All of the major credit card companies offer concessions through GreenPath on a case-by-case basis. We work with most creditors throughout the U.S. including banks, credit unions, retailers, medical providers, auto finance and collection agencies.
Does GreenPath work for the banks?
Definitely not! GreenPath is a non-profit, neutral third party that works for your best interests. Many creditors support our work because they believe it results in positive, long-term outcomes for both them and their customers.
Do I have to sign a contract? What if I want to end the program?
You would sign an agreement that specifies the details of the program and gives us permission to communicate with your creditors and pay the accounts on your behalf. The agreement is not a binding contract and you can end the program at any time.
I signed up for the debt management program, when does it start?
After your first deposit is activated, we will compile all your accounts and get your program underway. You were emailed or called to confirm your deposits after your agreement was processed.
When your program is set up, we will contact you to review the details, including when your payments will be sent.
My expert pulled a credit report, why are you asking for additional information?
Full account numbers - Some creditors mask the account number on the credit report, so we need you to provide the account number to ensure the payments are properly credited.
Payment addresses – some creditors have several payment addresses. To ensure your payment is properly credited, we need you to provide the payment address listed on your creditor statement.
Statements – If an account is not listed on the credit report, we need you to provide the account information. Typically, the easiest way is to provide a statement. If you do not have a statement, you can write out/email the account details: creditor name, account number, balance, payment address, phone number and name of account owner.
Hand-signed authorization – Some creditors do not accept electronic signatures. In order to send a proposal, it is necessary to have your actual signature.
Can I still use my credit cards that are on the DMP?
The accounts are closed when a proposal granting concessions is accepted. If you need to keep an account off the program for emergencies or travel, we can help you evaluate your accounts and determine which would be best.
How long does a debt management program last?
The length of your debt management program will depend on your unique situation. Most clients pay off their credit card debt in three to five years.
Who do I talk to if I have questions?
We are dedicated to your continued success on the debt management program. Our Client Success Team can help you with any questions or concerns regarding your program. These specialists are experts in the mechanics of the program, creditor policies and the details of your program.
What is the Financial Fitness Companion and why do I keep getting these emails?
The Financial Fitness Companion is a weekly check-in program that allows us to touch base and support you as you begin the debt management program. We want to help you celebrate your successes and guide you through any rough times. The Financial Fitness Companion is a way for you to track your progress as you get started on the debt management program.
How do I make sure my accounts stay current while I start the program?
There is an easy two-step process to follow to stay up to date with your creditors.
Step 1: Continue to make the required minimum payment to your creditors until your program is set up and GreenPath can start making the payments.
Step 2: Once your program is set up, pay the difference between the GreenPath payment and the minimum monthly payment due on your creditor statement. Please be assured that this is just for a short period of time -- until the new lower payment is reflected on your creditor statement.
If you are not financially able to stay current, don’t worry. While you may fall past due, we can work together to create a plan to help you get caught up.
My deposits are on the first of each month, why aren’t my payments sent until the 11th or 12th?
Deposits take four business days to clear. Depending on when the first falls in the week, it can be up to seven full days before the funds are available to Greenpath. We leave a small buffer to ensure there is no timing issue from when the deposit clears and the payments are disbursed.
How do I read the Greenpath statement?
The Greenpath DMP statement details the deposits you make to Greenpath during the month and the payments sent to your creditors.
The starting balance is the balance that was remaining in your debt management program at the close of the previous month. These are not extra funds, these are funds we have scheduled to go out at the beginning of the following month.
Transaction description lists each deposit and payment that occurs within your program throughout the month.
The balance is your debt management program balance after each transaction, not the creditor account balance.
The ending balance is the cash balance at the close of the month. These are not extra funds, but funds that are scheduled for creditors at the beginning of the following month.
What do I do if a creditor calls me?
Part of our mission is to relieve your stress! If you experience any creditor concerns (calls, letters, etc.), please let us know! We can work together to ensure a plan is in place. Please feel free to tell the creditors that you are working with GreenPath and any further calls should/can be directed to us.
How do I change my deposit?
Please call GreenPath at 866-476-7284 or log into your account to request a chat at least one day in advance of the scheduled deposit you wish to change. Please do not email these requests as it can take 24 hours to process an email and we want to be sure to provide you with the best experience possible.
What should I pay? Paycheck planning?
Our goal is to help you be successful. It is important to prioritize the essentials such as the mortgage/rent, utilities, insurances and groceries. If you are struggling, please call us. We have experts who will help you review your budget and your plan to make sure you have a solution that works for you.
How do I save?
Treat savings like a bill and make sure it is paid each month. We recommend you try to save about 10 percent of your income. When you first start out, 10 percent may not be possible so we recommend you start small and start evaluating each budget category to determine if you can trim it back so you can put more toward savings.
How else can GreenPath help me?
Greenpath offers a wide range of solutions to address your financial needs:
Simple Payment Plan – Powered by Earn Up. Save time and interest by changing how you pay your installment loans.
Student Loan Counseling – review each loan, explore repayment options, and develop a customized action plan.
Housing Counseling – we provide customized counseling for every stage of homeownership.
Reverse Mortgage Counseling – explain how reverse mortgages work, including payment options, costs, tax implications benefits and drawbacks. After completing the session, provide a certificate that is required as part of the loan application.
Bankruptcy Counseling – review situation and goals, develop a personalized budget, review options to address debt, create customized action plan. In order to file a Chapter 7 or 13 bankruptcy, you are required to complete bankruptcy counseling from an agency approved by the U.S. Department of Justice. GreenPath is approved to provide bankruptcy counseling and the certificate required to file for bankruptcy. We are also approved to provide the bankruptcy education course necessary and the certificate required to discharge your debts.
What do I do if I am struggling?
Please call 866-476-7284. Our team is dedicated to your success. We will listen to your concerns and provide potential solutions. We can also get you in touch with an expert to review your budget.
How do I add another account?
We need written authorization to add an account to your debt management program. You can send a statement and write “Please add to my debt management program.” Then, sign and date directly under the request. If you do not have a statement, you can send an email to firstname.lastname@example.org; please include the name of the creditor, account number, balance, payment address and phone number.
What if I want to close the program?
We are here to help! Please call us at 866-476-7284 or chat at www.greenpath.org. We can help you review your circumstances, budget and help you develop a plan for moving forward.
What costs are involved with the debt management program?
Debt management plan fees vary based on your state of residence and debt amount. GreenPath charges a one-time set up fee that ranges from $0 to $50. We also charge a monthly fee that ranges from $0 to $75. Our average monthly fee is about $36. This is typically far less than the amount our clients save in waived late fees, waived over limit fees and reduced credit card interest charges. We build the fee into your deposits so there are no extra costs once your deposit is established.
I switched my bank. What do I need to do to change my deposits with GreenPath?
We need your new account information in writing. Please provide the name of the banking institution, account type (checking or savings,) routing number and account number. You can send this to us via email, fax or mail.
How does a debt management plan impact my credit report?
The Debt Management Plan itself is not reported to credit bureaus and does not factor directly into credit scores. Your score may initially dip when lines of credit are closed. However, many people on a Debt Management Plan see their scores increase over time as they make on-time payments each month.
Can I still apply for credit?
Since some creditors monitor the credit report closely while evaluating a proposal/account for concessions, we recommend you avoid applying for new credit during the first few months of the program. Once all the proposals have been accepted, applying for credit should not impact the debt management program.
I just want to be done with this debt. How can I pay off these accounts faster?
You can make additional deposits in order to send additional payments on principle. This can be a one-time extra deposit or you can increase your deposits on an ongoing basis. A client success specialist can let you know how changing your deposits will impact the length of your program.
How can I connect with other people going through a similar situation?
There is a closed Facebook group called GreenPath Financial Wellness Friends. Current and past clients are welcome to join to share their experiences, tips and encouragement.