Define: CCCS

CCCS stands for Consumer Credit Counseling Services. It is a non-profit organisation that provides financial education, debt management plans, and credit counseling services to individuals facing financial difficulties.

CCCS can help you by providing personalized financial counseling, creating a budget, negotiating with creditors to lower interest rates or waive fees, and setting up a debt management plan to help you repay your debts in an organized manner.

Yes, CCCS is a legitimate non-profit organisation that has been helping individuals with their financial challenges for over 60 years. It is accredited by the National Foundation for Credit Counseling (NFCC) and adheres to strict ethical standards.

CCCS offers free initial consultations and financial assessments. If you decide to enroll in a debt management plan, there may be a nominal monthly fee, typically around $25, to cover administrative costs. However, fees are based on your ability to pay and are often waived for those in financial hardship.

CCCS will make every effort to negotiate with all your creditors. However, it ultimately depends on the willingness of each individual creditor to participate in the debt management plan. Most creditors are willing to work with CCCS as they recognize the benefits of receiving regular payments.

While CCCS cannot guarantee that collection calls or legal actions will stop completely, they can often help reduce the frequency of collection calls and negotiate with creditors to prevent or halt legal actions. However, it is important to note that CCCS cannot provide legal representation.

Enrolling in a debt management plan with CCCS may initially have a minor impact on your credit score. However, as you make consistent payments and reduce your debt, your credit score can improve over time. CCCS also provides credit counseling to help you rebuild your credit.

CCCS can assist with various types of unsecured debts, such as credit card debt, medical bills, personal loans, and collection accounts. However, they may not be able to help with secured debts like mortgages or auto loans.

In most cases, you will need to close your credit card accounts while on a debt management plan with CCCS. This is to prevent further accumulation of debt and to ensure that you focus on repaying your existing debts.

The duration of a debt management plan varies depending on your individual circumstances and the amount of debt you have. On average, it takes around three to five years to complete a debt management plan with CCCS.