Debt Management

Can you put your car payment in an online debt management plan?

Car loans are secured loans. I hardly know any company that consolidates unsecured ones. You will have to call your creditor and explain your problems. Request them for some extensions before they decide to repossess your car.

MeME, I dont think car payments can be included in online debt management plans because they are a secured loans. KYSIDE38

What state are you in? And are these internet or storefront payday loans? If they are internet you can deal with them on your own.

Hi, I'm in NY. Yes they are internet payday loans. It's kind of hard because of the fees that they charge.

Payday loans are illegal in NY. They should not have given you a loan. You need to close your account and open a new one to gain control of your finances back. What companies are you dealing with?

Oh god. I didn't know that. I'm going nuts because I don't know what to do. I can't close my bank account. I'm dealing with pay day yes, us fast cash, national opportunities, world wide cash and another one that I can't remember the name.

Also, if you have been paying on these loans for some time and only paying the roll over charges, you may have already paid the principal back. In that case, you do not have to enroll in any online debt management plan (DMP). You can simply demand that they mark your accounts paid in full, you also need to file a complaint with your state's Attorney General's office. You will be in for a fight, these companies play dirty and make alot of false threats, they will say you committed fraud and are going to be arrested. Just stand your ground and don't back down. You won't be charged with fraud or arrested.

I don't know how to go about it. Would you be able to provide me with more details on what should I do?

In order to stop them from taking money from your account you should open a new one and re-route your direct deposit. You can try blocking them and paying that fee to the bank, but they go by so many different names they will use those other names. You should look up your state's laws with the link I gave above. Go to Polly's blog, you can access it through this site and use her settlement template letter, inserting your state's pdl laws. How long have you been paying on them? It may be you can demand they mark you paid in full. And since they are illegal in your state you are only obligated to pay back the principal. They are going to give you grief in order to scare you into paying them more, don't give in. You must file a complaint with NY Attorney General's office.

Yes- you can put your car payment in the debt management plan with T&C!

Is there anywhere I can manage my student loans?
The total each month is killing me. What about private student loans? Is it considered the same as federal student loans?
B

Student loans are not accepted in online debt management plans.

Private student loans are very different from federal. There are lots of options for federal debt in terms of deferment, forebearances and consolidation. Private loans have very limited payment plans and deferment/forebearnace priveleges. In both cases if you not paid as agreed or what the assigned monthly payment is, they will default you.

I just signed up for a DMP and just found out they will not try to negotiate the terms of my loan or intrest rates or try to get rid of any late fees and penalties. Does your company do all of this?