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Debtconsolidationcare.com - the USA consumer forum

debt management program

Date: Mon, 06/08/2009 - 15:39

Submitted by islefan3949
on Mon, 06/08/2009 - 15:39

Posts: 273 Credits: [Donate]

Total Replies: 4


I was hoping someone on here would be able to give me some advice, I am currently enrolled in a debt management program through care one. Things have been going good all payments are being made, but what I'm wondering is am I actually better off going it alone without their help. i've heard from some people that using one of these programs will actually lower your score, but the thing that makes me nervous about going without their help is that my creditors have agreed to the payments and lowered the rates and things like that. any opinions will be greatly appreciated.


If you are in a Debt management program, it does not adversely affect you credit score. You can definitely come out of the DMP if you want and pay off your debts yourself. If you do it yourself, you can save the monthly fees that you pay in a DMP. For more information you can visit the link do it yourself debt management.


lrhall41

Submitted by novice on Tue, 06/09/2009 - 02:11

( Posts: 290 | Credits: )


Well, technically you could have gone it alone, but since you've already started it is best not to rock the boat. Just keep on top of the company and make sure everything is being paid on time (even a day late, and many of the creditors will pull the program) and it is all ok. There is no legal statute to force the creditors to agree to it, so be thankful that they have. Cross your fingers and hope that it all continues to go well (the creditors can change their minds at any time) because this is actually one of the best ways (for your credit) to become debt free.


lrhall41

Submitted by Chrys Henderson on Tue, 06/09/2009 - 03:56

( Posts: 2538 | Credits: )


I am also enrolled with Care One with no complaints. The only thing I notice affecting your credit is if you would apply for a mortgage, it is harder to get a loan from the banks you either have to be in the progam a year, some don't even like to give you a loan, speaking from experience.

I was also thinking of dropping out of the program and doing it on my own to save the $48.00 a month and I am also in a better financial position since I have joined the program. Does anybody know if I dropped out will it hurt my credit score?


lrhall41

Submitted by db on Tue, 06/09/2009 - 10:17

( Posts: 65 | Credits: )


That is not advisable. As good as it sounds to save the $48 and go it alone, remember: the creditors do not *have* to agree, but they have. You are fortunate. If you canceled the DM company, then you would have to renew what they were doing alone. The problem with that is most creditors only give you one chance at a hardship program and if the company sent them a notice saying that you are no longer their client/customer, the creditors may jack your interest rates up as high as possible and you will be worse off (and yes, that will hurt your score).

Basically, the same answer as above. Once you are in a DM program, you need to stick with it to its conclusion.


lrhall41

Submitted by Chrys Henderson on Thu, 06/11/2009 - 21:45

( Posts: 2538 | Credits: )