Frequently Asked Questions - Debt Management Program

One of the keys to success is maintaining constant communication with us and informing us immediately if you face any significant difficulties or changes in your life, such as a change in your address, employment, or marital status. It is essential to send your deposits on time using a money order, personal check, cashier's check, or debit card at any of our branches. In addition, you should regularly review your creditors' statements to ensure that your payments made through the DEBT MANAGEMENT PROGRAM are being credited correctly and that the concessions offered by creditors remain in effect.

Punctuality in your deposits is fundamental. If you cease making your payments, creditors may resume their standard collection efforts, including calls, letters, and other follow-up methods. All payments related to the plan must be submitted exclusively through the DEBT MANAGEMENT PROGRAM. If at any time you do not understand a statement or notice something unusual, please reach out to your Counselor. It is also important to avoid applying for new credit without first consulting it, as it could jeopardize your participation in the Program.

Yes. Once you make your first deposit, formal proposals will be sent to each of your participating creditors. These proposals inform them that you are seeking a responsible way to resolve your debt through the DEBT MANAGEMENT PROGRAM. The proposal includes the total amount owed, the number of creditors involved, the suggested payment, and the estimated date when disbursements will begin.

If a creditor does not accept the initial proposal, your advisor or a representative will contact you to provide guidance on alternatives. You may need to negotiate directly with that creditor or adjust the amount of your monthly payment if the creditor requests a higher amount.

During the initial months of the Program, some creditors may continue to call. If this happens, explain to them that you are participating in the DEBT MANAGEMENT PROGRAM and refer them to us. If any creditor informs you that they are not participating in the PROGRAM, please notify us immediately so we can assist you. In some cases, certain creditors might require you to bring your account up to date before accepting a proposal.

In most cases, yes. Your account statements must reflect the payments sent through the PROGRAM. If you do not see the registered payments, kindly contact us. It is also important that you inform us of any improper charges, unexpected increases in interest, or discrepancies in reported balances.

It is not recommended to do this. Once the program starts, creditors expect to receive payments exclusively through it. Only in exceptional cases and with the authorization of your advisor must you make a direct payment, and you will need to provide evidence of this.

Your Advisor will set the specific date according to your financial situation. We recommend sending the payment at the beginning of the month, before the 15th, using the pre-addressed envelopes provided. This ensures that creditors receive payment in a timely manner.

The Debt Management Program is not a debt collection agency. Its function is to collaborate with creditors who are willing to work with consumers who are facing financial difficulties. In general, secured creditors tend to prefer using collateral in the event of default and, due to internal policies, do not participate in the Program. Other creditors might not cooperate due to their own regulations.

Each month, you will receive a report detailing your deposits, payments sent to your creditors, and estimated account balances. Balances may differ from those of your Creditors due to interest or additional charges. If you notice any discrepancies, please contact your advisor, and if necessary, provide copies of the statements.

Yes, you may do so. However, personal checks may delay the process. If a check is returned, you must send your future payments by money order or manager's check. You may also use the Direct Debit option from your bank account.

Payments must be made in the name of CCCS-PR or Consumer Credit Counseling Service of Puerto Rico, Inc.

Your advisor included a line item in your budget to cover these incidental expenses. If you adhere to your budget, you should not have any trouble covering car insurance or other nonrecurring expenses. If you require additional support, you may call your Counselor.

A late deposit may delay disbursements to creditors and result in late fees. It also increases the risk of creditors reactivating collection actions.

If your circumstances improve and you wish to pay more or settle your accounts, please contact us. Your goal is to reduce your debts as soon as possible. Final payments must be made through the PROGRAM.

If you do not make your first deposit, you may be removed from the PROGRAM. If you have been involved for some time and are facing difficulties in a particular month, you should notify your Counselor to assess alternatives.

To avoid incurring new debts while working to pay off your current ones. Even cards with no balance must be returned to prevent future use and maintain equitable treatment among participating creditors.

No. Your primary focus should be on settling your debts. Once the program is completed, you may consider obtaining credit again.

If you abandon the Program, you will lose important benefits, such as reduced payments, potential elimination of interest, budget support, and the end of collection calls. In addition, their creditors may resume traditional collection actions.

The Program does not report information directly to Credit Bureaus. However, creditors encode their accounts to indicate that they are under a payment arrangement. Completing the Program improves your future credit opportunities and, in most cases, generates better results than bankruptcy.

Yes. Sticking to your budget is essential for getting out of debt and developing solid financial habits. Not adhering to it can prevent you from achieving your goals.

Of course. If you require support, your advisor can offer you an additional appointment at any time.

The organization receives contributions from creditors, who understand the importance of supporting consumers during times of financial hardship.

Time varies according to your situation. A general estimate consists of dividing your total debts by the monthly amount you deposit. However, some creditors might continue to apply additional interest or fees.

You may communicate directly with your Counselor. If you are busy, you may leave a message, and your call will be returned. For general inquiries, any Customer Service representative can assist you.