Be our next success story.
Last year alone, more than 8,000 CESI clients became debt-free. You could be our next success story.
Credit & Debt
Credit refers to money, goods or services offered with payment occurring over a period of time. Credit cards, auto, store cards, personal loans and mortgages are all common forms of consumer credit. Generally if credit is not paid off within the specified period of time, interest and/or a late fee is charged on the outstanding balance. Repayment of credit along with the interest charge depends on the type of credit taken. The number of people in US with unmanageable debt in their lives has increased significantly. Debt presents itself in a variety of different ways, and everyone can encounter being in a debt situation at some point in their life time.
In this section
The Basics
There are several types of credits available such as:
Service Credit: This refers to the monthly payments made towards utilities such as gas telephone, water and electricity. Usually, you pay a deposit to the service provider, utilize the services and then pay for them at the end of the month. If your payment is not made on time, you become liable to pay a late fee plus interest along with the outstanding amount.
Close ended credit: This type of credit is also known as installment credit or non-revolving credit. In this type of credit the lender or creditor will give you a loan of a fixed amount with applicable interest. You have to repay the loaned amount (principal amount plus the interest) in equal periodic installments. Automobile loans, student loans and mortgage loans are examples of close ended credit loans. Typically a down payment is made followed by an agreement to repay rest of the amount in equal installments over a period of time. This kind of a credit provides less repayment flexibility to you as a borrower. Additionally, if the credit is backed by an asset, the ownership of that asset remains with the lender until you repay your loan in full.
Debt Settlement
Is Debt Settlement Right For You?
If you’ve decided to look into debt settlement, it’s best to understand how a settlement service works. In most cases, you set up an escrow or savings account and begin to make payments to that account. When you have enough money saved, the debt settlement company approaches your creditors to settle the debt for less than what you owe. 
It doesn’t matter whether credit card companies or collection agencies hold your accounts; you can usually reach a settlement. The company offering the settlement service works with the creditors to negotiate a percentage of the existing debt that you will pay off. Once you pay the agreed upon reduced debt, you pay the debt settlement company a percentage of the forgiven debt as the fee. While CESI doesn’t offer a settlement service, if you need debt settlement advice, We're here to help.
Credit Repair
When it's too good to be true
If you read the paper, watch TV or surf the Internet, you’ve seen one. An offer for credit repair services. You may have even gotten fliers in the mail or a telephone call from a credit repair firm. They all say the same thing: It’s easy, it’s legal, it’s 100% guaranteed. Most of these credit repair offers are scams. In fact, according to the Federal Trade Commission, attorneys at the nation’s consumer protection agency have never seen a legitimate credit repair firm making those claims.
Credit Management
The way creditors recover debt owed
Just as it does for consumers, debt presents difficulties for creditors. If a customer in debt won’t respond to a business’ request for payment, that business goes to a credit management company for help. A credit management program helps businesses take control of their accounts receivable so that they can resolve delinquent accounts and improve their cash flow. Most businesses go to a credit management company when they have tried to collect a debt from a customer several times without response.
Debt Collection
What is and what isn't fair debt collection
The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair or deceptive debt collection practices.
A debt collector is someone who regularly collects debts owed to others, which includes collection agencies, lawyers who collect debts on a regular basis and companies that buy delinquent debts and try to collect them. A debt collector may not contact you at inconvenient times or places, such as before 8 in the morning or after 9 at night, unless you agree to it. And collectors may not contact you at work if they’re told (orally or in writing) that you’re not allowed to get calls there.
Debt Counseling
NonProfit Debt Counseling: A Surefire way to gain financial independence
When you’re experiencing a debt crisis, nonprofit credit help can be your best option. CESI is a nonprofit debt counseling organization offering several nonprofit debt services to consumers struggling to pay their bills and avoid bankruptcy.
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