Counsel for Debt Solutions - Frequently Asked Questions

Q: What kind of debt can I include?

A: You can include all types of unsecured debt. Unsecured debt arises out of a contract you enter with a creditor which enables you to obtain goods or services on credit in exchange for your promise to pay the creditor back. Credit cards and personal loans are the most common types of unsecured debt. Secured debt may not be included in either of CDS's programs. A secured debt is a loan or line of credit in which the creditor retains a security interest in an item of real or personal property. Examples of secured debts are a house or car. If you break the agreement with the creditor, the creditor can satisfy their debt by repossessing your car or foreclosing on your house. Laws regarding home mortgages vary from state to state and you should seek competent local legal advice to protect your interests.

Q: How long will it take me to get out of debt?

A: Most Debt Consolidation and Debt Settlement programs take anywhere from 24 to 60 months to complete.

Q: What is the process?

A: Getting out of debt is a step by step process:

Provide a CDS representative with a list of your unsecured debts including creditor name, current balance and current status.
A monthly payment quote will be generated. You need to be able to handle that monthly payment.
Choose an initial payment date.
Receive On Line Enrollment forms and complete.
Continue to make your monthly payments on the program.
If in Settlement Program - Accept or Decline Settlement Offers from your creditors as they are generated by CDS

All other questions can be answered by your CDS representative. For information on your rights as a consumer and Privacy Policy click on the Privacy/Client Rights page of this website.