FAQ for Current DMP Clients

Frequently Asked Questions

When will the calls from creditors and collection agencies end?

Those calls may persist for the first 90 days of the Debt Management Plan while creditors are processing the program paperwork and implementation. For these three months, tell callers you have joined Clearpoint’s DMP and provide them with your client number, our number (800.750.2227) and your deposit date. Once this initial period is over, the calls usually stop.

Can I ever use my credit cards?

Unfortunately, no. The creditors have agreed to their concessions (lower interest, fees, etc.) provided that you stop using credit until your debt is paid off. Creditors will see if you obtained new credit or charged on any open credit accounts and they will discontinue the concessions and, most likely, drop you from the Debt Management Program.

If you have a business card not included in the plan, it’s possible you can use it, but speak with your counselor to make sure before doing so.

Will my monthly deposit drop as I payoff accounts?

No.  Once one account is paid off, the portion of your monthly payment going toward that creditor is rerouted to one of your other accounts–either the smallest or one with the highest interest rate. Our goal is for you to pay down your credit card debt within 36-60 months.

When you pay off an account, the payment that was going to that account will be applied to another account — either to an account which has the highest interest rate or to the creditor with the smallest balance. Or, sometimes, we’ll divide the payment between your remaining creditors.  If you want the extra funds directed toward a particular credit, send us disbursement instructions in writing several days prior to our disbursement date. Please contact a customer service representative for assistance doing so. Call 800.750.2227 or email us.

Powering down on your debts in this manner will allow you to finish the Debt Management Program as quickly as possible.

Can I make my DMP payment electronically?

Yes. Doing so is a good way to guarantee that your monthly payment is received by the due date each month to avoid late fees. Learn more about our Automated Clearing House (ACH) service.

Can I manage my account online instead of calling customer service?

Sure. Just go to our Client Login page and set up an account.

I can’t make my payment this month. What do I do?

Call Clearpoint’s customer service department immediately to notify us that you can only make a partial payment or that you will miss a payment. After you tell us the problem, we will make a note on your file and share it with your creditors.

Your creditors may charge you past due fees for the months a full payment was not received.

If you miss a payment or make partial payments over two or more months, your creditors are likely to discontinue your debt management program, increasing your interest rate and discontinuing the other concessions associated with the plan.

How do I make changes to my electronic withdrawals?

To change your automatic electronic withdrawal amount, call Customer Service at 800.750.2227 to request the change. Or you may download the ACH change form, complete and mail it to us at: Clearpoint Customer Service, 8000 Franklin Farms Dr., Richmond, VA 23229.  To make this change, we must this notification least 10 days prior to the scheduled payment withdrawal.

Can I add accounts to my existing Debt Management Program?

You may add additional accounts. But, certain creditors will automatically deny the addition of an account if you have recently charged on it, the account was opened within the last nine months or if the account was on a “hardship” plan with them or another consumer credit counseling service.

Also, if you add accounts, your monthly payment will increase (because you will be adding a new payment to a creditor) in order to allow you to pay off your DMP within the same time frame on your original DMP agreement.

How do I change my payment date?

First, call Clearpoint at 800.750.2227 to make the change. So your payments will be credited in time for you to avoid late fees, it’s then critical that you notify each of your creditors to change their due dates to correspond with the new payment due date you’ve scheduled Clearpoint.

When does Clearpoint need copies of my creditor statements?

Clearpoint does not receive copies of your credit card statements. To keep your balances updated in our system, so we have and accurate record of your balances and can make sure your Debt Management Program is in order, you will need to send in copies of your statements every six months. Sending us copies of your statement is a critical step in your Debt Management Program participation–doing so will help you avoid potential problems in the future. You may either fax or mail them to us. Our fax: 804.526.8271. Mailing address: Clearpoint Customer Service, 8000 Franklin Farms Dr., Richmond, VA 23229. You can even update and change your balances yourself, if needed by using our online Client Login.

What if my income drops or my expenses increase and I can’t maintain my DMP payment?

If you’re struggling to meet the original payment, call a customer service and request a free “re-counsel.” Your counselor may be able to work with your to adjust your budget and or obtain a temporary agreement from your creditors to reduce your payments until you can get back on track.

Can I review my account information when your offices are closed?

No problem. You can access your information 24/7 by going to Client Login.

When I’m nearing the end of by DMP, what can I do to start rebuilding my credit?

That’s great news. What an accomplishment. You can do a few things to help you improve your credit.

1) See where you stand. Pull free copies of your credit reports at www.annualcreditreport.com.

2) Dispute incorrect information. See instructions on each report. It’s often most convenient to do so online through the creditor.

3) Consider obtaining a secured credit card while on the Debt Management Program.

First you deposit money into an account in a financial institution–usually between $250 and $500. Then when you use the secured credit card corresponding with the account, the payments are taken from your balance. You will not be able to charge more than is your of line of credit. Use the card regularly, but sparingly and make timely monthly deposits to the account over time. The more time, the bigger improvement you’ll see in your credit.

4) Shop carefully for the best secured card.

You can see side-by-side comparisons of secured cards at  bankrate.com or creditcards.com Before applying for any secured card, call the issuing financial institution and ask if they report your activity to the credit bureaus. If they do not, find another company that will (without them do so, you will not receive the benefit of building a more postive payment history with the credit bureaus).

5) Continue to make your full DMP payments, on time.

Reducing your debt level over time, even on the DMP, will improve your credit standing somewhat. In general, the lower your debt, the better your credit score. See a list of the main ways to improve your credit.

Congratulations on your accomplishment so far. Start with these five steps and after you have paid off your Debt Management Program balance, some creditors will remove notations of you being on the DMP after 3-6 months.

Important Advisory: Clearpoint will NEVER text, email, mail or call to ask you to send or deposit money to any account other than your own (according to your chosen payment method associated with a Debt Management Program, or for specific services like housing education or bankruptcy counseling). If you receive any correspondence of this nature, please beware that it could be a scam. Do not respond or share any personal or banking information, and contact our office immediately at 877 877 1995, or by email.