Frequently Asked Questions

We would like to be the first to congratulate you on your first steps toward becoming debt free! This guide will help answer some of your questions as you begin the initial process of becoming a client of National Family Financial Solutions!

Q: How does the credit counseling program work, is this a loan?

This is not a loan, however, your bills are consolidated into one monthly payment as well as lowering your interest rates. Your debt is simply being restructured based on guidelines provided by your creditors. When you pay a creditor $210.00 a month on a $6000.00 balance at a 22% rate you're not affecting your balance by much. Pay that same creditor through a non-profit credit counseling agency and you may be able to send a lower payment to that same creditor and have that payment applied at a lower rate. This allows more of that payment to go toward the balance in turn saving money and getting out of debt on average 3 to 5 times faster.

Q: Who are we?

We are a financial solutions company. We work with a network of licensed and bonded 501 ( c ) ( 3 ) non-profit consumer credit solutions agencies. Our goal is to help individuals and their families get out of debt and educate them towards sound credit use and budgeting for their future. Please see our Company Profile Here

Q: Why are my creditors willing to do this?

Your creditors do not wish to sell your account(s) to collection agencies or to have you go bankrupt and no longer retain you as a customer. A credit counseling program gives you an opportunity to pay off your debt to your creditor(s) in a timely manner with manageable payments and reserve your credit.

Q: What do we consolidate?

Credit cards, department store cards, collection accounts, medical bills, Gas cards, student loans (for convenience), and any other unsecured debts may be consolidated with our credit counseling program. It is important to remember that student loan payments and the interest on them will remain the same but can be added as a convenience. We do not accept secured debts, judgments, liens.

Q: Are there any fees or hidden charges?

There is a monthly administrative fee that is already included in the monthly payment when it comes back from your creditor.

Q: Will credit counseling appear on my credit report?

We do not report to the credit bureaus, your report contains public records and information provided by your creditors to the credit bureaus. If you were past due upon enrollment of our program, some creditors may notify the credit bureaus of your account being current while you make payments through the non profit credit counseling agency. If you were current with your creditors upon enrollment of our program, some creditors may report that you have enrolled in a credit-counseling or debt management program. Most creditors look favorably upon individuals who are making an effort to pay back their debt and do not report negatively to the credit bureaus.

Q: How do I know if I qualify for the program?

  1. You have to have a minimum balance on each individual creditor of $100.00 and a total balance of all creditors of at least $3000.00.
  2. Some creditors have different guidelines such as, account has to be current to be accepted, account has been dormant without new purchases for a certain period of time, account hasn't had a balance transfer for a certain period of time, and account has to have been open for a certain period of time. During your free consultation with a financial advisor, they will explain all the benefits to each creditor and or if we can accept them based on their guidelines at that time, and which creditors offer what benefits.

Q: When one creditor is paid off, what happens to the money that was being paid on that account?

That money will be applied to your remaining accounts. The non-profit credit counseling agency will determine which account the extra money needs to be applied to, unless client gives notice by contacting the non-profit credit counseling agency you were placed with. In most cases the extra money will go to the account charging the highest interest rate. This process is called an accelerated payment plan, and is designed to get you debt free, faster.

Q: Can I use the credit cards that I have enrolled into the program?

While you are in the program, these accounts will be closed. Incurring more charges onto your account will only cause your balances to go up, payments to increase, and could possibly prevent you from receiving benefits from your creditors such as: reducing or eliminating the interest on your accounts and lower monthly payments. Once you have become a client of National Family Financial Solutions, please discontinue using the credit cards you included in the program because it could result in loss of program benefits with that creditor.

Q: Will I receive a monthly activity statement of my accounts?

Yes, you will receive a monthly statement that will reflect your scheduled payments. It will show a breakdown of payments to each creditor and your balances. However, please refer to the statements you receive from your creditors for exact balances and new interest rates.

Q: Why has my payment been taken but my creditor shows the payment has not been made?

Keep in mind that once a payment has been received, it can take up to 8 days for it to be processed. So payment to the creditors can take from 9-15 days to post to that creditors' account, depending on what billing cycle you are on.

Q: It's been over 2 weeks and my creditors are still calling me, what should I do?

First, keep in mind that once you join the program the calls will not stop immediately. It could take anywhere from 1-3 billing cycles to finalize negotiations with the creditors. Please let them know that you are enrolled in a credit counseling program. Please give them the toll-free number of the non-profit credit counseling agency you were placed with and they will take over on your behalf.

Q: Why am I still receiving statements from my creditors, what should I do with them?

It is very important if you are current with your creditors to stay current with your payments until your 1st payment is made to that creditor by the non-profit credit counseling agency. The re-aging process of bringing your accounts to a current status and or getting late fees and or over the limit fees waived may take between 1 to 3 billing cycles. However, please contact your non-profits' credit counseling customer service department regarding any questions you may have on your statements, so they are able to follow-up on this for you.

Q: Can I change my scheduled payment date?

Yes, If you need to change any dates that were set up for any National Family Financial Solutions fees, please call our Customer Service Department at 1-866-325-8479. Please give at least a 72 hour notice before that transaction is due. If you need to change the date your monthly payments are taken each month and disbursed to your creditors by the non-profit credit counseling agency please call them directly, and keep in mind, please give the non-profit credit counseling agency at least ten days notice before the original payment date.

Q: What do I do if I receive a statement that reflects late charges, over the limit fees and the same interest rate?

It is very important if you are current with your creditors to stay current with your payments until your 1st payment is made to that creditor by the non-profit credit counseling agency. The re-aging process of bringing your accounts to a current status and or getting late fees and or over the limit fees waived may take between 1 to 3 billing cycles. However, please contact your non-profits' credit counseling customer service department regarding any questions you may have on your statements, so they are able to follow-up on this for you.

Q: I recently relocated and changed my bank as well, what do I need to do?

Please contact us. We will immediately update our systems accordingly.

Q: What is Debt Settlement?

This is most often offered to people who can't afford to make the minimum payment of a a debt management repayment plan. A debt settlement program is the last step before having to look into bankruptcy.

One benefit of a debt settlement program is you stop making monthly payments to your creditors. Instead you are depositing your minimum monthly payments into a trust account setup in your name. As these funds start accumulating the settlement company is able to negotiate with your creditors for a payoff that's about half of what is owed. once the negotiated settlement is agreed upon we make a one time payment to that creditor and your account is then considered "settled"

A downside of the debt settlement program is it lowers your credit score while you are in the program. However, most debt settlement companies require the creditor to make the credit report show paid in full so it doesn't show up as a negative on your report once your account is settled. Once settled, you can start to rebuild your credit score.

Debt Settlement leaves a lasting impact on your credit history, much like a bankruptcy. When creditors agree to reduce your debt, a record of the debt reduction will stay on your credit score for up to seven years. However, you will be able to apply for credit as your score improves, usually within two years.

Q: Debt Settlement Vs. Debt Management- What's the difference?

Debt Settlement and debt management/consolidation both help consumers pay off their debts through two different approaches. Though each has an effect on your credit score, payoff period, and taxes. Before choosing either option, be sure you understand the long term consequences of each.

Debt Settlement is a program that enables you to settle on your debts for approximately .58 cents on the dollar. Where as a debt management program allows you to pay your debts back in full to your original creditors at reduced interest rates and a reduced amount of time.

Q: Debt Settlement Vs. Bankruptcy - What's the difference?

Bankruptcy is generally considered the last resort for curing your financial troubles. The consequences for filling bankruptcy can last up to ten years in some states. You should understand the bankruptcy consequences before considering filing for either Chapter 7 or 13 bankruptcy protection. There is a lot of information available for filing bankruptcy. Our experienced debt relief professionals will assist you in deciding what the best debt relief solution is for your situation. Debt relief professionals will assist you in separating the facts between Chapter 7 and Chapter 13 bankruptcy as well as other debt relief solutions like debt management. Did you know when you file for bankruptcy…

  • You may lose all of your credit cards
  • You may have to give up some “luxury” items
  • It will be nearly impossible to get a mortgage for many years
  • Bankruptcy stays on your credit report for 10 years and makes it difficult to get credit
  • You will still be responsible for certain types of loans even in bankruptcy
  • It is a very time consuming and embarrassing process
  • Bankruptcy costs money to pay lawyers and court costs

There is a help when it comes to your financial difficulties and debt relief specialist will assist you with information and help you decide which method is best for your situation. When deciding between bankruptcy and debt management be sure that you have all of the information you need to make the proper decision.

Q: Does National Family Financial Solutions provide Debt Settlement?

No, We do not provide Debt Settlement Services. We only provide Debt Management Services.

Any other questions not able to be answered here?

Call us now (866)665-3328.
Or you can contact us here

Free Credit Analysis!

Get a Free Credit AnalysisWant to see if you qualify for our program? Think we can help?
call us at: (866) 665-3328

Free Online Calculator

Financial calculatorsCheck out our Online Analysis Calculator!


Debt Consolidation

debt consolidation informationThe Credit Counseling Program primarily benefits consumers who have accumulated a minimum of $3,000 in
unsecured debt and are now stuck paying high interest rates making it impossible to payoff the principle in a reasonable amount of time.


Basically, the Credit Counseling