Are Creditor Less Likely To Settle w/DMP
Date: Tue, 02/23/2010 - 18:15
In October of this year, I found myself unable to make the $500 minimum payment on my BofA cc. I called them to see if they could help me. They said the only option I had was to enroll in a DMP because I had $80,000 in debt with various cc's. The representative of BofA transferred me to a DMP but I was not comfortable with their proposal so I went with a company through my credit union. We were only with them for 2.5 months when I realized there was no way I could keep up the $2,000/mo payments for 3 years especially after finding out that we owed $1,500 in taxes this year! I quit the DMP and am trying to stay current on as many accounts as I can but would like to try and settle some of the larger ones. I'm 2 mos behind on BofA. Will my creditors be less likely to settle because I was enrolled in a DMP? As stated in an earlier post, I'd like to keep some current, pay off the smaller ones and save money for possible settlement with the larger ones. By doing so, will BofA and Discover be more likely to sue me? The best thing to come of this is that I have definitely broken my dependency on CC. I will never use one again and look forward to living debt free!
info to help & info to know
yes they will still deal with you, they prefer that much more, hoping they get more money out of you than a professional. you might need to fax a letter revoking the power of attorney if the other company ever sent one.
Well as far as my knowledge is concerned, I don???t think t
Well as far as my knowledge is concerned, I don???t think they are going to sue you so soon. Moreover, it???s good to hear that you willing to settle your debt on your own and it???s good news for your creditors as well.