Please read the following statements carefully so
that you will understand the provisions of the Debt Management Program.
Initial the line next to each section to indicate your understanding
of that provision.
For simplification the singular is used even when the plural may apply.
I engage the professional services of Consumer Credit Counseling Services
of Northeastern Pennsylvania, Inc. (CCCS) to provide debt management
counseling services in negotiating a repayment plan hereinafter referred
to as the Debt Management Program or "DMP" with my creditors. I freely
volunteer to abide by the provisions of this agreement, which are as
follows:
I understand that I am responsible for disclosing to the agency accurate
information, to the best of my knowledge, about all of my creditors
and sources of income. In consideration of and in furtherance of services
to be provided by CCCS I hereby expressly authorize the agency, its
employees, agents/volunteers to:
- Disclose any information concerning my financial condition and status,
including but not limited to income, debts, credits, earnings, assets,
and residential and work addresses to creditor(s) listed by me unless
otherwise required by law, and;
- Obtain whatever financial information concerning me from any creditors,
as agency deems necessary and;
- May obtain a copy of my credit report in order to enable CCCS to
better assess my financial situation and thereby increase its ability
to assist me in the liquidation of my debt. I understand that said credit
report will be the sole property of CCCS and I will not receive a copy
of my credit report. All information contained in the credit report
will be considered confidential and used for legitimate business purposes
under the Fair Credit Reporting Act.
- Use a third party to transfer my funds and to receive/send information
about my account to/from my creditors.
I agree that a minimal, non-refundable set-up fee of $25.00 will be required to start the DMP. I understand that a monthly maintenance fee of $18.00 will be charged on my account to cover DMP processing. No one will be denied enrollment in the DMP because of an inability to pay the monthly maintenance fee.
I agree to deposit with CCCS of NE PA, Inc. my monthly debt payments as negotiated by the CCCS. I agree to make all deposits by electronic transfer (ACH) certified check, money order made payable to CCCS of Northeastern Pa, or debit card. I understand that CCCS will not accept cash or personal checks. For the purpose of the accounting for and the disbursal of funds, I expressly agree to permit the agency to combine my funds with the funds of other clients being serviced by the agency in Deposit Account.
With respect to my credit history, I understand that my participation
in a debt repayment program may change information, which is already
on my credit report. If my credit report reflects that I have paid
creditors as agreed in the past, a Debt Management Plan could have
a negative impact on a creditworthiness decision by a potential creditor,
landlord, or employer in the future.
With respect to additional creditor charges and duration of the
DMP, I understand that estimated finance charges, fee or penalties
imposed by creditors may increase my overall indebtedness as well
as the length of time required to fully pay my creditors over and
above the estimates provided by CCCS. I further understand that increasing
my DMP payment may have a favorable impact on these charges, reducing
the amount of time estimated to achieve completion of my DMP. Therefore,
as it is in my best interest, I will make every effort to increase
my deposit wherever possible. CCCS will provide as precise an estimate
as possible for the duration of the DMP.
With respect to re-aging an account while on the DMP, I understand
that the Federal Financial Institution Examination Council (FFEIC)
permits institutions to re-age an open-and account that has entered
into a workout program after receipt of three (3) monthly payments
or the equivalent cumulative amount. Re-aging open-end accounts for
workout program purposes is limited to once in a five (5) year period
and is in addition to the existing once-in-twelve-months/twice-in-five-years
limitation.
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