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Can I keep my house if opt for DMP?

Date: Thu, 12/20/2018 22:45
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If I enroll in a DMP, will my house be taken to repay the creditors? Can I repay secured debt through DMP?




You can't pay off secured debt through a debt management plan.

Don't worry. Your house won't be taken away to repay your creditors.

A debt management plan helps you to pay off only unsecured debts by lowering your interest rates. It gives you a customized budget plan so that you can save money and manage your debts comfortably.

Sub: #1 posted on Thu, 12/20/2018 - 23:41

Nick Jonas Nick Jonas

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DMP can only manage your unsecured debt like credit card bill, medical bills, payday loans, personal loans, etc. Secured debts like a mortgage or car loan can't be paid off through a DMP.
Also, as Nick said, your house won't be taken away to repay any of the debts.

Sub: #2 posted on Fri, 12/21/2018 - 23:59

tiarajoseph11 tiarajoseph11

(Posts: 460 | Credits: )

You can't repay your secured loans through a DMP. Remember, your credit card debts are unsecured debts. If you are worried about your credit card debts, then the creditor can't take away your house. You can enroll in a DMP to repay your credit card debts.

Sub: #3 posted on Sat, 12/22/2018 - 03:33

sanderspatricia29 sanderspatricia29

(Posts: 1094 | Credits: )

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