Q. What exactly is your Christian Debt Program?
A. This is not a loan. This is a program based on Christian principles, which was designed so that you do not need to borrow any more money. Our Christian Debt Program combines all your unsecured monthly bills into one affordable monthly payment. To help get you out of debt as quickly as possible, our Coaches will arrange to lower your interest rates and reduce and/or reduce any bank fees. This will reduce your overall debt, escalate your pay off time, and lead you back to the simple life that is intended for all who walk the Christian path.
Q. What do our Christian Debt Programs have to do with Christianity?
A. Any Christian burdened by debt knows the spiritual costs: excessive focus on money; excessive focus on self; a sense of being enslaved to the debt; a decreased sense of personal integrity; a heavier spirit which interferes with loving relationships at home, at work, and in the community; overwhelming distraction from service to God, family and society. No one who is financially bound can be spiritually free. Our Debt Programs are driven by Christian principles, and we strive to provide Debt Programs that enable Christians to resolve their obligations with integrity.
Q. How does the Christian Debt Program work?
A. Shortly after you submit the information request form, a Christian Enrollment Agent will contact you to help you to assess your current debt situation and to explain your options. Your options will be in accordance to the attorneys that we work with. If you fit the profile that the Enrollment Agents have outlined, and meet all the qualifications for one of our Christian Debt programs, you then authorize our non-profit service provider to contact your creditors. Our Christian Debt Advisors will arrange to get your interest rates and monthly payments reduced to an amount that you can afford to pay. All of your debts are consolidated into one simple, manageable reduced payment that you submit through the Christian Debt Program. The funds are then automatically forwarded to your creditors on your behalf. The single payment makes budgeting and bill payment much easier for you. You receive regular monthly statements so that you can monitor your progress, and you also have round-the-clock access to your account through a secure website.
Q. Why would my creditors agree to lower my Interest rates?
A. Our Christian Debt Program is administered by a nonprofit 501(C)(3). Banks qualify for tax credits from the government when they cooperate through these debt programs. Therefore, your creditors will lower interest rates, reduce or eliminate fees and work with us to help you get your life back in line with Christian principles.
Q. Why do I never seem to make progress paying off my debts?
A. Certain accounts (especially credit card accounts) are intentionally structured to keep you in debt. High interest rates and/or fees may be eating up the bulk of your payment each month. This is like running on a treadmill. The solution may be to get your interest rates reduced through our Christian Debt Programs.
Q. How much time will I save by utilizing your Christian Debt Program?
A. A typical credit card account may take more than 20 years to repay, according to CNN Money. Our Christian Debt Program is structured to complete within three to five years, on average. Since there are never any pre-payment penalties, you can accelerate your Christian Debt Program if you prefer.
Q. Will I continue to receive harassing phone calls after I enroll in your Christian Debt Program?
A. If bill collectors are contacting you at your home or at work, we know how upsetting this situation can be. When enrolled in our Christian Debt Program, you authorize a non-profit service provider to be pro-active and contact all of your creditors on your behalf. Your creditors automatically receive written confirmation of your enrollment in the Christian Debt Program and will begin to direct inquiries to us. In most cases, collection calls begin to dissolve within a few days.
Q. Which creditors participate in your Christian Debt Program?
A. Participants include all major credit card companies (Visa, MasterCard, Discover), department stores, medical clinics and hospitals, and student loan bureaus, to name a few.
Q. What is unsecured debt? What types of debts will qualify for your Christian Debt Program?
A. An unsecured debt is when the creditor holds no collateral. Examples of unsecured debt include credit cards, personal loans (signature loans), medical bills, student loans, state and federal income taxes, charged-off accounts and accounts with collection agencies.
Q. What is secured debt? What types of debts will NOT qualify for your Christian Debt Program?
A. All secured debt include vehicle loans, mortgages, and home equity lines of credit. Our Christian Debt Programs are designed to assist with most forms of unsecured debt. Secured debt will not qualify for the Christian Debt Programs that we offer.
Q. Can I resolve my mortgage and/or car loans with your Christian Debt Program?
A. No. These are debts are secured and will therefore not qualify for our Christian Debt Program. See the preceding question and answer for more information.
Q. How do these programs differ from bankruptcy?
A. A bankruptcy is designed to forgive the debt completely, or provide a repayment plan, depending on the type of bankruptcy. While legal according to societal standards, in our view bankruptcy is in substantial conflict with Christian principles: “The wicked borrow and do not repay…” (Psalm 37:21). A bankruptcy could reflect on your credit report for up to 14 years. There are also attorneys, court fees, filing fees ,and you also risk it not being discharged. Our non-profit Christian-based Debt Program is designed to help Christians to regain control of their finances and meet their obligations, while at the same time bringing their lives into closer accord with Christian principles.
Q. Should I get a loan instead?
A. It is difficult, if not possible, to get out of debt by borrowing according to the Credit Handbook. (Insert author) Unsecured consolidation loans are among the highest risk loans and carry very high interest rates to match the lender’s risk. Secured loans (i.e. home equity loans) may offer more attractive rates, however one should always compare the overall repayment expense. Even at a low interest rate, a 15 or 30-year loan will end up costing you several times as much in total repayment expense. Also, converting unsecured debts (i.e. credit cards, etc.) into secured debt (i.e. home equity loan) could put your home or other assets at risk. Our Christian Debt Program allows you to simply accelerate the repayment of your existing debts.
Q. Must I include all of my accounts in your Christian Debt Program?
A. As a rule, the choice is up to you, which debt you include in our Christian debt programs. There are a few very rare exceptions that can easily be identified when you first speak with a Christian Enrollment Agent. Many of our clients choose to keep at least one credit card for travel or emergency purposes. Remember, any activity on your credit file while participating in any program could negatively effect the final outcome, ask your Enrollment Agent for more information.
Q. How do I know if I qualify for your Christian Debt Program?
A. Anyone with at least $10,000 of unsecured debt generally qualify for our Christian Debt Program. If you are seeking to rid your life of this financial and spiritual burden, simply complete the information request form. One of our Christian Enrollment Agents will contact you.
Q. Is my information kept confidential?