Introduction to the Gemach Chasdei Yosef Program
What is the Gemach Chasdei Yosef program?
We use our deep industry knowledge to identify the right repayment solution for you from among the many choices in the marketplace. It is our goal to have your credit card interest rates reduced to 0-8% and pay off your debts in up to 60 months.
How do I qualify for the Gemach Chasdei Yosef program?
We can find the right solution for your situation if you have over $5,000 in outstanding debt.
Why will my creditors agree to lower my interest rates (APR)?
We have been instrumental in successfully getting interest rates reduced for years, so we know which third party financial organizations are right for your situation. These third party financial organizations have proven relationships with all major US banks, who offer them reduced interest rates.
Is your program a good idea for me?
Our solution may be a good option if you can afford the monthly repayments on your secured and priority debts (such as mortgage, rent and taxes) and your living costs but are struggling to keep up with your credit cards and unsecured loans.
How Much Can My Interest Rates Be Reduced With the Gemach Chasdei Yosef program?
Depending on your bank, your APR can be lowered to 0-8% with an average of 4% and in many cases 0%.
Why not just default on my credit cards?
When you default on your credit cards everything goes downhill from there. You may feel a temporary relief that you do not need to pay minimum payments but you will accumulate late fees, interest rates, and collection efforts. It will have a lasting effect on your credit score. Your account may go to collections and, in some cases, you may be sued.
How much does it cost to participate in the Gemach Chasdei Yosef program?
We introduce you to trusted 3rd party negotiation teams who charge a percentage of the amount of your interest savings.
Why should I choose your program over going with any other Debt Agencies?
We leverage our industry knowledge, more than 12 years of experience in having our clients credit card APR rates reduced, and an extensive network of financial organizations with strong relationships to every major US bank to get your interest rate down to 0%-8%. This exceeds the industry standard of rate reduction to only 8%-16%.
Do I need a good credit score to benefit from the Gemach Chasdei Yosef program?
Your credit score is not a factor in our ability to help you.
Is your program different from debt settlements?
Yes, they are different. Debt repayment plans are designed to pay off the entire amount you owe in 3 to 5 years with lower interest rates. Debt settlement typically involves requesting credit card companies to forgive a portion of your debt in exchange for a lump sum payment.
How long are the repayment plans that you recommend for your clients?
Depending on your creditors and the plan that’s right for you, the plan can take anywhere between 36 and 60 months.
Frequently Asked Questions
Does the Gemach Chasdei Yosef program have any limitations?
The limitations include:
- Your debts must be repaid in full.
- Creditors don’t have to enter into a repayment plan and may still contact you asking for immediate repayment.
- Mortgages and other ‘secured’ debts are not covered by the Gemach Chasdei Yosef program.
What happens if I stop paying on my repayment plan?
When you stop paying on your repayment plan:
- Interest rates on credit cards jump back to previous levels.
- Late fees that were waived may be reinstated.
- Credit card payments are no longer consolidated into one payment
Can I get a credit card while on a repayment plan?
Depending on your creditors, you still may be eligible for other credit cards.
Do I have to include all debts in a repayment plan?
No. There is no legal reason why you have to include all of your debts.
Can I get a mortgage while on a repayment plan?
You can buy a house while on a repayment plan. If your credit score and payment history are in their wheelhouse, and your debt-to-income ratio is acceptable, most mortgage lenders do not care if you are in a plan or not.
Can I pay off my plan early?
It is possible to pay off your plan early by increasing your monthly payment or paying a lump sum to your creditors.
Do the repayment plans that you identify work for the banks?
In general, creditors support the repayment solutions that we identify because they believe it results in positive, long-term outcomes.
Can I drop out of the repayment plan at any time?
Yes, you may.
Will my current monthly payments be lowered on a repayment plan?
Yes, in most cases your payments will be 25%-50% lower every month.
Will I ruin my relationship with my creditors while on a repayment plan?
A repayment plan does not generally ruin your relationship with the creditors.
What happens if I cannot make a monthly plan payment?
You can always reach out to the creditor and explain your reason. They may postpone your payment for that month.
Which creditors does the Gemach Chasdei Yosef program work with?
Our program works with most creditors throughout the U.S., including banks, credit unions, retailers, medical providers, auto finance, and collection agencies.