I'm looking at a debt management Program with CareOne Credit. Has anyone worked or heard of them before? I want to know more about these guys before I agree to any program. I'm interested in positive and negative feedback.
Thanks!
Wayne

They are members of the BBB. Also ,This company has agreed to use special procedures including arbitration, if necessary, to resolve disputes . I see no reason not to do business with them. They have a good reputation. Just be sure your budget can afford the payment in the credit counseling program.

I'm hedging only because I've been in a program like this before. However, I also see that its becoming more difficult to pay the CC bills at the current rate. ...Decisions, decisions.

^^^^^^^^I meant, I've never been in a program like this before.

I have used careone in the past and I like them. You could see that your money was going and I could always get a hold of them when I need to.

I have used careone in the past and I like them. You could see that your money was going and I could always get a hold of them when I need to.

Does it harm your credit when your in such a program? I want build back my credit back into the 700s (or higher).

Care One Credit is a consumer credit counseling agency that offered what is called a debt management plan. Those types of programs do not hurt your fico score. However just be aware that it does show on your report that you are in a dmp. Basically while in the program you won`t be able to acquire more credit cards or loans until you complete it. Once you complete the program it comes off your report as if you we never in the program. It is worth it though.

Thanks a bunch!

Glad to be of some assistance , I wish you and your family the best of luck .

just know that Care One will not take American Express cards into their dmp program.

I am considering using CareOne credit. The part that confuses me is when I hear it is one payment, but they eliminate late fees. If I am providing one payment and they are disbursing the money the payments should never be late, right. Do they work with you to make sure you can afford the payment? I've looked into debt settlement and they only do it for 36 months max, which makes my payment higher than I can afford right now.

Did they bother to do a budget with you to even see if you can afford the payment with them ? If you can barely afford a 36 month settlement program than you are not a good candidate for a debt management plan with Careone Credit. Its obvious you are having a financial hardship and overextended. Thus you should be shopping with some legit settlement companies.

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According to their web site they will analyze what you need done and will put you in touch with a debt settlement law firm. If I can't afford my payments how can I afford a law firm? I could afford to pay it off over 5 years, not over 3.

You will definitely get sued doing a 5 year settlement program plus its not really worth it anyways by the time the late fees , penalties and interest accumulate you really would not have saved any money even if you didn't get sued. Honestly you may want to consider looking into a Ch 7 Bankruptcy. It just might be best to wipe the slate clean.

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I really don't want to file for bankruptcy. I don't understand why anything over the 3 years isn't a possibility? If they negotiate by debt down to half of what I owe and they start paying down the lowest ones as I accumlate money they are eliminating my debt. And even if they sued me they wouldn't get anything, because I already have 2 morgages on my house and with the depressed housing market, they wouldn't get anything. So what would suing get them?