Find a Credit Counseling Agency

In the mountains of West Virginia, a credit counseling agency may not be next door, but you may be able to have a counseling session online or on the phone if you don’t live near a counseling agency. Upsolve can help you find a nonprofit credit counseling agency that doesn't charge a fee for an initial credit counseling session. You can also visit the website for the National Foundation for Credit Counseling to find an accredited credit counseling provider. 

The National Foundation for Credit Counseling (NFCC) is a well-known agency that works with nonprofit credit counseling agencies to help people reach their goals to be debt-free. The NFCC maintains a list of accredited nonprofit credit counseling agencies and certified nonprofit credit counselors. The NFCC is approved by government agencies and is a helpful resource to learn more about credit counseling services in West Virginia. Your first visit with a nonprofit credit counselor is free and a smart investment of your time. 

Before you commit to attending a credit counseling session with a particular agency, make sure to research its reputation. For-profit credit counseling organizations (many of which may operate as scams) in West Virginia must be registered with the West Virginia Secretary of State according to the West Virginia Consumer Credit and Protection Act. The Better Business Bureau (BBB) records complaints, and you can search the BBB website for complaints on credit counseling agencies. You can also check with the Federal Trade Commission (FTC) and the West Virginia Attorney General for current scams. You can save time by choosing an NFCC nonprofit credit counseling agency since it’s verified to be reputable. You’ll also be able to take advantage of the free first consultation and that will save you money. 

What to Expect at Credit Counseling

The first free meeting with your certified credit counselor will be confidential and take about an hour. Nonprofit accredited credit counselors are trained in financial management. Your credit counselor will analyze your debt relief options, talk about your financial goals, and develop an action plan. Your certified counselor will let you know whether a West Virginia DMP might be the best option or whether you should look at other debt relief solutions such as a Chapter 7 or Chapter 13 bankruptcy. 

Before the first meeting, collect and organize your bills. Make sure you bring all your credit card bills, collection agency notices, payday loan bills, medical bills, and other debt documents to your first meeting. Include a list of living expenses. You and the credit counselor will review your secured debt and unsecured debt, so be sure to point out loans secured with collateral. The credit counselor needs to have a clear picture of your expenses, total debt, and type of debt before creating a financial action plan and making recommendations on your behalf. 

You’ll also need proof of income. Your income includes income from work, retirement, VA benefits, government assistance, lawsuit settlements, and any other source. This will help the counselor get a realistic view of monthly payment possibilities. You’ll leave the meeting with an action plan in hand, ready for the next step.

Making the Decision & Getting Started

Deciding to start a West Virginia debt management plan is a big decision. The credit counseling agency shouldn’t pressure you to commit—there are other forms of debt relief that might be better for you. Review all of your debt relief options before signing an agreement. If you don’t think you can make the lump sum monthly payment, and/or you have a mortgage and car loan to worry about, consider talking to a bankruptcy lawyer first. 

Take a look at the DMP fees before you decide. Ask about setup fees, maximum fees that creditors can charge, and penalty fees. Missed payments can result in a domino effect of debt. You should also make sure you have an emergency fund. Even the best bill payers have emergencies. Once you have reviewed all of the fees, your emergency fund, your debt relief options, and your budget, you can confidently create your West Virginia DMP or explore alternative forms of debt relief. 

Put Together Your West Virginia Debt Management Plan

You and a credit counseling agency will put together a West Virginia debt management plan that works for you and your creditors. After your first free visit with the credit counselor, you’ll work with the agency to fine-tune the details. You’ll probably need to provide more paperwork, such as bank statements and credit card account agreements. These documents help plan due dates, timelines, and legal obligations. If you don’t have a copy of your credit card agreement look on the credit card’s website. You can also check with the Consumer Financial Protection Bureau for company contact information. 

It’s important for you and your credit counselor to plan a comfortable payment amount and timeline. If you’re more comfortable making weekly or biweekly payments, talk to your credit counselor about options. Be sure to discuss the details of late payments, emergencies, and defaults. After you agree to a payment schedule and timeline, you’ll sign an agreement. When your West Virginia DMP is put together, you’ll have the due dates, fees, and timelines spelled out along with the date of your first payment.

Begin Payments

Payment on your West Virginia debt management plan will generally begin after a payment schedule and agreement is signed. The date of your first payment should be noted in the signed contract along with a payment schedule. The payment schedule shows when monthly payments are due. These dates should be reviewed against your personal budget before you sign anything.

Be prepared for credit card cut-offs and closed accounts while you’re making payments. Credit bureaus will show that you’re on a payment arrangement. This will have a temporary negative impact on your credit report. Once your debt is being paid consistently, your credit score will improve again.

How to Stay Current with Your West Virginia Debt Management Plan

To stay current with your West Virginia DMP, plan your budget before the first DMP payment. Budget for emergencies, holidays, entertainment expenses, taxes, and yearly vehicle expenses. If you have an emergency that may cause a late payment, call your credit counseling agency so they can try to prevent default fees. Consider starting a tracking system for your DMP payments to keep your eye on the goal. Be sure to set reminders before and on the payment day. If monthly payments sound tough, be sure you review all of your debt relief options before you decide which debt relief program is best for you.