and longest-serving non-profit credit counseling network. We are also members of the Better Business Bureau of New Hampshire. CCCS of NH & VT is not affiliated with any governmental agency. We are accredited by the Council on Accreditation and we are governed by a volunteer board of directors that represent various sectors of our communities. What are the benefits of a credit counseling session?After meeting with a CCCS counselor you will be able to have a clear picture of your current financial situation and information about the options available to you based on the situation that you are looking to handle. Our 90-minute counseling sessions are free and are provided by certified professional credit counselors. You have nothing to lose. Our counselors are unbiased professionals who are there to help you create an action plan for your personal financial circumstances. Many consumers come to our counseling sessions to plan ahead. For example they may want help creating a budget for the possible purchase of a new home, or to seek help with adjusting to a single income household. Others contact us because they are struggling with financial problems and need advice about the options available to them. In some cases that may be a Debt Management Program which would be discussed during the counseling session. Whatever your financial need, our counselors are here to help. Why are the sessions free?CCCS OF NH & VT of NH & VT is a non profit community based organization created to help consumers. We are funded through grants, donations and fair share contributions from credit card companies. As a non-profit our mission is to provide the best confidential financial counseling, professional consumer credit education, housing and debt management programs, guidance and resolution to all segments of the community. What does a counseling session entail?At the time you schedule an appointment you will be informed of all the necessary information needed for your counseling session. You will also be mailed a letter of confirmation and directions to the office. You will be asked to bring the latest statements for all of your outstanding debts along with information about your basic living expenses and paystubs or other proof of income. During the session your counselor will ask you a series of questions to identify your current living expenses. After creating your household budget, the counselor will review your information to identify any possible spending leaks, and offer suggestions for money saving options. Additionally, a review of your overall income vs. expenses and current debt load will be done. This will allow your counselor to make suggestions for possible debt reduction strategies including but not limited to a Debt Management Program. Are counseling sessions only in person?We encourage consumers to attend an in person session; however, we also offer online and phone counseling sessions. The information needed for any counseling session is the same. An online counseling session requires you to fill out an online form that will provide the counselor with all of the required information. Phone sessions require the consumer to provide the necessary information in advance of the set phone appointment. Does CCCS OF NH & VT of NH & VT offer debt settlements?No, CCCS is not a debt settlement firm. We offer a Debt Management Program to assist consumers in repaying the debts they have incurred. We help clients establish a budget and advise them on how to repay their creditors. We believe consumers have a genuine desire to get out of debt by fulfilling their financial responsibilities and paying back obligations they have incurred. A Debt Management Program may be able to help them afford to do this. Who is eligible for services from CCCS OF NH & VT of NH and VT?All legal residents of New Hampshire and Vermont, 18 years of age or older, regardless of income or educational are welcome to use our services. WILL WORKING WITH CCCS OF NH & VT AFFECT MY CREDIT?Utilizing our credit counseling services in no way affects your credit score or report. Even if you enter a Debt Management Program (DMP), CCCS OF NH & VT does not report your participation to the credit bureaus. You should be aware however that each creditor deals with clients in a different way. Even though CCCS OF NH & VT makes no entries o-n your credit report, some creditors may choose to report that your account is included o-n a Debt Management Program. Some creditors may start to report your account as current once they receive our proposal, while others may wait until they have received three consecutive payments through CCCS OF NH & VT. Most creditors appreciate that you are honoring your debts rather than filing bankruptcy, and after seeing a consistent payment history through CCCS OF NH & VT, may look at you as a better credit risk than the typical consumer. What are Settlements?A settlement is an offer from a creditor or collection agency to settle a debt for less than the full balance if payment can be made in a one time lump sum. CCCS of NH & VT does NOT negotiate debt settlements. Is CCCS of NH & VT only for low-income people?No. Financial issues concern everyone, regardless of income That's why CCCS serves all New Hampshire and Vermont residents. We believe that regardless of income, consumers struggling with financial problems should have access to unbiased, professional advice. How do I access your services?Services are offered by appointment at our 16 offices located throughout New Hampshire and Vermont. Please visit our locations page for a complete listing of offices and to obtain our toll free telephone number for scheduling an appointment. Who runs CCCS of NH & VT?Our Board of Directors is a diverse group of volunteers from communities in Vermont and New Hampshire. They are responsible for the agencies governance and strategic planning. Our day to day operations are led by our Executive Director along with a team of highly trained professional staff members... Click the appropriate link for a complete list of Board and Staff members. Debt Management Programs
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Does a Debt Management Program mean extended reduced payments? |
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What is a Debt Management Program?
A DMP is a service provided by CCCS of NH & VT to help you take care of your financial obligations. A DMP establishes a repayment plan with your creditors. The benefits of the plan may include lower interest rates, delinquent accounts being brought current, eliminating ongoing late or over limit fees, reducing and or eliminating collection calls and giving you piece of mind
How much does a DMP cost?
Depending on the state in which you live (CCCS of NH & VT only offers services to residents in the states of New Hampshire and Vermont) you may be charged a small set up fee. There is also a monthly fee which is determined based on your income, your debt balance and your ability to pay. The monthly fees are based on a sliding scale and are no higher than $50 a month.
Will I continue to receive calls from collectors?
In most cases creditors will stop the collection calls after they are notified that you are set up ona DMP. Some creditors will cease contact once 3 consecutive payments have been made through the DMP.
Will the DMP affect my credit score?
CCCS of NH & VT does not report to the credit bureaus. Each one of your creditors may report your credit repayment history differently. Once you start a DMP and are making your payments on time, your creditors may start reporting your account as non-delinquent.
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Can Creditors reject my proposal?
While creditors are not required to accept a payment plan proposal, CCCS of NH & VT is able to work with most creditors. When a proposal is rejected it is often because the creditor requires a slightly higher payment than proposed. If CCCS of NH & VT is notified of a rejection, you will be sent a letter. If you receive such a letter of rejection, you should call the Case Management Department at CCCS of NH & VT and review the reason for rejection. Normally all that needs to be done is to increase the payment slightly and send a new proposal.
When are my creditors notified I am on a DMP?
Consumer Credit Counseling Services of NH & VT notifies your creditors by mail or electronic transmission within 2-5 business days after receipt of your first deposit. Each creditor will be sent a proposal. On average it takes 30-60 days for creditors to respond to proposals.
Does CCCS of NH & VT make loans?
CCCS of NH & VT does not lend money or arrange loans. Through a Debt Management Program we use your funds to help you repay creditors. A DMP can help make better use of your money to assist in eliminating bills without going into further debt
Does a Debt Management Program mean extended reduced payments?
It might. But that's just one solution. We work with every client on an individual basis to determine what options will be most advantageous.
What about my living expenses?
CCCS of NH & VT helps you work out a budget based on your income to accommodate your needs, including personal living expenses. You will continue to be responsible for paying those items directly.
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Will my employer know I have gone to CCCS of NH & VT?
All services are confidential. We only notify your Debt Management Program creditors of your involvement with CCCS. Should there be a reason you wish to have information released to another party, you would be required to sign an authorization form granting such permission.
Does CCCS of NH & VT work directly with my creditors?
Yes. Creditors are usually glad to work with us and eager to cooperate.
Can you get my creditors to stop or reduce finance charges?
There are a number of creditors that do agree to make interest concessions while individuals are enrolled in a Debt Management Program. The counselor will be able to give you an idea what concessions your creditors may be willing to make during your counseling session. Creditors are not required to reduce or stop interest however many choose to do so in an effort to assist consumers in getting out of debt. They do however, reserve the right to grant, amend or revoke any concessions.
What's in it for my creditors?
Anyone who offers credit prefers borrowers who know how to handle debtÒsuch people are simply far better risks. In many cases, the alternative to a Debt Management Program may be bankruptcy. Creditors want their money back so they are often willing to sacrifice some interest or fees to start receiving regular monthly payments.
How long do I stay with CCCS of NH & VT?
There is no fixed period of time, however, the average DMP client is on a program for about three years. As soon as you feel comfortable managing your debts on your own, you take overºwith continued help from your case manager if needed.
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What are the benefits of a DMP?
While everyone's situation is different, many clients are able to repay their debt at a faster rate through a DMP. It is possible that monthly debt payments may be reduced, interest rates may be lowered or waived and delinquent accounts may be brought current eliminating ongoing late or over-limit charges. Clients also have the convenience of having CCCS communicating with and sending payments to their various creditors which can provide some relief from the financial stress of managing bills and creditors calls. Clients are responsible for making their monthly deposit to the DMP account by an established due date and CCCS then disburses those funds to the individual creditors on the program. Once clients have been on the program for 3 consecutive months, they have the option of setting up an automatic bank transfer for their monthly deposit for increased convenience.
Do you handle automobile, student loans, and mortgages?
Our counselors regularly advise clients about their auto, student and mortgage payments but they are not included in a DMP. Instead, your counselor will make sure any collateralized loans are accounted for in your budget along with the other expenses you will continue to manage.
Will I continue to receive statements from my creditors?
Yes, you will continue to receive your monthly creditor statements. Reviewing these statements allows consumers to monitor accounts for any potential problems and to see that the CCCS payments are being received and credited. Clients are asked to send us copies of all of their statements on a quarterly basis for our records.
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