FREQUENTLY ASKED QUESTIONS
How do I qualify for the Debt Management Program?
PDS knows that your time is valuable and we believe that "the more we know about you, the more we can help you." Because of this, we have built a very streamlined and easy enrollment process which allows us to immediately go to work on your behalf. Because everyone's debt issues are entirely different, it is vital to have one of our Debt Elimination Specialists assess your current financial situation with a free, no obligation consultation. Our experienced staff will counsel with you on your different options, and then provide you with an honest and straight-forward appraisal of your current situation. Lastly, we will prescribe a specific action plan for getting you out of debt in 2-3 years. PDS knows that your time is valuable and we believe that "the more we know about you, the more we can help you." Because of this, we have built a very streamlined and easy enrollment process which allows us to immediately go to work on your behalf. Because everyone's debt issues are entirely different, it is vital to have one of our Debt Elimination Specialists assess your current financial situation with a free, no obligation consultation. Our experienced staff will counsel with you on your different options, and then provide you with an honest and straight-forward appraisal of your current situation. Lastly, we will prescribe a specific action plan for getting you out of debt in 2-3 years.
What will my interest rate be?
Your interest rates on a Debt Management Plan will vary. Each creditor offers a different rate, so what you want to look at is an average rate for all of your accounts. If you have three cards with an average rate of 20% right now, those three cards, while not all at 9%, might average 7% on the plan. For example, you may have one at 14%, another at 2% and a third at 5%. The average would be 9%, much lower than your current 20% rate.
How much money will I save?
There are two ways you can save money with PDS: out-of-pocket and interest savings. Your out-of-pocket monthly savings is the actual dollar amount each month that we can save you. This can be anywhere from tens to hundreds of dollars, depending on how much debt you are carrying. You will save even bigger amounts on interest; in fact, you will probably save hundreds every month. For example, if you have $9,000 in debt and an average interest rate of 21%, you are paying nearly $158.00 per month in interest charges. If your average rate were reduced to 6.5% by our program, you would pay around $49 a month in interest, saving you $109/month in interest alone! As you can see, the savings are fantastic!
How will this affect my Credit?
PDS does not report to the three credit reporting agencies (Equifax, Experian and Trans Union), so we do not report your participation in our program. Often, credit card companies do notify the credit bureaus that you are participating in a debt management or credit counseling program; however, this notification does not impact your credit score. The notation, viewed as neutral by most banks and lenders, may be used directly or indirectly when making lending decisions. Some lenders may view the notation as a positive and some as a negative. Remember, though, resolving your debt issues can only have a long term positive impact on your credit.
How much will my payment be?
It is difficult to predict what your payment will be without knowing who your creditors are, as each creditor has unique and multiple benefits on the program. As a guide, you can figure on 2 to 2.5 percent of your total debt as a monthly payment, or about $250 per month for every $10,000 in debt. Your payment could be much less, however, so please check with one of our Debt Elimination Specialists before making a decision.
Can I still use my credit cards?
Actually, no. To obtain these kinds of benefits from creditors, they will not be willing to let you keep the accounts open. While they will return to a good standing once they are re-aged in the first three months, the goal is to help you become debt free. That cannot happen if the accounts remain open and in use.
Why should I choose PERSONAL DEBT STRATEGIES?
While there are many reputable companies throughout the debt management industry, each company has their own distinctive methods in dealing with clients and creditors. PDS has an industry-unique approach to guiding you through this worrisome period of uncertainty. It is a straightforward approach that has stood the test of time.
While this may sound like a basic business principle, many companies have lost sight of this fundamental relationship concept. Here at PDS we provide you and your creditors unparalleled support by utilizing state of the art technologies to efficiently communicate between you, your creditors, and your dedicated support staff members. You can also seek comfort in knowing that the founders of PDS have over 20 years experience in the Debt Relief industry.
PDS constantly strives to improve the effectiveness of our relationship model so we may better serve each and every customer. Our genuine concern for our clients shines through in the lasting results we consistently achieve. It's these outstanding results that have made PDS a leader in the debt settlement arena, and we will continue to set new standards of excellence.
