Q & A OF HOW OUR DEBT CONSOLIDATION PROGRAM WORKS
Featured are answers to some common questions we
receive regarding our debt consolidation program and how
it works. If you have further questions that need to be
contact us. We suggest you also examine what the
pros and cons of debt consolidation programs are.
How will my creditors respond to me enrolling in your
debt consolidation program?
Every creditor will respond differently. However,
most of your creditors will eliminate all of your late fees, over limit fees and
will bring your accounts up-to-date. Also, your creditors
will re-age your account once enrolled. This means that
your accounts will not show that you are behind on any of
Also, you can expect any harassing calls from creditors
to stop once you enroll in the debt consolidation
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What impact can I expect debt consolidation to have on
my credit report?
We do not report your participation to any of the
credit bureaus. However, your account will be flagged by
most of your creditors as being enrolled in a
consolidation program. This does not impact your credit
score negatively. It merely exhibits that you are taking
a responsible step towards regaining control of your
Once you start to settle your debt, you will see your
credit score improve.
Why do creditors lower interest rates for you, but not
When you enroll in a debt consolidation program, it
is recognized by the creditors that you are taking an
aggressive step towards regaining financial control. It also
pretty much guarantees that you are going to be settling
It should also be noted that enrolling in a debt
consolidation program is usually a route consumers
instead of filing for bankruptcy. If you file for
bankruptcy, your creditor will not get a penny that you
Also, the creditor would rather you commit to a debt
consolidation company than have to settle your debt with
a collection company. When creditors work with collection
companies, they are agreeing to accept the debt that you
owe them pennies on the dollar.
This all being said, creditors would rather commit a
lower interest rate when you are working with a debt
consolidation company so that you can resolve your debt
quickly, and in full.
ENROLL NOW IN OUR DEBT CONSOLIDATION PROGRAM!
Is filing for bankruptcy really that bad?
When you file for bankruptcy, you hurt your
credit a great deal. A bankruptcy will stay on your credit
report for seven year, ruining your credit rating, making it almost impossible for
you to get approved for any type of
personal loan. However bankruptcy may be the only
option for some people. You can learn more about
filing for bankruptcy.
Star Loan Services can arrange
financing for you
bankruptcy auto loans and certain types of
What kind of debts are eligible for debt
We are able to consolidate all of your unsecured
debts. Unsecured debts is when no collateral is offered
as security for your loan or credit. The most common types of
unsecured debts are credit cards, medical bills, personal
college student loans. You can learn more about the
difference between unsecured debts and secured debts.
When is my first payment due? How often are payments
to be made? How much should I expect to pay?
Your first payment is going to be due thirty from
when you join. You can make a payment any day of
the month, as long as you make a minimum of one
payment/month. Your payment amount is going to depend
on how much you owe your creditors.
Will I still have access to use my
No. Your creditors will freeze your credit card
accounts until all of your debt is paid off. You will
experience positive effects when you
stop using credit cards.
Am I obligated to enlist all of my creditors with your
debt consolidation program?
No. You can choose which creditors you want to
Do I have to be enrolled in the program until I am 100%
out of debt?
No. You can choose to end your membership any time you
Regain control of your finances today!
GET A FREE QUOTE FOR CONSOLIDATING YOUR DEBT!
feature a great article on
dealing with a financial emergency that we suggest reading.