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Client Services Hours of Operation
Monday - Thursday 9am to 6pm
Friday 9 am to 5 pm |
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Frequently Asked Questions
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Q: What services do you offer?
A: Lighthouse offers various services to fit your financial needs. We provide Financial Assistance Hot Line, Credit Counseling, Debt Management, Senior Assistance and Financial Education (S.A.F.E.Harbor) programs and HUD Home Counseling. For more information on the programs we offer, see "Our Services."
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Q: Do you have educational materials available? Hard copy or internet?
A: Both, we dedicate ourselves to providing valuable educational materials such as The Money, Debt and Credit Certificate Program plus useful programs on timely topics like household budgeting, Student Loans, Bankruptcy, Credit Restoration, Credit Cards and IRS Tax Liens. Lighthouse also provides a monthly e-mail newsletter entitled "The Dollar Stretcher" to our clients. Most of these items are provided free of charge on this site to all who are interested.
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Q: Are your educational materials free?
A: Yes, as a client of Lighthouse, you are provided all of the above items either automatically or upon request via Internet or hard copy.
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Q: In addition to helping me solve my immediate problems, will you help me develop a plan for avoiding future problems?
A: The whole basis of credit counseling is to avoid reoccurring financial problems. That is the reason for the continuous education made available to our clients. It is important to note, that most financial problems cannot be fixed immediately. If you are a DMP Client, LCF is always available with a certified credit counselor dedicated to assisting you in any way they can, concerning either short or long range spending, budgeting or any financial issues. As a non DMP Client, you can visit our Web site for solutions, education or call our dedicated Credit Counseling Department to assist you with any budgeting and financial issues without any obligation.
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Q: What are your fees? Do I have to pay anything before you can help me? Are there monthly fees?
A: Lighthouse charges a fee for Debt Management Plans (DMP). We also ask for an initial fee to help defray the cost of initial consultation, education materials, set-up and mailing cost. These fees are based on individual state laws and your ability to pay. Consumers participating in a DMP may also participate in credit counseling at no additional cost. Lighthouse also offers assistance to consumers who do not need a DMP, but would like assistance with managing their finances, credit and debts. These individuals may participate in a free initial counseling session and if additional counseling is required they can enroll in a fee-based credit counseling (need to include your link) program. The materials on the web site are free of charge.
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Q: What is the source of your funding?
A: Much of LCF's funding comes from client fees and creditor contributions. The creditor contributions we receive are through a "fairshare" program in which many creditors do not participate.
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Q: Will I have a formal, written agreement or contract with you?
A: Yes. All DMP clients are provided with a contract (agreement) that outlines how the program works and your responsibilities as well as LCF's. LCF will not consider you a client (will not speak on your behalf with creditors) until you have agreed to and returned your contract.
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Q: Will you keep me apprised of payments made on my behalf and provide me with periodic accountings?
A: LCF sends quarterly statements to clients that details how much we have drafted and disbursed to creditors. We encourage all clients to monitor their creditor's monthly statements, as they still own the accounts and their reporting is what matters most.
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Q: Who regulates, oversees or licenses your agency?
A: The Credit Counseling industry is monitored and regulated by many agencies at governmental levels. At the federal level, the IRS provides some oversight to the industry because we are a charity, also the Federal Trade Commission (FTC) provides fair trade oversight of the industry. Many individual states license Credit Counseling Agencies providing another layer of regulation and oversight. Lighthouse also submits its practices to the International Standards Organization (ISO 9001) for audit twice a year along with an annual financial audit conducted by a Certified Public Accounting firm.
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Q: What are the qualifications of your counselors? Are they accredited or certified?
A: All of our Credit Counselors must be certified by the National Institute of Financial Counselor Education (NIFCE), an independent certification agency, by their first anniversary of employment. This certification entails 15 training modules resulting in a proctored comprehensive examination. The certification is renewable every two years if the counselor completes continuing education requirements of an additional 16 hours.
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Q: What assurance do I have that my personal information (including my name and address) will be kept confidential?
A: As per our privacy policy found in our DMP contract, your information will not be sold or communicated for any reason that does not directly impact the success of your DMP.
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Q: How will debt management affect my credit?
A: Our agency does not report to any Credit Bureaus. If you are current with all your bills and as long as you make your monthly payment on time, then the payments to your creditors are considered on time. On the other hand, if you are over extended and have a poor debt-to-income ratio, paying off your debts quickly will improve your credit worthiness. If you are behind with your bills, by making timely payments to your creditors, you will improve your payment record as well as your debt-to-income ratio. This will result in a much improved credit score.
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Q: Is this a loan?
A: No. This is not a loan. All your money is disbursed directly to your creditors. Lighthouse Credit Foundation is helping you to set up and establish a new payment plan with your creditors and consolidate your bills into one monthly payment.
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Q: Will creditors still call me?
A: If creditors call you after you enroll in the program, simply direct them to our Customer Service department and we will advise them that you are enrolled in our debt management program and there is no reason to contact you further.
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Q: Can I still use my credit cards if I enroll in a Debt Management Program?
A: Since the objective of the program is to get you out of debt as quickly as possible, your accounts will be closed.
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Q: Why can't I do this myself?
A: Credit card companies have empowered credit counseling organizations to act as a non-related party to assist in getting you out of debt. Credit card companies generally will not offer this plan directly to the consumer.
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Q: Should I continue to make my payments?
A: If you have a payment due now, you should pay them to avoid late payments prior to your creditors acceptance of our proposals. If you are already behind on your bills, then making a payment on your debt management program as quickly as possible will help you get caught up sooner.
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Q: How long will it take to get started?
A: Because the initial set-up includes the negotiation of payment terms with your creditors, it can take 30 to 45 days to get your first payment to your creditors. After this initial payment, your creditors will be paid every 30 days.
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Q: What if I want to quit the program?
A: You may withdraw at any time during your program, with no penalty from Lighthouse; however, the creditors may then increase your interest rates and minimum payments.
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Lighthouse Credit Foundation is not a loan company
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