Credit Counselling And Debt Settlement! Quiz
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Credit counseling and debt settlement quiz. A lot of people’s credit scores have gone down due to how much money they owe different institutions but payment of such debt is expected to have a different effect too. Do you know how to advice someone on debt financing so as to ensure they don’t plummet their credit scores? This quiz will give you insights on how informed you are. Check it out!
- 1.
Two other logical options for customers experiencing financial hardship are _______________ and _____________________.
- A.
Bankruptcy
- B.
Turn off their phone and stop paying creditors hoping that it will go away.
- C.
Make Partial Payments
- D.
Consumer Credit Counciling
- E.
Hide from creditors.
Correct Answer(s)
A. Bankruptcy
D. Consumer Credit CouncilingExplanation
Bankruptcy and Consumer Credit Counseling are two logical options for customers experiencing financial hardship. Bankruptcy involves legally declaring oneself unable to repay debts and seeking relief from creditors. Consumer Credit Counseling, on the other hand, involves seeking professional guidance and assistance in managing and repaying debts. Both options provide potential solutions for individuals facing financial difficulties, allowing them to address their debts and work towards a more stable financial situation.Rate this question:
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- 2.
In the Financial Profile Section of the online agreement, the client must have ___________ remaining in Available Net Income.
- A.
Between $500-$700 Dollars
- B.
Zero Dollars
- C.
Between $100-$200 Dollars
- D.
Any amount is OK as long as it is not negative
- E.
Over $400
Correct Answer
C. Between $100-$200 DollarsExplanation
In the Financial Profile Section of the online agreement, the client must have between $100-$200 Dollars remaining in Available Net Income. This means that after deducting all expenses and obligations, the client should have an income surplus within this range. It ensures that the client has a sufficient amount of disposable income to meet their financial obligations and maintain a stable financial profile.Rate this question:
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- 3.
Our Program Fees collected in each program equal _____________________
- A.
13% of the total debt
- B.
25% of the total debt
- C.
16% of the total debt
- D.
18% of the total debt
- E.
4% of the total debt
Correct Answer
D. 18% of the total debtExplanation
The program fees collected in each program are equal to 18% of the total debt. This means that for every dollar of debt, 18 cents are collected as program fees.Rate this question:
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- 4.
The creditors will continue to call the clients for _____ days after the program starts to demand payment. After that, the creditor cannot continue to harass the client by phone.
- A.
20 Days
- B.
30 Days
- C.
100 Days
- D.
90 Days
- E.
120 Days
Correct Answer
D. 90 DaysExplanation
After the program starts, the creditors will have the right to call the clients for 90 days to demand payment. However, once this period is over, the creditor is prohibited from harassing the client by phone.Rate this question:
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- 5.
The first payment a client makes must be scheduled within _______ days of the contract signing to avoid another form being required.
- A.
10 Days
- B.
21 Days
- C.
5 Days
- D.
100 Days
- E.
6 Days
Correct Answer
B. 21 DaysExplanation
The first payment a client makes must be scheduled within 21 days of the contract signing to avoid another form being required. This means that the client has a window of 21 days to make their initial payment without needing to fill out any additional forms.Rate this question:
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- 6.
If a client asked "Will this hurt my credit" the best answer is:
- A.
Yeah, your credit will be horrible after this.
- B.
No it will not affect your credit.
- C.
I don't know.
- D.
Because of how credit score is calculated, carrying a large balance is having a negative impact on your score right now. If we pay off these cards your credit score will still take a hit during the program, but will begin to increase once these are paid off.
Correct Answer
D. Because of how credit score is calculated, carrying a large balance is having a negative impact on your score right now. If we pay off these cards your credit score will still take a hit during the program, but will begin to increase once these are paid off. -
- 7.
If a client cannot make the payment. They need to let us know within _____ days of the scheduled payment to make a change.
- A.
4
- B.
5
- C.
10
- D.
30
Correct Answer
B. 5Explanation
If a client cannot make the payment, they need to let us know within 5 days of the scheduled payment to make a change. This suggests that there is a specific timeframe within which the client must inform the company about their inability to make the payment. Waiting longer than 5 days may result in the client being unable to make any changes to the payment schedule.Rate this question:
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- 8.
Debt Negotiation is different then Consumer Credit Counseling because:
- A.
Debt Negotiation is a gameplan to pay off the debt in a short period of time. While CCC is a service that is designed to just decrease the Interest on the card, not lower the actual debt amount.
- B.
CCC is illegal. While Debt Negotiation is not.
- C.
CCC is faster and better.
- D.
Debt Negotiation is the only option in most states.
Correct Answer
A. Debt Negotiation is a gameplan to pay off the debt in a short period of time. While CCC is a service that is designed to just decrease the Interest on the card, not lower the actual debt amount.Explanation
Debt Negotiation is a strategy aimed at paying off the debt quickly, while Consumer Credit Counseling (CCC) focuses on reducing the interest on the credit card but not the actual debt amount. This implies that Debt Negotiation involves actively working towards eliminating the debt burden within a shorter timeframe. On the other hand, CCC is a service that aims to make the debt more manageable by lowering the interest charges. It is important to note that CCC is a legal option, while Debt Negotiation is not the only option available in most states.Rate this question:
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- 9.
If a creditor is not listed on the creditor list, but meets the guidelines for an acceptable debt you should _______________________.
- A.
Select Other on the list and include the balance and account number. In the Notes section ad a note explaining who this creditor is.
- B.
Do nothing. Let Customer Service figure out who this is.
- C.
Do not add it to the file. Tell the customer service we cannot do it.
- D.
Select a random company on the list.
Correct Answer
A. Select Other on the list and include the balance and account number. In the Notes section ad a note explaining who this creditor is.Explanation
If a creditor is not listed on the creditor list but meets the guidelines for an acceptable debt, the appropriate action would be to select "Other" on the list and include the balance and account number. Additionally, a note should be added in the Notes section to explain who this creditor is. This ensures that the creditor's information is recorded accurately and can be properly addressed by customer service.Rate this question:
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- 10.
How much is the one-time program evaluation fee?
- A.
$50
- B.
$23
- C.
2 cents
- D.
$70
- E.
$100
Correct Answer
D. $70Explanation
The correct answer is $70. This is the one-time program evaluation fee mentioned in the question.Rate this question:
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- 11.
What is the minimum amount of debt a client may enter into the program?
- A.
10k
- B.
11k
- C.
$6500
- D.
$7500
- E.
20k
Correct Answer
D. $7500Explanation
The minimum amount of debt a client may enter into the program is $7500. This means that clients must have at least $7500 of debt in order to qualify for the program.Rate this question:
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- 12.
What is the lowest balance an individual account may be in order to be entered into the program?
- A.
$700
- B.
$900
- C.
$1000
- D.
$300
- E.
$750
Correct Answer
E. $750Explanation
To be entered into the program, the lowest balance an individual account may have is $750. This means that if the balance of an individual account is below $750, it will not be eligible for entry into the program.Rate this question:
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- 13.
Which of these accounts are allowed in the program?
- A.
A Wachovia Secured Loan
- B.
A Second Mortgage held by Bank of America
- C.
A Navy Federal Credit Union Visa.
- D.
A student loan held by Chase.
- E.
An unsecured personal loan with Bank of America
Correct Answer
E. An unsecured personal loan with Bank of AmericaExplanation
The allowed accounts in the program are unsecured personal loans with Bank of America.Rate this question:
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- 14.
On an $80k file, the monthly maintenance fee is _______.
- A.
$39
- B.
$49
- C.
$59
- D.
$70
- E.
$29
Correct Answer
C. $59Explanation
The monthly maintenance fee for an $80k file is $59. This means that every month, the individual or organization with the file will be charged $59 for maintenance services.Rate this question:
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- 15.
A Synonym for Debt Negotiation is _______________.
- A.
Debt Settlement
- B.
Bankruptcy
- C.
Debt Consolidation
- D.
Debt Forgivness
Correct Answer
A. Debt SettlementExplanation
Debt settlement is a process where a debtor negotiates with their creditors to reduce the amount of debt owed. This involves reaching an agreement to pay a lump sum amount that is less than the total debt owed. Therefore, debt settlement is a synonym for debt negotiation as it refers to the same process of negotiating with creditors to resolve outstanding debts.Rate this question:
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- 16.
SPA stands for _______________________.
- A.
Special People Agency
- B.
Sports Page Ads
- C.
Special Personal Account
- D.
Special Purpose Account
Correct Answer
D. Special Purpose AccountExplanation
SPA stands for Special Purpose Account. This term is commonly used in finance and banking to refer to an account that is created for a specific purpose, such as holding funds for a particular project or managing funds for a specific event. Unlike a regular personal account, a special purpose account is designated for a specific use and may have different rules and restrictions. This term is not related to the other options provided in the question, such as Special People Agency or Sports Page Ads, which are unrelated to the financial context.Rate this question:
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- 17.
The name of the Third-Party Account Provider is
- A.
NoteWorld Servicing
- B.
Bank of America
- C.
Chase Bank
- D.
Wells Fargo Bank
Correct Answer
A. NoteWorld Servicing -
- 18.
The last step in the process of completing a file is ________________.
- A.
Calling the 800 number for a paralegal to complete the third party verification.
- B.
Hanging up on the customer and deleting the file.
- C.
Completing the Debt Calculator.
- D.
Completing the List of Creditors.
Correct Answer
A. Calling the 800 number for a paralegal to complete the third party verification.Explanation
The last step in the process of completing a file is calling the 800 number for a paralegal to complete the third party verification. This step indicates that there is a specific process in place for verifying information from a third party, and it involves contacting a paralegal through a designated phone number. This suggests that the completion of the file requires this verification step to ensure accuracy and compliance with legal requirements.Rate this question:
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- 19.
How many States can Consumer Advocate Group work in?
- A.
10
- B.
15
- C.
35
- D.
50
- E.
48
Correct Answer
E. 48Explanation
The correct answer is 48. This means that the Consumer Advocate Group can work in 48 states. It implies that the group has the ability to operate and provide services in almost all states across the country, except for two states. This suggests that the group has a wide reach and can potentially have a significant impact on consumer advocacy and protection at a national level.Rate this question:
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- 20.
What kind of information is important to include in the Notes/Hardship Situation section on the bottom of Page 1 of the agreement?
- A.
Describe why the client is experiencing financial difficulties. Be as detailed as possible.
- B.
Nothing
- C.
Make up a reason.
- D.
Give a one word answer
Correct Answer
A. Describe why the client is experiencing financial difficulties. Be as detailed as possible.Explanation
The important information to include in the Notes/Hardship Situation section on the bottom of Page 1 of the agreement is to describe why the client is experiencing financial difficulties. It is crucial to provide a detailed explanation of the client's financial situation in order to understand the extent of their difficulties and determine appropriate solutions or assistance.Rate this question:
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- 21.
If you have a question about ANYTHING related to the contract who do you contact first?
- A.
Contact Customer Service
- B.
Ask Kris McCurry?
- C.
Call or Email Chris Weniger at Consumer Advocate Group
- D.
Flip a coin and decide that way.
Correct Answer
C. Call or Email Chris Weniger at Consumer Advocate GroupExplanation
The correct answer is to contact Chris Weniger at Consumer Advocate Group because he is specifically mentioned as the person to call or email for questions related to the contract. Contacting Customer Service or asking Kris McCurry may not be the appropriate course of action as they are not mentioned as being responsible for contract-related inquiries. Flipping a coin is not a valid method for making important decisions.Rate this question:
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