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 Posted: Sat Jun 07, 2008 12:32 am Subject: Payday loans medical bills and cashcall loan |
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Under a debt management program, can you include my payday loans, cashcall loan, and medical bills?
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oregonkim
Joined: 07 Jun 2008
Posts: 1
Debtcc Points: 12
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| Posted: Sat Jun 07, 2008 7:15 am Subject: |
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Hi there,
I think it depends on a lot of things. First off, whether the DM company can and is willing to deal with Payday loans, as not every company is set up to work with them--so you might want to check first. Creditors might say something like they're not willing to work with DM companies and then will go ahead and cash the checks they send. I would shop around, list the debt you have and ask if they are willing to work with it.
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kscornell
Moderator
Joined: 22 Jul 2006
Posts: 3616
Debtcc Points: 32903
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| Posted: Sun Jun 08, 2008 12:51 am Subject: |
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| Quote: | | Usually debt management program works with unsecured debts only; these would include credit cards, department store cards, gas and oil company credit cards, personal loans (that did not require collateral), payday loans, medical bills, collection and charged off accounts. Secured debts such as vehicle and mortgage loans are secured by the properties and placing them on the program could be considered a breach of contract and may result in a repossession or foreclosure. |
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sarah_sexi18
Joined: 08 Jun 2008
Posts: 5
Debtcc Points: 50
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| Posted: Mon Jun 09, 2008 12:37 am Subject: |
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Hi oregonkim,
Normally, you can put all your unsecured loans under the debt management program. However, it'll depend upon the DM firm whether it'll work with all the lenders you have or not. Many DM company may not want to work with the payday lending companies, as they're normally difficult to deal with.
Regarding the cashcall loan, cashcall also work as the marketing department of the First bank of Delaware. Hence, they may or may not be the direct lender in your case.
Shopping around is definitely the wisest way to know more about it. Also, don't forget to compare the cost of services offered by the different DM program provider. It'll help you to save money.
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tweetyturner
Joined: 11 Mar 2008
Posts: 279
Debtcc Points: 3264
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