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Counseling & Education

Debt Management Program Handbook

Welcome!

Congratulations for taking proactive steps to regain control of your financial responsibilities. You are now a Consumer Credit Counseling Service (CCCSDV) client with a Debt Management Plan (DMP) designed to specifically address your financial situation. Working with CCCSDV and your creditors, you can look ahead to repaying your debts in an orderly manner through your Debt Management Plan.

Since this is a new experience for you, there may be a number of questions that arise. In this handbook, you'll find important information about our services.

Remember that the CCCSDV staff is here to answer any questions about problems or concerns you may encounter. We look forward to working with you and helping you successfully complete your Debt Management Plan.

Table of Contents

• Partnership Between You and CCCSDV
• Client Expectations
• Effect on Credit Report
• Client Bill of Rights
• Complaint Resolution Process
• Non-Discrimination Policy
• The Debt Management Agreement (DMA)
• Customer Service Support
• Automated Account Information
• Online Account Information
• Payment Information
• Payment Options
• Monthly Progress Report
• Creditor Information

Partnership Between You and CCCSDV

Enrolling in our Debt Management Plan is the beginning of a partnership between you and CCCSDV. Both parties have responsibilities.

CCCSDV's responsibility is to disburse specified amounts to your creditors each month.

Your responsibility is to remit payments to us in a timely manner as agreed, and to examine your monthly progress reports to ensure the correct payment and interest, late or over limit fees concessions are being applied. It is your responsibility to contact your creditors and request they change your payment due date to at least 15 days after your payment due date with CCCSDV, as well as cancel any credit protection or insurance that may be on your account. If your credit cards have automatic payments that are charged to your account monthly, these must also be canceled. It is also your responsibility to send creditor statements to CCCSDV monthly so the balances can be updated as our balances are only estimated.

We are here to support and assist you in your goal to eliminate your debt. However our assistance does not alleviate your obligation to your creditors.

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Client Expectations

• A confidential money management counseling session with a certified credit counselor.
• The understanding that CCCSDV of Delaware Valley is a non-profit agency and most of our funding comes from voluntary contributions from creditors who participate in Debt Management Plans. Since creditors have a financial interest in getting paid, most are willing to make a contribution to help fund our agency. These contributions are usually calculated as a percentage of payments you make through your DMP. The average contribution is 6% of each payment received. However, your accounts with your creditors are credited with one hundred percent (100%) of the amount you pay through us. CCCSDV will work with all of your creditors regardless of whether they contribute to our agency.
• A written assessment outlining a suggested action plan that will be based on the following options:
  • Client will handle any financial concerns on his or her own.
  • Client will enroll in a Debt Management Plan in which the agency serves as a neutral third party negotiating with creditors to help liquidate financial obligations.
• The DMP is a voluntary program that serves a dual role of helping you repay your debts and helping your creditors receive money owed them.

NOTE: A counselor may answer questions about bankruptcy, but not give legal advice. If legal advice is necessary, the client will seek appropriate assistance.

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Effect on Credit Report

The company whose credit score model is widely used in the credit industry, Fair Isaac and Company (FICO), has publicly stated that since 1999 FICO has completely ignored any credit report mention of credit counseling, DMP, or any other form of counseling. Therefore, credit counseling and DMP services do not negatively affect credit scores. As to consumers' ability to obtain credit, it is the discretion of individual creditors as to how they interpret a consumer's credit report history and their decision to extend credit.

Creditors may report that you are on a Debt Management Plan and are not paying as originally agreed, although they have accepted the reduced payment.

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Client Bill of Rights

We pledge that our clients have the right to:

• Prompt counseling services for managing their money based on their financial situation
• Treatment with dignity and respect in confidential professional counseling sessions
• A comprehensive assessment of their financial situation
• Express dissatisfaction through a complaint resolution process
• Discontinue their relationship with our agency at any time in writing

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Complaint Resolution Process

We are committed to providing you with high quality professional services. However, if you are not satisfied with the services provided, please call:

Lisa Corbin
Director of Counseling and Education
(215) 563-5665 Ext.

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Non-Discrimination Policy

CCCSDV serves all members of the community without regard to social/economic status, sex, ethnic, racial or religious affiliations.

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The Debt Management Agreement (DMA)

When you enter into our Debt Management Plan, any and all parties on the plan must sign the Debt Management Agreement (DMA). By signing this agreement, you agree to pay CCCSDV a monthly deposit, which is disbursed to your creditors. You also agree not to incur any further credit debt while on the plan.

If two consecutive payments are missed once you are enrolled in the DMP, your agreement is terminated by CCCSDV. Your creditors may terminate your DMP concessions after one missed payment. (See information under the Payment Information section.)

Although you have signed a DMA, you are not considered an active client nor are your creditors notified until your 1st deposit and all required paperwork and documentation is received by CCCSDV.

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Customer Service Support

After your initial counseling session, please contact Customer Service with any questions or concerns. Customer Service will be able to quickly and efficiently handle any of your inquiries.

Customer Service Representatives are available Monday-Friday at (215) 563-5665 or (800) 989-CCCS (2227). Questions can be sent via e-mail to customerservice@cccsdv.org.

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Automated Account Information

Our Automated Account Information System is available 24 hours a day to obtain pertinent account information. To take advantage of this quick easy way to access your information, dial 1-888-989-CCCS (2227) and select client option #1.

The following account information is available through our Automated Account Information System:

• Next deposit due date and amount due
• Last deposit made by date and dollar amount
• Last disbursement by date and dollar amount
• Information specific to an individual account including last payment amount and estimated balance
• Option to update your address and phone number(s)

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Online Account Information

Our website provides a link to your account information. To take advantage of this service visit our account information page. You will need your seven digit client I.D. # and your CCCSDV pin # to access your account.

The following account information is available through our website:

• Update personal information
• Last deposit made by date and dollar amount
• Last disbursement by date and dollar amount
• Payment History
• Next deposit due date and amount due

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Payment Information

Payments are disbursed to creditors a minimum of two times per week and the last business day of every month. If the scheduled payments are not made, or are received by the creditor after their billing date, the creditors may raise your interest rate and assess a late fee.

You should determine if your creditor's billing and payment due dates and your CCCSDV payment due date allow ample time to avoid any late fees. As the cardholder, it is your responsibility to contact your creditors and request they change your payment due date to at least 15 days after your payment due date with CCCSDV.

Payment amounts listed on your payout sheet are proposed based on balance information you provided and may have to be increased according to the creditor's requirements.

If you remit more or less than the scheduled payment without instruction, the amount will be prorated and distributed to all creditors on your Debt Management Plan.

To submit specific instructions, please call Customer Service and ask for a Special Payments Request Form.

CCCSDV cannot arrange a settlement with any of your creditors. If you wish to payoff a specific creditor or all of your creditors, please contact our office to arrange this. We will contact the creditor(s) to verify your payoff balance(s). You then remit the payoff payment to us for disbursement to your creditor(s). The balance of any account not paid off through CCCSDV will continue to show on your monthly progress report.

If you miss one payment, once enrolled on the DMP, please call the CCCSDV office to determine steps to make-up the missed payment. If you miss two consecutive payments - The missed payment could be one this year and one next year. The creditor has the right to drop the account from the DMP for two missed payments. They do not have to be consecutive. Your creditors are notified once you are dropped from the program. For extenuating circumstances, please contact your Counselor. If necessary, they will do an evaluation of your current financial circumstances and make adjustments if possible.

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Payment Options

Payments can be made by money order, certified check, monthly electronic withdrawal, Western Union wire transfer, or online payment. In the center city location only, we do have a debit machine for your convenience. No personal checks or cash will be accepted.

• Electronic Debit Payment Program (AHC)

  Our ACH program gives you the option of having your CCCSDV payment deducted directly from your bank account. This saves you the time of mailing or dropping off your payment.

  All payments debited from bank accounts will be held for three business days then disbursed with the next check run. Please refer to the calendar, included in your client folder or online, which shows when payments are disbursed.

  A $5 fee is charged for changes made to your ACH (i.e. a payment date or amount). This charge is added to the next payment deduction. Five business days notice is required for any changes.

  To cover our administration costs, a fee of $15 is charged to clients who do not have sufficient funds in their accounts. If a payment is returned to us for non-sufficient funds, CCCSDV will withdrawal the fee directly from your account.

• Western Union

  Payments can be made through any Western Union Quick Collect location. If you use this option for payment, you need to provide our code, which is DELVALCCCS. Call Western Union at (800) 325-6000 to find the location most convenient to you.

• Online Payments

  Payments can be made online by logging onto our website, www.cccsdv.org. Click on "For Our Clients", then choose the "Electronic Payment" link. You will need your seven-digit client number for this payment option. A fee of $2.50 is assessed at the time of payment. Funds are held for three business days before being disbursed to your creditors.

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Monthly Progress Report

After your first payment is received and disbursed, you will receive a monthly progress report from CCCSDV. You can find your client ID number on your monthly progress report. Please include this ID number on all correspondence to us. You can send a payment without a statement but be sure to include your name, client ID number and address. You can also submit a copy of the previous month's payment stub with your payment.

Please review your CCCSDV monthly progress report and your monthly creditor statements in detail to ensure proper payments and the correct interest rates. It is your responsibility to examine your monthly creditor statements for correct crediting of payments and interest or fee concessions, if applicable.

You should determine if your creditor's billing and payment due dates and your CCCSDV payment date allows ample time to avoid any late fees.

Please notify Customer Service as soon as possible with any changes made to your account or creditor information. Your creditors do not update us on these changes.

CCCSDV monthly progress report balances are estimated. You must provide us with current balance information on a quarterly basis (once every three months). CCCSDV does not receive a copy of your creditors statements unless you provide them to us.

If you have any changes to your personal information such as address, or telephone phone, please notify Customer Service. You may also use our Automated Account Information System to provide us with your updated information. (See Automated Account Information section.)

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Creditor Information

Allow 60-90 days for creditors to record that you are on the DMP. In most cases, you will not see interest, and late or over limit fee concessions, if applicable, before this time.

Creditors may continue to call you until they have accepted you into the program. In most cases, the calls will stop once your creditors receive a proposal letter from us with your first deposit. If a creditor rejects a proposal, your Counselor will contact you to discuss changes that need to be made so your proposal will be accepted.

To ensure you realize all the benefits of the DMP, it is essential that after your third consecutive payment you send in all of your most current credit card statements for review. Your accounts will be reviewed to ensure your creditors have applied all the necessary interest and fee concessions. If it is determined that your creditor(s) has not applied the proper reduction, we will contact them to look into the matter and work to get it rectified.

If your account is current at the time of enrollment onto the DMP, creditors may charge late fees because of reduced payment amounts. Late fees will stop after three consecutive payments.

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