DMPs (Debt Management Programs) - Mothering Forums
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#1 of 11 Old 02-01-2005, 12:24 AM - Thread Starter
 
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Anyone enrolled in one or successfully completed a program? Did it help? Would you recommend it as an option?
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#2 of 11 Old 02-01-2005, 12:27 AM
 
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There are good ones and bad ones. We were on one for 2 (i think) years and it was great. Once we were off, it didn't affect our credit.

I would only use it if you really have no other options.

Michelle -mom to Katlyn 4/00 , Jake 3/02, and Seth 5/04
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#3 of 11 Old 02-01-2005, 06:33 AM
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Are you talking about Consumer Credit Counseling and such?

A couple of things to keep in mind:

These people take your money, and then supposedly pay your creditors. However, if they are late with those payments, or don't make those payments at all, it affects YOU and still looks bad on YOU.

Also, it negatively affects your credit rating to have gone through one of these programs. Just something else to think about if you don't absolutely need the help.

Also some credit card companies may revoke your account if you are on one of these programs (they don't want you getting yourself further in debt.)

"Our task is not to see the future, but to enable it."
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#4 of 11 Old 02-01-2005, 09:47 PM
 
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I'm currently enrolled with a debt management company. I've completed 2 of my 5 years this month. I started with approx. $17,000 in consumer debt. I'm so excited that I've gotten that down to under $10. You can check out companies on the Better Business Bureau website. With this one, you get a statement each month and you can see your money going directly to the credit card companies because you also still get your statements from them. I've never had them make a late payment to any of my creditors. If they did, I suppose it wouldn't be as bad as me making late payments every month, right? I'm also not very worried about it affecting my credit, as I have a checking account, student loans and a mortgage that I pay each month.
For me, it's been great so far. I told myself I'd be "debt free in 03" and that's when I started. It feels great so far. It's also refreshing not to use credit cards. If we can't pay cash, we don't really need it. Though in an emergency, I wouldn't have a c/c- I'd have to use dh's.
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#5 of 11 Old 02-02-2005, 03:08 AM - Thread Starter
 
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I'm currently enrolled in one as well. I just posted to see if others were and what they thought of their programs. Ours sounds a lot like brigmaman's -- I have the ability to check the program for the payments posted as well as checking the individual statements from each creditor. Any payments not made so far have been our own doing... :

I'm hoping that this year at least one of the creditors will be done with. For now, we're just plugging away at making payments and trying to catch up with the one late one we have. I know it'll get better...
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#6 of 11 Old 02-02-2005, 10:32 AM
 
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My husband went throught one because of college credit card debt. He was paying it off slowly when we started dating. It was amazing. They did not charge anything at all-no fees. They got all of his interest rates lowered and helped him with payment plans and budgeting.
It did not hurt his credit at all! I was surprised actually. We have gone on to get car loans, mortgages, and another credit card. I guess because he actually paid off every cent instead of defaulting.
I was very proud of him. And we learned a very valuable lesson when we got married. Very little credit for us, just a mortgage.
We never had problems with late payments.
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#7 of 11 Old 02-02-2005, 02:08 PM
 
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It actually helped our credit a bit once we were completely off. On the program, we paid little or no interest, so the balances went down quickly. When we were paying on our own, we were late and high interest made the balances stay the same. Our credit score while on the program was mid-500's (same as when we started), once we were off, it went up to mid 600's almost right away- still not the best, but quite an increase.

Michelle -mom to Katlyn 4/00 , Jake 3/02, and Seth 5/04
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#8 of 11 Old 02-04-2005, 12:12 PM
 
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Would those of you who had good experiences mind sharing the name of the company? DH and I are trying to decide if this is an option for us, and I'd love to be able to look into actual companies.
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#9 of 11 Old 02-04-2005, 12:15 PM
 
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In Charge Debt Solutions is mine- formerly known as Profina.
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#10 of 11 Old 02-04-2005, 12:23 PM
 
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Thanks so much!
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#11 of 11 Old 02-05-2005, 05:43 PM - Thread Starter
 
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We're using Care One Credit www.careonecredit.com
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