Information for Creditors
If you have received an invoice from our company or have a client who has informed you that they are seeking assistance from us please find the following information helpful at answering any questions that you might have. You may also contact our creditor hotline at 402.501.8234 from 9 am CST to 6 pm CST Monday through Friday.
Our mission is to eradicate the causes and consequences of ineffective consumer debt management through education, training and programs delivered with the highest level of customer service and dignity free from all forms of discrimination.
Consumers seek our help when they find themselves in financial trouble. They want to honor their debts to you and other creditors by honestly paying off all of their debts.
If you have received a proposal from our agency please note that this client has approached us for assistance in paying their bills. Your participation is crucial to helping our mutual clients get out of debt and pay you, the creditor, the money that is owed to you. With your assistance, our mutual client can obtain the breathing room they need in order to get their finances on the right path and ensure a strong debt management program. As such, we request our client’s creditors to reduce interest rates, stop collection efforts, accept lower payments, waive late fees and bring the accounts current. These simple acts can ensure that the entire debt will be paid off in the shortest amount of time and in a manner that is possible for the consumer. Your participation is voluntary and we will continue to assist the person regardless of your decision. If you do agree to participate please consider a donation to our agency so that we may continue to prevent more drastic measures from individuals faced with difficulty in the repayment of their debts. Your decision to contribute this fair share donation will not affect whether or not we work with you in the handling of this client’s debts.
Our clients are thoroughly screened. We do not accept clients who are destined to fail or have the financial wherewithal to pay their bills without concessions. Nor do we accept clients whose sole goal is to reduce interest rates on their debt. Our clients have a sincere desire to pay their debts and reach their financial goals. Upon commencement of a Debt Management Plan our Client Information and Transactions department generates a proposal within five days of the start of the program. The proposal gives the creditor all the information about the account, what we are proposing to send as a payment each month and information regarding their other creditors. These proposals are sent, by mail or electronically, to all creditors. The proposal letters outline the overall plan for all creditors and provide specific plan information on the creditor’s account. The creditor is requested to provide balance, interest, fee, other program, and contact information. At the same time the creditor is advised of the voluntary nature of the fair-share donation and asked to indicate the level to which they will participate. Creditors may participate in the debt management plan regardless of their willingness to provide benefits to the clients or their participation in fairshare donations. All questions from creditors will receive responses and supporting documentation as necessary. Credit Advisors Foundation’s agreement with our clients specifically provides authorization to release information to creditors for the purpose of establishing a repayment plan. Throughout the program a client will forward one monthly payment to us which is then distributed evenly to all of their creditors until the debt is paid off. With our agency involved we counsel the client through budget shortfalls and give them the education and motivation they need to stick with the plan and get you paid! Creditor preferences will be followed, as far as possible, regarding submission of proposal letters, payments, and plan cancellation notification through mail or EFT. When forwarding payments to creditors funds are usually secured via Electronic Funds Transfer and deposited into a Federally insured trust account. As soon as electronic funds are confirmed they are released to the client’s creditors (usually three days after the funds are transferred from the client’s personal account). If you are a creditor who is unable or unwilling to accept electronic payments we will send a paper check once the funds are confirmed.
Fairshare is a voluntary contribution from creditors to Credit Advisors Foundation to help defray the costs of providing these plans and provide financial education critical to ensuring that the client does not fall into the same debt patterns. Your contribution to our 501(c)3 organization are tax deductible. You have the option of being billed at regular intervals, having the fairshare deducted from the checks prior to the checks being mailed or not contributing fairshare. If you request regular billing you will be issued invoices on an immediate, monthly, quarterly, semi-annual or annual basis. Client payments to the creditor shall be made in full and once billed, the creditor remits the gross amount back to Credit Advisors Foundation in the form of a check. Those that request to have fair share deducted, are sent the client payment amount less the agreed upon fairshare percentage which is deducted prior to making a payment to the creditor. A report is contained with each creditor payment indicating the name and account of each client, the full amount that is to be credited each client’s account, the amount that has been pre-deducted and the net amount. Upon discovery of any posting problem, the creditor shall be notified immediately to mutually search for resolution. If necessary, refunds to the client or creditor shall be made immediately from the operating account.
Please note that we have secured a signed authorization from the client to discuss their financial affairs with their creditor but that there are limits to what we can provide such as information on other creditors or the client’s personal information.
credit advisors | foundation