supposed to be locked by my having the acct closed
Date: Fri, 04/21/2006 - 09:23
Sorry to be negative, just feeling annoyed about stuff like this today.
People use the term "debt consolidation" to refer to different t
People use the term "debt consolidation" to refer to different things. However, in the context of this site, a debt consolidation plan generally means the same thing as a debt management plan. A dmp is often referred to as either debt consolidation or credit counseling. This becomes confusing, because taking out a long to repay debt, and sometimes even debt settlement or bankruptcy are all referred to as "debt consolidation" by some people. Just know that, on this site, when people refer to debt consolidation it generally means the same thing as a debt management plan. I think I may just be adding to the confusion here rather than clearing it up.
The difference between Debt Settlement and Debt Consolidation is
The difference between Debt Settlement and Debt Consolidation is quite prominent. However, debt management Plan and debt consolidation Plan are closely related as dmj said. However, I have met people who are not aware of the fact that settlement is different from consolidation. And there are people who believe consolidation is nothing but a new loan. Even I have met such people who do not know what is meant by unsecured debts???I'm being deviated from the topic, lets come back.
Apparently it seems any plan that helps you manage your debts should be counted as debt management. But in reality Debt Management and Debt Consolidation are more or less same. Go through this section of this website-
http://www.debtconsolidationcare.com/debt-management.html
Consolidation always helps debtor to get their accounts updated in their favor. I'm not sure, if any other DMPs do that or not.
Set4Sail, Are you still with the debt settlement company? Wh
Set4Sail,
Are you still with the debt settlement company? What has been your experience so far?
Mishele, yes we are still with them. I sent you a pm with some i
Mishele, yes we are still with them. I sent you a pm with some info on our experience.
DCP vs. DMP
Essentially both function the same. Some companies have changed the name to avoid being covered under some state's laws, however the Attorneys General look at the functionality, not the name.
The only true difference is if you use a law firm and the firm actually negotiates a new repayment term with your creditors that they accept in writing. The form "dmp acceptance" that creditors send out in connection with DMP's or DCP's do not alter the original credit grantor's terms.
Ah, T&C asked for a retainer fee of $155, but at the end of the
Ah, T&C asked for a retainer fee of $155, but at the end of the program you get that back.
Under VA law, they consider dmp and DCP to be the same.