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CCCS of Greater Greensboro provides a low-cost viable alternative to bankruptcy in which creditors may reduce payments and reduce or stop interest and fees. This service provides a consolidated way to pay off creditors and become debt free within 48 to 60 months.

Guidelines for Debt Management Plan Participants

  • The Debt Management Plan serves the dual purpose of helping you repay your debt and creditors collect money owed to them. It is critical to remember that your accounts continue to be your responsibility.
  • The Debt Management Plan Agreement must be signed and returned to the agency before we can disburse any payments to your creditors.
  • Payments must be in the form of money order, bank check, cashiers check, payroll deductions or automatic draft. We are unable to accept cash or personal checks. We ask that your first payment is made in the form of a money order, bank check or cashiers check. As a new client on the Debt Management Plan, you are advised to make your initial deposit 7-10 days prior to your regular due date so that there is ample time to have all paperwork in order on your accounts before your initial payments are released to your creditors.
  • Make sure your name and client number appears on your payment, make payable to CCCS and mail your deposit to 315 East Washington Street, Greensboro, NC 27401. We disburse funds to creditors every Friday unless a holiday falls on that day. Your deposits must be made by 3 p.m. Thursday in order for disbursements to be sent Friday of the same week.
  • A monthly reimbursement cost equal to 5% of the amount of your payment is due each month (a maximum of $30). Because we are a non-profit agency, this reimbursement is used to help with postage, long distance calls, check writing expenses and other administrative costs. This amount has been added to the proposed payment plan you received from your counselor. If you are unable to contribute this reimbursement cost to the agency please notify your counselor for hardship arrangements made on a case by case basis.
  • All accounts placed on the Debt Management Plan are closed and no longer available for use. You will be signing a statement certifying this. Credit cards need to be cut up and destroyed or returned to your creditors.
  • Full payments need to be made monthly on the date determined. Irregular, partial or missed payments may cause creditors to increase any reduced interest you received and add late fees. Two consecutively missed monthly deposits or a poor payment history could also result in termination from the program. Partial payments can be held if the funds are insufficient to meet all required payments until a full deposit is received.
  • Creditors will be notified of your participation and a proposed payment after your first deposit has been made.
  • CCCS cannot change your Credit Bureau records or items that are already on your credit report. Participation in a Debt Management Plan could have a negative impact on a credit report. However, if your payment history with creditors has been less than ideal, consistent payments while on the Debt Management Plan can improve your credit report. We recommend requesting a credit report from a credit bureau within three to four months to see how your creditors are reporting.
  • Any changes in address, phone numbers, employment, account numbers, creditor addresses or transfer of accounts need to be reported to a CCCS representative as soon as possible.
  • The due date you establish with CCCS for your regular monthly payment will not necessarily comply with each respective due date on your individual accounts placed on the Debt Management Plan. You are strongly advised to contact each of your creditors, notify them of your plans for participation with CCCS and request a billing due date change that better corresponds with your due date chosen with CCCS. For example, if you select a due date of the 1st with CCCS, it is recommended that you request a new due date with each of your creditors on the 11th (ten days out) so that your payment with CCCS will reach your accounts within the appropriate timeframe. CCCS is unable to request these changes on your accounts for you. Please note that if you are presently past due on your account, the creditor may not comply with this request until they have received 3 consecutive monthly payments on this account. After that time it is still recommended that you request these changes to your account to ensure no potential late charges from creditors who may continue to assess them.
  • Depositing more money on a monthly basis is encouraged to get out of debt quicker. Your deposit amount will remain constant throughout the program. When an account is paid off, CCCS will allocate the funds among your remaining creditors.
  • Examine your statements monthly. If you see any discrepancy between the agency payment and the amount posted on your statement, please bring it to our attention immediately and the matter will be addressed. Your account will always be credited 100% of the amount paid.
  • Send us your statements regularly (at least every three months) so we can update balances and ensure all is in compliance with expectations. Creditors are asked to waive or reduce finance charges and fees, however, some will not. This is dependent upon the particular creditor policies while under the Debt Management Plan.
  • This is a voluntary program and you may withdraw to handle your accounts. We request that you notify our office of your intentions in writing. Requesting a return of funds deposited will be treated as a withdrawal from the program. Creditors will be notified of withdrawals and terminations.
  • If you make a payment after your scheduled deposit date, it will be put in your account and mailed with the next disbursement date.
  • After receiving our proposal, a creditor may request a higher payment before accepting the proposal. We will attempt to negotiate on your behalf and notify you of any increases in your monthly deposit to cover the required payment, if necessary.
  • Do not make payments directly to creditors after you begin making monthly payments to CCCS. Creditors who have agreed to accept a lower monthly payment through our program will not accept the same amount from you as a full monthly payment. If you make a direct payment to a creditor, you could be dropped from their CCCS files and the creditors may discontinue any benefits previously offered.
  • Please contact our office prior to applying for any additional lines of credit. Failure to do so could result in termination from the program.
  • Repayment of debts is not always a fast process and benefits offered by some creditors may not be evident until after three consecutive payments. We encourage you to be patient in your understanding of this. The benefits of the program will become clearer as you remain on the program and follow these guidelines.
  • By enrolling in the Debt Management Plan you are in agreement with and understand the guidelines set forth. We wish for your Debt Management Plan to be a successful one and we are here to help you. Keeping us informed of your situation is important. We can help, but only if you let us know how you are doing. Please contact our offices if you are experiencing difficulties.