Frequently Asked Questions
We know that managing financial challenges can feel overwhelming.
To make things easier, we’ve put together answers to some of the most common questions our clients ask about our services and how we can support you.
Castello Luca and Associates is committed to helping individuals and families overcome financial challenges and achieve lasting relief. Whether you’re juggling bills while living paycheck to paycheck or facing legal actions like wage garnishments, we offer a clear pathway to financial freedom. Over the years, we’ve helped countless clients reduce or eliminate interest, stop fees from piling up, and end collection efforts, including harassing calls.
Updating your contact information is simple and secure through our online portal. Log in to easily modify your address, phone number, or email. If you prefer, our team can assist you directly over the phone.
Our services focus primarily on consumer finance accounts, including unsecured debts like credit cards, personal loans, collections, payday loans, medical bills, and more. These debts can be consolidated into one manageable plan tailored to your needs.
Debt management involves repaying your creditors in full over time, typically with negotiated terms that reduce interest rates and fees. Unlike bankruptcy, which involves legal proceedings and can negatively impact your credit score, debt management allows you to regain financial control without the long-term consequences. Bankruptcy should always be considered a last resort, as it can limit your ability to secure loans, buy a home, or even impact job opportunities for years to come.
Debt management and bankruptcy take fundamentally different paths to address financial challenges. Debt management focuses on repaying creditors over time, often with negotiated terms like reduced interest rates and waived fees. Bankruptcy, however, involves legal proceedings that can significantly impact your credit score and create long-term challenges, such as difficulty securing loans or employment.
The time it takes to pay off your debt depends on your specific situation. On average, our clients take advantage of reduced interest rates and complete their program in five years or less. At the start of your plan, we’ll provide an estimated repayment timeline, and our client services team is always available to update you on your progress and payoff date.
While enrolled in our program, our primary goal is to help you break free from the cycle of debt. If you need to keep a credit card active, please discuss it with your counselor to ensure it aligns with your financial health plan. Our focus is on advocating for your long-term stability, not perpetuating debt.
The time it takes to pay off your debt varies based on your situation. Most clients benefit from reduced interest rates and complete their program in five years or less. At the start of your plan, we’ll provide an estimated timeline, and our client services team is always available to update you on your progress and payoff date.
Yes, you can make extra payments without any penalties. We encourage clients to build an emergency fund and use extra funds to accelerate their repayment. Many clients take advantage of tax season or other financial windfalls to make additional payments, helping them complete the program faster.
After you complete your program, we will ensure that all balances have been paid in full. We recommend keeping all creditor statements for your records, as sometimes the payoff date on their statements may differ from ours. Finishing the program is a significant step toward lasting financial independence and reflects positively on your financial journey.
Castello Luca and Associates put an end to the relentless calls and emails from debt collectors. They created a manageable payment plan that gave me the peace of mind I desperately needed.”
I was drowning in debt and didn’t know where to turn. With the right guidance, I now have a realistic payment plan and a clear path to financial stability. It’s a relief to finally see progress.
Managing debt on my own felt overwhelming. With my counselor’s guidance, we stopped the mounting fees and now have a clear plan to pay off my debts and work toward financial freedom.