Creditors We Can Negotiate with On Your Behalf

Understanding how we negotiate with unsecured creditors on your behalf.

When you enroll in a debt management program, you still owe your original creditors. Consolidated Credit’s program is not a loan that replaces your existing debts with a new one. We’re here to act as your advocate and negotiate with your creditors on your behalf. We essentially serve as a go-between to set up a repayment schedule and negotiate to reduce or eliminate interest charges and stop penalties applied to your debt.

As one of the nation’s largest nonprofit credit counseling agencies, Consolidated Credit works with all major creditors and top retailers nationwide. If you currently hold a balance with any of these creditors, we should be able to help you.

What if I don’t see my creditor listed?

There may be smaller retailers or credit issuers that you don’t see listed above – it would be impossible to list everyone we’ve negotiated with in 25 years! But just because you don’t see a specific creditor list, it doesn’t mean you can’t include that debt in your debt management program. We will call any creditor that holds a credit card debt you wish to include and negotiate to get them to accept payments through your debt management program.

In addition, we can negotiate with other unsecured creditors if you have another type of unsecured debt that you wish to include your program. This can include debt collection agencies, medical collection agencies, and even some payday lenders. So, even if you don’t see a particular company’s name listed above, don’t lose heart. Chances are good that we’ll be able to negotiate successfully on your behalf.

How does negotiating with creditors work?

When you go through your initial credit counseling session, the credit counselor helps determine if you are eligible for a debt management program. If you are, they work with you to find a monthly payment you can afford on your budget. Then the next step is to get your creditors to agree to the new repayment plan.

This means we contact each of your creditors to let them know you’re working with us and want to enroll in a debt management program. The credit counseling team negotiates to:

1. Get creditors to agree to accept payments on your debt management program.
2. Reduce or eliminate interest charges applied to your debt.
3. Stop all penalties and new penalty fees.

In addition, if you ever run into any trouble while you’re making payments on the program, the credit counseling team will contact your creditors to make sure you can remain in the program. It’s our job to make sure you can keep up with your program and that your creditors remain on board until you are debt-free.

What happens with my creditors if I leave the program?

A debt management program is 100% voluntary. You can leave the program at any time. The money that you paid through the program will still count towards reducing your debt. In other words, you won’t see your balances increase because you decide to leave.

However, be aware that most creditors will restore your original interest rates and penalties they’d applied before you enrolled. You will need to go back to making individual monthly payments to each creditor. But you won’t be back to square one. Everything you eliminated during your enrollment will still count.