What is
the Self-Help Rapid Debt
Reduction
Plan®?
The Self-Help Rapid Debt Reduction Plan (RDR)
was developed by Done with Debt to provide assistance to individuals looking
to pay off their debts without using a third party
Debt Consolidation or
Debt Settlement program. A Done with Debt
certified debt counselor will work with you to structure a repayment plan
that is easy to follow and gets you out of debt much faster. Using a method
called Power Payments, the RDR Plan will save you hundreds, maybe even
thousands, of dollars in interest charges that you will otherwise pay to
your creditors. We provide you reports detailing when and what to pay each
creditor until all the accounts have been satisfied.
What
Kinds of Debts Qualify for the RDR Plan?
All your debts can be included in the
Self-Help Rapid Debt Reduction Plan. Even
secured debts such as your house and car can be
included because you are managing the program and payment distributions
yourself.
How Does
the RDR Plan Affect Your Credit
Rating?
Enrolling in our Rapid Debt Reduction Plan will not affect your credit score
in any way. We do not notify the creditors or the credit
bureaus as to your enrollment in the program. You maintain the monthly
payments to your creditors. Therefore, if you miss a payment or are late
with a payment, your creditors will likely report the delinquency to the
credit bureaus.
What are the
Fees for the Rapid Debt Reduction Plan?
Done with Debt charges no fees for its
counseling services. We maintain that indebted individuals should direct their financial resources to their creditors.
If you are qualified and decide to enroll in our Rapid Debt Reduction Plan,
there is a one-time service fee of $199.
Your Job in the
RDR Plan:
Your participation is needed for
the RDR Plan to be successful. Your job is to make
consistent payments directly to your creditors in
accordance with the reports we provide and to
maintain open communication with your debt
counselor.
While you are making payments through the
RDR Plan, it is advised that you not use
your existing credit or get new credit. "Credit" for the purposes of
the RDR Plan means unsecured debt such as
credit cards or retail cards. Make sure you speak with your
debt counselor before
getting any type of secured loan such as an auto or a mortgage loan.
The Counselor's Job:
The debt
counselor's job is to discuss where you are financially and what options you
have. If the RDR Plan is the best option for you,
your debt counselor will work with you to establish a
repayment plan that is affordable to you and acceptable to your creditors.
Communicating with your debt
counselor will help to keep
your program consistent and in control.
How Can I Apply?
Call our office at (619) 977-5687 to
speak with a counselor or fill out an
online application.
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