Credit Counselling And Debt Settlement! Quiz

21 Questions | Total Attempts: 34

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Credit Counselling And Debt Settlement! Quiz

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!


Questions and Answers
  • 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.

  • 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

  • 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

  • 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

  • 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

  • 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.

  • 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

  • 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.

  • 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.

  • 10. 
    How much is the one-time program evaluation fee?
    • A. 

      $50

    • B. 

      $23

    • C. 

      2 cents

    • D. 

      $70

    • E. 

      $100

  • 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

  • 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

  • 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

  • 14. 
    On an $80k file, the monthly maintenance fee is _______. 
    • A. 

      $39

    • B. 

      $49

    • C. 

      $59

    • D. 

      $70

    • E. 

      $29

  • 15. 
    A Synonym for Debt Negotiation is _______________.
    • A. 

      Debt Settlement

    • B. 

      Bankruptcy

    • C. 

      Debt Consolidation

    • D. 

      Debt Forgivness

  • 16. 
    SPA stands for _______________________.
    • A. 

      Special People Agency

    • B. 

      Sports Page Ads

    • C. 

      Special Personal Account

    • D. 

      Special Purpose Account

  • 17. 
    The name of the Third-Party Account Provider is
    • A. 

      NoteWorld Servicing

    • B. 

      Bank of America

    • C. 

      Chase Bank

    • D. 

      Wells Fargo Bank

  • 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.

  • 19. 
    How many States can Consumer Advocate Group work in?
    • A. 

      10

    • B. 

      15

    • C. 

      35

    • D. 

      50

    • E. 

      48

  • 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

  • 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.

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