Frequently Asked Questions
Debt Consolidation
What is Debt Consolidation?
Debt consolidation combines all of your unsecured monthly bills—credit cards, rent, telephone and utility bills, federal and state income taxes, property taxes, fuel bills, tuition, alimony and child support—into one lower monthly payment at a lowered interest rate.
Although our service is not a loan, we are able to assist our clients in this endeavor and more importantly, dramatically reduce the pay-off time by referring you to approved not-for-profit credit counseling agencies. A certified credit advisor will contact your creditors to get your interest rate and monthly payments reduced to an amount you can afford to pay. In addition, you no longer pay your creditors directly. All of your debts are consolidated into one manageable, reduced payment made directly to the credit counseling agency. They, in turn, pay your creditors on your behalf every month.
How much can I save with debt consolidation?
Most credit counseling agencies can help to dramatically lower your overall monthly payments as well as your interest charges. For example, with a $4,000 balance on Citibank, MBNA, Chase, and Associates cards—$16,000 in debt—and an average interest rate of 22%, a debt consolidation program could produce these results:
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Current Payment: $650/month
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Current Interest Rate: 22%
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10.95% Fixed! |
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Monthly Savings = $310 per month and
11% in interest charges! |
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How much does this service cost?
Most debt consolidation services are subsidized by creditors with little or no cost to you. Through debt consolidation services they can, at the very least, recoup the principal on your debt.
In most cases if a credit counseling agency functions as a "non-profit" company, this allows the creditors to recoup a significant portion of the "lost interest charges" through tax write-offs.
So take advantage of this great service. Contact us for a completely free consultation and a certified credit advisor will show you how you can begin saving on your interest charges right away.
Will I still receive harassing phone calls?
Once you enroll in a debt management program and a counseling agency begins to handle your account, the annoying phone calls you’ve been receiving may drastically be reduced.
Debt Settlements
When does The Consolidation Clinic begin settling my debt?
Once you have fully retained our services, your creditors will be notified immediately and The Consolidation Clinic will begin the settlement process. However, we can only settle a debt once the full funds are available in your settlement account.
If I miss a monthly payment to The Consolidation Clinic, will I be dropped from your program?
No. Simply call our customer service department and we will arrange payment over the phone. It is understandable that circumstances may arise and we will help you get back on track with your payment schedule.
How do I find out the progress of my debt settlement?
You can call us at 866-231-5668, Monday thru Friday from Noon - 9pm EST to speak with a representative.
I have a flexible monthly income. Can I still participate in the program?
Yes. Our fees and payment schedule is on a client-by-client basis. We will figure an affordable and simple plan for your unique situation.
Are my creditors going to continue to call me?
We notify your creditors of our representation and inform them that they should contact us with respect to settling your debt. Most creditor calls will stop within 30 to 60 days. If you continue to get calls, call our customer service department and they will again contact the creditor informing them of our representation. In all cases, you should keep a log of all calls you get from creditors with respect to the debt you put into our program.
Will my creditors continue to contact me by mail?
Your creditors may also attempt to correspond with you by mail, however, you will then immediately contact The Consolidation Clinic and report this correspondence. We will handle all of your creditors and collectors on your behalf.
Will this program have a negative effect on my credit?
The Debt Settlement Program may have a negative effect on your credit profile. However, once negotiated and settled, your creditors will report the accounts as "settled" or "paid in full".
Why should I use The Consolidation Clinic to settle my debts as opposed to handling it myself?
Our team has extensive experience in negotiating debt and working with creditors. We have an impeccable relationship with creditors and collection agencies, who are usually unwavering in negotiating with the consumer directly. Our team has extensive knowledge in consumer debt and the Fair Credit Reporting Act, as well as the Fair Debt Collection Practices Act.
Who do I call if I have a question about the program or a problem with a creditor?
You can talk directly with any account representative whenever you need to discuss a problem or concern.
Do I have to include all of my creditors into the program for settlement
No. We recommend that you keep open at least one credit card. Any accounts that are included in the settlement will have to be closed immediately. Creditors won't settle accounts that are still open. You should keep one credit card open for emergency use only.
How long will it take for me to become debt free?
It typically takes about 18-24 months after we've negotiated the total amount of your debt down to 40%-60%. This includes all fees. However, if could be much sooner depending on your individual situation.
How much does this program cost?
Our Debt Settlement Program costs are based on an individual basis and are determined by a The Consolidation Clinic Compliance Officer and you. Your monthly payment will be determined by what you can comfortably afford, and is based upon your level of debt, income, and living expenses.
What if my creditors won't settle?
There are very few circumstances where a creditor will refuse to settle. As with any negotiation, there are offers and counter-offers and given time, and in the majority of cases a settlement is reached. Creditors realize that settlement is in their best interest because if a debtor files for bankruptcy, most times the creditor will be left with nothing.
Will The Consolidation Clinic stop late fees and interest from accruing on my accounts?
The Consolidation Clinic cannot stop a creditor from adding interest or late fees to an account. However, your individual program will reflect those fees and/or interest, and is incorporated into the Settlement Program. Because we negotiate the debt down to a fraction of what you owe, your savings are far greater than any interest or late fees that could accrue.
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Become Debt Free
Debt Consolidation,
Debt Settlement,
Debt Management,
Credit Counseling &
Debt Consolidation Loans are
just some of the ways you can get out of high interest rate
credit card debt!
Start your path towards debt freedom today!
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Contact Info:
The Consolidation Clinic2600 S. Douglas Rd.
Suite #200
Coral Gables, Fl. 33134
Phone: 1-866-231-5668
Fax: 1-866-208-6517
E-mail: helpme@ezpfa.com