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COMMONLY ASKED QUESTIONS |
1. What information does Novadebt need on my accounts?
We need copies of your most recent statements or letters. Your monthly statements have the creditor’s account number, balance, minimum due, addresses, unit codes and phone numbers. Incomplete information could cause delays in servicing your accounts. If you did not supply us with this information, please mail or fax it to our office.
2. Will I receive statements from Novadebt?
Yes, each month you make a payment, you will receive a statement showing all payments received and the amounts disbursed to your creditors, since your last payment.
3. Will I still receive statements from my creditors?
Yes, you will still receive statements from your creditors. It is important that you review these statements each month to ensure you are receiving the benefits of the program. Please contact our office if you need help reviewing your statements.
4. What happens if a creditor does not send me a monthly statement?
It is very important that your account is reviewed each month to ensure you are
receiving the benefits of the program. Contact the customer service number for
the creditor and make a request to have them send you a monthly statement.
If you do not have the customer service phone numbers, or need assistance,
please contact our office.
5. Are the creditors really willing to work with consumer credit counseling agencies?
Absolutely. Most creditors are very supportive of consumer credit counseling agencies, as we are able to talk with the consumer to set up their payment arrangements. Your personal counselor will take the time to review your situation and determine what steps you will need to take to get back on the road to financial stability.
6. How does Novadebt receive its funding?
Funding is made possible by generous donations from the credit community and minimal fees from
our clients who are able to pay. Additional funding is provided by various
organizations in the form of grants.
7. Will my payment increase from what my counselor estimated?
Creditors have set payment requirements based on your balance, as well as minimum dollar amounts they deem acceptable. Your counselor provided you with an estimated payment based on your account balances and the creditor policies at the time of your enrollment. If either changes prior to our office receiving your paperwork or your creditors receiving our proposals, your payment may increase.
8. What if I am unable to make my debt management payment?
We have counselors available to assist clients who experience additional financial stress while enrolled in the program. If you miss payments, your account may be in jeopardy of being dropped from the program, We can provide you with additional guidance. If you ever have difficulties making your payments, or need additional guidance, please contact our office.
9. Can I increase my monthly payment?
Yes, you may make additional payments to your creditors at any time. Please send us a note with your payment as to where you would like the extra funds applied. If this occurs, please feel free to contact our office for advice on the best way to apply these extra funds.
10. What forms of payment do you accept?
11. Can I drop from the program or transfer agencies?
You can elect to withdraw your account from our services at any time without penalty. If you choose to withdraw from the program, please notify us in writing. Once you withdraw from the program, your creditors will be notified that you are no longer using our services. Your creditors then remove the Consumer Credit Counseling status from your account. Once that it is removed, it may not be reset. You will also lose any benefits you are receiving from the creditors.
12. Can I pay my accounts off in full at any time?
Yes, you will have the ability to pay your accounts off at anytime. You should contact our office if you are interested in doing so. We will contact your creditors to obtain payoff balances and assist you through the process.
13. How long will I be on the Debt Management Plan?
Every client’s payment plan is different (generally 4-5 years).
During your initial counseling session, an estimated time frame
is provided. You can refer to your enrollment package for this
information or call our office at any time and we will give you a new estimate.
14. Will counselors be available to me after I enroll?
Absolutely. Novadebt is committed to helping you with any financial questions or concerns you may have at any time. Our Client Guidance Department will gladly review your situation or concern whenever you call, to offer suggestions and provide the proper guidance for your particular situation. These services are available whether you are enrolling in the Debt Management Plan or not. Counselors are also available to you before, during and after your enrollment on the program. Because financial education continues throughout your lifetime, Novadebt will be able to provide assistance whenever you need it.
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