Debt Counseling - the concept
Debt counseling is not just another counseling session; it is far more than what you may think. It is about understanding, educating, making informed decisions and planning for your credit future. It is not just about succeeding with money; it's about succeeding in life.
When you call our debt counselors, they will ask you a series of questions in order to identify the root cause of your financial distress. Before they can recommend a solution to your problem, they must first have a thorough understanding of your problem. Next, the counselor will conduct a financial analysis by completing a monthly spending plan/budget. This will provide an insight into how much money you are spending each month versus your total monthly income.
With this comprehensive understanding of your financial situation, the counselor can begin to identify the appropriate solution for your specific situation. Of which, there are a few alternatives.
If you are considering debt counseling, initially you need to explore the option further. Choosing to reduce your debt with the help of a counselor is a huge, and positive, step towards gaining financial stability. However, it is also a very serious decision that should not be taken lightly.
Debt counseling can improve many aspects of your life. It can help you get out of debt faster and improve your credit.
When you deal with X-Bankers, be ensured that you are dealing with the most ethical and professional companies in the industry.
Our key strengths include:
- We speak to you and understand your outstanding payments
- Trained & Experienced Counselors
- Low cost counseling
- Clear cut counseling process
- Educating the consumers
X-Bankers & Debt counseling process
Your partnership with X-Bankers begins as soon as we receive your client agreement. Your Counselor will then send proposals to each of your creditors outlining your new repayment plan. Please remember that not all creditors will process proposals immediately - it may take up to a few weeks before a creditor notifies X-Bankers that a proposal has been accepted. Some creditors may request a slightly higher payment than proposed, in which case, X-Bankers will notify you immediately.
The first few months are crucial to your success on a Debt Management Program (DMP). You can contact your counselor any time to:
- Change your payment method
- Notify X-Bankers of creditors calling you
- Report errors on your statements
- Get answers to your questions
Before your creditors extend special benefits like lower interest rates and waived late fees, you must first be consistent with your payments through X-Bankers. Most creditors start granting benefits upon acceptance of your proposals. However, some creditors can take up to three consecutive payments before offering full benefits. That's why it is so important to carefully review your monthly creditor statements. When benefits are granted, the benefits will be reflected on your monthly creditor statements. You should also check each month to make sure that you are receiving credit for payments made through X-Bankers.
As promised, the collection calls will stop. However, in some cases it takes approximately three consecutive payments from X-Bankers, on your behalf, before the calls stop completely. Should a creditor call, please inform them that you are contracted with X-Bankers. If they call again, notify your counselor and they will contact the creditor.
It is critical that you do not make any additional charges on any of your credit cards once you have enrolled in the program. In fact, if you do incur new charges, you could jeopardize your acceptance into the program. Any additional charges could also affect your payment schedule and your monthly payment amount because it is a function of your balance. As a result, your proposal could reflect an incorrect amount.
When you contract with X-Bankers, you will receive an estimate of the length of time it will take to complete your DMP. It gives you a breakdown of all the debts you owe, the amount owed to each creditor, the proposed payment to each creditor, and the anticipated number of months needed to pay off the debt, with on-time, in-full payments. As your program continues, you can always contact a counselor to get an updated version of your repayment schedule. Having this timeline is a great motivational tool. It will give you a set-in-stone goal to attain and with every month closer you get, you will truly see that success is just around the corner.
What are you waiting for???
Just dial our toll-free number and one of our debt counselors would be more than pleased to serve you
1-888-442-0445 or locally at 1-416-922-6537