debt settlement

Quote:

Originally Posted by Anonymous Yes, I inquired of the dmp about debt settlement and they answer I received was "if I am able to settle with creditors, please let them know so they can remove the account from the plan", so it doesn't sound like they care one way or another.

Exact email was:


REFERENCE NUMBER: LTK164022423539X Please use this ticket number in any correspondence with us.

SUBJECT: Other questions (ICS)

Dear April,

Thank you for your email. We appreciate the opportunity to assist you.

On the debt management program, we do attempt to settle any of your accounts as this program helps you pay back your debts 100%. If you wish to contact your creditor directly regarding a settlement, you may do so. If you decide to settle an account directly with your creditor simply email us again to advise so we may remove the account from your program.

We encourage you to monitor your creditor's statements monthly to track your progress, review your interest rates, payments posted and inform us when your accounts are paid in full. As a third party we do not receive statements or balance updates from your creditors.

Thank you for your attentiveness to your account. We are always here to assist you. If you need any additional assistance, please email us again. You may also contact us by phone or online chat. Our account services department is available Monday through Friday from 8:00AM to 11:00PM eastern time and Saturday from 9:00AM to 6:00PM eastern time. We are committed to your satisfaction and your success.

Have a wonderful weekend.

Quote:

Originally Posted by Anonymous Depending on the original creditor, writing in to them direct with settlement intentions can be misinterpreted by the mail room and your account flagged in a way that will not be conducive with accomplishing your goals with maximum effectiveness. Just sayin... Mileage may vary

Meaning? I just need some help, not a college course.

Quote:

Originally Posted by Anonymous I have been on a dmp for over a year and would like to know if a debt can be settled if I stop the dmp. It would be Beneficial personal loan $10,069 & HSBC card svcs formerly Direct Merchants 1,164.00 . More than likely same company, different divisions. I would like to do this settlement on my own, if possible, if I can get rid of these 2 I'm in good shape. This site has helped me in the past, and I am probably going to use your DIY resources, but just need to know how to get it started. I'm with a debt management program now elsewhere and just keep getting told 4 years, 4 years until it is paid. I'd like to get it done sooner. I am self employed. Is it better to contact the creditor by letter or let the debt go for awhile until they contact me? My accounts are current now, but with the economic situation, I'm not sure how long that is going to last. Thank you.

You could contact them now....I think talking with someone live is best.....but they will not be ready to settle until you are at least 90-120 days late. You also need to tell them why you are unable to make the payments anymore (hardship: income dropped, out of business, lost job, illness) .......I hope I did not sign you up for a college course....LOL