Frequently Asked Questions
We understand that navigating financial challenges can be overwhelming.
To help you better understand our services and how we can assist you, we’ve compiled answers to some of the most frequently asked questions from our clients.
Credit Report
What Types of Creditors Do You Work With?
At Lawrence Mitchell and Associates, we primarily collaborate with consumer finance accounts, including most unsecured creditors, such as credit card companies. Our clients often deal with credit card debts, but we also manage personal loans, collections, payday loans, medical or veterinary bills, and more. These debts can all be consolidated into a single manageable plan, tailored to your needs.v
How Is Debt Management Different from Filing Bankruptcy?
Debt management involves repaying your creditors in full over time, usually with negotiated terms that reduce interest rates and fees. Unlike bankruptcy, which involves legal proceedings and can severely impact your credit score, debt management allows you to retain more control over your finances without the long-term repercussions on your creditworthiness. Bankruptcy should be a last resort as it can affect your ability to secure loans, buy a house, or even find employment for several years.
About Us
Who Is Lawrence Mitchell and Associates?
Lawrence Mitchell and Associates is a dedicated debt relief organization that partners with individuals and families to help them overcome financial difficulties. Whether you are current on your debts but living paycheck to paycheck or facing legal action and wage garnishments, we’re here to provide a pathway to financial freedom. Over the years, we have helped countless clients reduce or eliminate interest, stop accruing fees, and end collection activities such as harassing phone calls.
How Do I Update My Account Information?
You can easily update your contact information by logging into your account through our secure portal. You’ll have access to modify your address, phone number, and email. If you prefer, you can also contact our office directly for assistance with updating your information.
Identity Theft
How Is Debt Management Different from Filing Bankruptcy?
Debt management and bankruptcy are fundamentally different approaches to managing debt. With debt management, you work to repay your creditors over time, typically under terms that include reduced interest rates and waived fees. Bankruptcy, on the other hand, involves court proceedings and can have a lasting negative impact on your credit score and financial opportunities, including challenges in obtaining loans or employment.
How Long Will It Take to Pay Off My Debt?
The timeframe for paying off your debt can vary depending on your unique situation. Generally, our clients benefit from reduced interest rates, allowing them to pay off their debt in an average of five years or less. At the beginning of your program, you’ll receive an estimated repayment timeline, and our client services team is always available to provide an updated payoff date.
Can I Still Use My Credit Cards While in the Program?
If keeping a credit card active is essential for you, discuss this with your credit counselor. Our primary objective is to help you get out of debt, not remain in it. To effectively reduce your fees and payments, we need to work with your creditors to lower your interest rates, which may require you to limit or cease using credit cards during the program.
Third-Party Authorization
Can I Still Use My Credit Cards While in the Program?
While enrolled in our program, our goal is to help you break free from the debt cycle. If you feel you need to keep a credit card active, please discuss this with your counselor. Remember, our aim is to advocate for your financial health, not perpetuate debt.
Can I Make Extra Payments if Possible?
Yes, you can certainly make extra payments, and there are no penalties for early payoff. We encourage clients to build an emergency fund and use any additional funds to accelerate their debt repayment. Many clients choose to make extra payments during tax season or whenever they have extra funds, helping them shorten the length of their debt management program.
What Happens When I Complete the Program?
Upon completing your program, we will verify that all balances are paid in full. We recommend that you keep all creditor statements for your records, as occasionally, the payoff date on the credit statement may differ from our records. Completing the program is viewed positively and will significantly support your journey toward sustained financial independence.
Thanks to my counselor’s guidance, I’m finally making headway with my credit cards. We developed a plan that’s helping my family become debt-free despite our previous setbacks.
Lawrence Mitchell and Associates ended the barrage of calls and emails from debt collectors. They arranged a manageable payment schedule, providing me with much-needed peace of mind.
Handling debts alone was daunting. With the help of my counselor, we stopped the accumulating fees and are now on a clear path to clearing our debts and achieving financial freedom.