Signing a DMP: What if creditor doesn't accept proposed plan?
Date: Mon, 05/18/2009 - 14:27
I need advice. I am considering signing a DMP with Money Management International. But they want my $ up front, and only then will present the DMP to the creditors. Is this normal? What happens if one or more creditors rejects the DMP? Or what if the creditors demand higher payments? MMI would still have my money. What if I want out of the DMP at that point because the terms have changed?
Thanks.
Thanks.
Yes that is normal for them to have a up front fee to get the ba
Yes that is normal for them to have a up front fee to get the ball rolling. In DMP typically your payment will not be lower. It will however get you super low apr's " usually around 6%-10%. If you are overextended, a DMP would not really help fix your problem.
DMP
I know of a company that will start presenting the the DMP to your creditors right away and wrap up the process in about 30 days. They also can roll the upfront money into your first few monthly payments so you dont have to pay it all at once. Also that way you can see all the figures before paying all the up front $$$ hope this helped
