Creditor Repayment Plan

By: Consumer Credit Counseling Service of Buffalo, Inc.  09/08/2015
Keywords: Debt Management

One option your counselor may recommend is a Creditor Repayment Plan (CRP). A CRP is a partnership between you and CCCS to systematically pay down your outstanding debt through monthly deposits to CCCS, which will then be distributed monthly to your creditors. By participating in a CRP, you may benefit from: 1) Lower monthly payments 2) Reduced interest rates 3) Waived late/over limit fees 4) Elimination of collection calls 5) Having only one monthly payment 6) Becoming debt free in 5 years or less How is a CCCS plan able to lower my rates when I can't do it on my own? The negotiated interest rates and payment amounts you may receive on a CRP are based on the higher likelihood of repayment to your creditors due to more favorable terms.

Keywords: Debt Management

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