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Frequently Asked Questions

Please note:  If you have specific debt management related questions and are a current client of FamilyMean Financial Solutions, please log in to your account on the left-hand side of the 'Home' screen.  You will find a FAQ tab once you have logged in.  Information contained in that tab will provide you with answers related specifically to our debt management program.

RESOURCES

I'd like some more information and education about budgeting.  Where should I go?
We suggest you contact us and look for classes or additional tools.  You could also visit nfcc.org on the web...
Go to Consumer Tools where you will find articles, a debt calculator and many other useful budgeting and consumer tips.  
 
Estoy siguiendo el presupuesto la consejera me da, pero me gustaria tener mas informacion. Donde la puedo conseguir?
 
Le sugerimos visitar : NFCC in Spanish
 
Vaya a las heramientas de consumedor donde va a encontrar los articulos, una calculadora para deudas, y otras consejas para su presupuesto.
 
Where can I find information regarding credit scores?
Contact your counselor or visit www.myfico.com
 
Where can I get a free credit report?
Visit  www.annualcreditreport.com  on the web
 
 
 
CREDITORS
 
What if a creditor rejects the DMP proposal?
Creditors will rarely refuse payments but may request an increase in the payment amount.  We will make every attempt to negotiate further with the creditor to come to an amicable agreement. 
  
It may mean an increase in your payment.  As we receive responses from your creditors, we will contact you to discuss options or changes as needed.
 
Will late and over-limit fees stop?
Most creditors will stop charging late and over-limit fees once they  accept our proposal and have received 2-3 payments from us.  You should continue to monitor your billing statements and notify us if they do not stop after the 3rd payment has posted. 
  
We will request statements from you after your 4th month on the DMP to review each account for appropriate status and concessions.
 
Can I borrow money while I’m on the Debt Management Program?
The agreement you signed states that you are not to seek any additional credit (this includes loans) while you are our client.  You should not apply for any credit unless you have talked with your counselor and your situation is reviewed to make sure a loan payment is affordable and allowed.
 
What do I do if I have new medical or dental bills and I am already paying these creditors as part of my DMP?
Debts on our program are set up to be paid within certain time limits with the expectation that any additional debt incurred (such as medical bills), will be paid directly by you as part of your monthly budget.
 
If you find the additional debt to be unmanageable, contact your counselor to discuss your options.
 
How does a Debt Management Program impact my credit score or my credit report?
Several factors affect how your credit report will look after completing the debt management plan.  These include what your credit report looked like when you entered the plan, a creditor’s reporting policies and your payment history. 
  
To understand what a credit score is and how it is calculated please visit the myfico.com website or annualcreditreport.com.