Question 1

How much does credit counseling cost?

Accepted Answer

There is no charge for a credit counseling session.

Question 2

How long does credit counseling take?

Accepted Answer

The first session takes about an hour. However, it will depend on your unique situation and what you need to accomplish your goals.

Question 3

Do I need to make an appointment?

Accepted Answer

No appointment is necessary to speak with a financial counselor by phone.

Question 4

What if I don't have time for a session right now?

Accepted Answer

No problem! We can complete as much as we can and finish up at a more convenient time. You can also schedule an appointment to be called when you will be available.

Question 5

What will I need for my initial session?

Accepted Answer

One of the first things a counselor will do with you is put together your budget. Having an idea of your income and expenses is helpful. If you have billing statements handy, even better.

Question 6

Will you keep my information confidential?

Accepted Answer

All client information is secure and confidential. Greenpath will not share your information with anyone without your permission. We also do not report to credit bureaus.

Question 7

How much does it cost for a debt management program?

Accepted Answer

Debt Management Program set up fees and monthly fees vary based on your state of residence and debt amount. On average, GreenPath clients are charged a one-time enrollment fee of $35 and a $31 monthly fee. This is minimal considering the amount of money our clients typically save in waived late fees, waived over limit fees, and reduced credit card interest charges.

Question 8

Which creditors do you work with?

Accepted Answer

We work with most creditors throughout the U.S., including banks, credit unions, retailers, medical providers, auto finance agencies, and collection agencies.

Question 9

Can I still use my credit cards on a debt management programs?

Accepted Answer

Since the goal of a debt management program is to pay off debt, the credit cards included in the program will be closed. Most creditors will usually allow you to continue using one card for emergencies and travel.

Question 10

Can I reduce my monthly fee and keep my lower interest rate, if I remove a debt from my DMP program and pay the creditor directly?

Accepted Answer

If you decide to keep your debt management program open but remove one of your debts to pay the creditor directly, the creditor typically will not keep the same terms in place. When the creditor sees payments are no longer coming from a debt management program, they usually change the Annual Percentage Rate, APR, back to the original and recalculate a new minimum monthly payment for you. Sometimes creditors will offer a lower APR for a limited time period, 6-12 months, whereas the DMP is for 60 months.

Question 11

Does GreenPath work for the banks?

Accepted Answer

GreenPath is a neutral third party that works in your best interest. Many creditors support our work because they believe it results in positive, long-term outcomes.

Question 12

Will a debt management program hurt my credit score?

Accepted Answer

GreenPath does not contact the credit bureaus when you enroll in a debt management program. However, because you will be closing lines of credit during the enrollment process, your score may dip. But over time, most people see their scores increase, because they are making payments in-full and on-time each month.

Question 13

How long will it take to pay off my debt?

Accepted Answer

The length varies based on your unique situation, but unsecured debts are usually paid off in three to five years.

Question 14

Do I have to sign a contract if I begin a debt management program?

Accepted Answer

There is an agreement you will sign when starting a debt management program. The agreement specifies the program details and gives us permission to pay your creditors on your behalf. The agreement is not a binding contract and you can cancel the program at any time.

Question 15

Can I contact someone at GreenPath if have questions or concerns about my debt management program?

Accepted Answer

Yes, absolutely. We have a dedicated team of specialists able to assist with any questions or concerns you may have. We also periodically reach out to see how you’re doing.

Question 16

What is the difference between debt consolidation and debt management?

Accepted Answer

Debt consolidation combines multiple debts into one loan, often with a lower interest rate, but does not address the root cause of debt. A debt management program (DMP) provides a structured repayment plan, financial education, and reduced interest arrangements upon creditor approval.

Question 17

What is the difference between debt consolidation and debt counseling?

Accepted Answer

Debt consolidation involves combining multiple debts into a single loan with a monthly payment, often at a lower interest rate. Debt counseling provides guidance and education on managing finances and developing a plan to repay debts, often through a DMP.

Question 18

Does debt consolidation hurt your credit?

Accepted Answer

Debt consolidation can temporarily lower your credit score due to a hard inquiry, and missed payments on the consolidation loan can negatively impact your credit.

Question 19

Do credit unions offer debt consolidation?

Accepted Answer

Yes, many credit unions offer debt consolidation loans with competitive interest rates, which can be beneficial if you have a high debt-to-income ratio.

Question 20

Can I ask my bank to consolidate my debt?

Accepted Answer

You can ask your bank to consolidate your debt, but approval may depend on your credit score and debt-to-income ratio. If you don’t meet these criteria, a debt management program could be an effective option, as it doesn’t require a new loan.

Question 21

Can you consolidate credit card and medical debt?

Accepted Answer

Yes, you can consolidate both credit card debt and medical debt. This can simplify payments and potentially reduce interest, but it’s important to consider strategies for addressing the underlying financial issues.

Question 22

Is debt consolidation a good idea for medical bills?

Accepted Answer

Debt consolidation can be a good idea for medical bills if it lowers your interest rate and simplifies payments. It’s important to assess whether this approach addresses the root cause of your debt and if you can manage the new loan effectively.

Question 23

Can I qualify for a debt consolidation loan with a high debt-to-income ratio?

Accepted Answer

Qualifying for a debt consolidation loan with a high debt-to-income ratio can be challenging, as lenders may view you as a higher risk.

Question 24

How much does it cost to work with a GreenPath housing advisor?

Accepted Answer

There is no charge for mortgage delinquency or rental counseling. There is a $199 fee for reverse mortgage counseling and a $150 fee for pre-purchase counseling.

Question 25

Can GreenPath help me refinance or modify my mortgage?

Accepted Answer

We can contact your servicer to help start a conversation about options, but we can’t guarantee any outcomes. Your outcome will depend on what your servicer is willing to offer and/or if you qualify for state and federal programs.

Question 26

How much does it cost for student loan counseling?

Accepted Answer

A student loan counseling session is free as part of GreenPath&#8217;s counseling services.

Question 27

Can GreenPath lower my student loan payments?

Accepted Answer

We will work with you to find the repayment option that is best for you, but we can’t guarantee a lower payment. It will depend on your situation, what your servicer is willing to offer, and/or if you are eligible for federal student loan repayment programs.

Question 28

How much does it cost for a credit report review?

Accepted Answer

There is no charge for a credit report review. It’s free!

Question 29

Will GreenPath provide me with a copy of my credit report?

Accepted Answer

GreenPath offers a Credit Report Review for free. It will cost about $15 if you would like GreenPath to provide you with your full credit report and score. You can also access a free copy of your credit report summaries by visiting www.annualcreditreport.com or calling 877-322-8228.

Question 30

Can GreenPath repair my credit?

Accepted Answer

No legitimate company will provide credit repair. The Federal Trade Commission (FTC) warns consumers of any company that charges money for credit repair and/or says it will remove late payments, bankruptcies or similar information from a credit report.

Question 31

How much does it cost for reverse mortgage counseling?

Accepted Answer

The counseling session costs $199. Grant funds from the Department of Housing and Urban Development (HUD) allow us to keep our counseling affordable. You may qualify to have the fee financed based on your income, family size and geographic location.

Question 32

Does GreenPath make reverse mortgage loans?

Accepted Answer

No, nonprofit housing counseling agencies can’t receive money or recommend reverse mortgage lenders. GreenPath is a housing counseling agency, not a lender.

Question 33

Does GreenPath receive support from reverse mortgage lenders?

Accepted Answer

No, GreenPath is not a lender. We are a neutral educational resource that helps seniors and their family members make an informed decision.

Question 34

Do I need to schedule an appointment for reverse mortgage counseling?

Accepted Answer

No. However, there is a 2 step two-step process to receive the certificate. The first step is to contact GreenPath at 844-661-8038. We will gather some basic information and ask a few questions about your property. This will allow us to create a few documents that you will need to read prior before your counseling session. Once you have received and read your documents (usually sent within 24-48 hours), the second step is to call us to complete your counseling session.

Question 35

Who needs to complete reverse mortgage counseling?

Accepted Answer

The counseling session must be completed by anyone on the deed of the home on which you are seeking the reverse mortgage. A non-borrowing spouse is also required to be counseled. Some clients also choose to invite adult children or family to the session.

Question 36

How much does bankruptcy counseling cost?

Accepted Answer

Bankruptcy counseling costs are $50 by phone. Based on your income, you may qualify for a lower price. Call us to find out what your cost will be.

Question 37

How much time does it take a to complete bankruptcy counseling?

Accepted Answer

Plan on about one hour for the bankruptcy counseling session, which is required to file for bankruptcy.

Question 38

Does GreenPath have attorneys on staff to help me file for bankruptcy?

Accepted Answer

No, GreenPath cannot practice law or assist in filing for bankruptcy.

Question 39

Will GreenPath tell me if I should file for bankruptcy?

Accepted Answer

No, GreenPath counselors are not attorneys and cannot give legal advice. We are an objective information and education resource so you make an informed decision.

Question 40

How long will it take for me to receive my bankruptcy counseling certificate?

Accepted Answer

Typically, your certificate will be available within 30 minutes of completion.

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