Does this seem right?

hmmm.....that doesnt sound like a very good deal to me. i am in a debt settlement program and they have settled 2 accounts for me already. one was settled for around $600, when i originally owed somewhere around $1100-$1200. and the other one settled for about $450 and i owed almost $1000. i think they have saved me quite a lot so far........so not that does not seem right to me at all that you are only saving $250. especially considering the $35 client fee each month.

damil1234 , in a dmp you will be saving much more than $250 dollars. Think about how much money you are saving in interest and how much more is going towards the principle balance. Your interest rates are probably around 6%-9% while in the dmp now compared to the much higher aprs you were paying before you enrolled. What were your interest rates on your cards before you joined a DMP ?

AndreaRC , debt management and Debt Settlement are two different things. A DMP is a good deal if you are a paying high interest rates but can afford to make the minimum payments. debt settlement is for people who are overextended and their bills are either delinquent or about to be because they can`t afford the minimums.

i know that debt settlement and debt management are 2 different things, i did a lot of research into my options before deciding on the settlement company i am with. i just assumed that there would be a bigger savings involved with a dmp, thats all. i guess when you add in the savings from interest rates that there is a bigger savings in the long run, rather than just $250.

andreaRC , you are certainly correct. You will definitely save more money and get out of debt faster in a debt settlement program. The problem is it will also screw up your credit because your accounts have to be delinquent. Plus you will have to deal with harassing calls and risk of lawsuits. That why I almost always suggest doing a dmp before settlement if you can afford it. Don't get me wrong , I like debt settlement but its for people who are overextended and can`t afford a dmp.

oh, yes your credit does go downhill!! that was something we were willing to accept.......we are still young (mid 20's) and at that time was what met our budget needs best. i have only been unlawfully threatened by 2 CA.....guess who ended up getting sued instead? lol. i would also suggest a dmp to people that are in a better situation that i was at the time. thankfully i picked a good settlement company and am beginning to see the light at the end of the debt tunnel.

Thank you for your responses. I'm obviously not fully understanding all this.

I have a pdf document showing the breakdown of what I owe and their estimated new balances after contacting my creditors. I've also scanned my first statement from Clearpoint. I've removed all my personal information from it. Is there any way I can post it so you guys can review?

Thing is, I suspect I fell into the trap everyone does when they're in the first stages of creditor-DMP transition; I signed up for a dmp and then didn't continue to make full bill payments (although I did send them money, it wasn't enough to keep the creditors from tacking on lots of charges). If that's so, then I can understand why my balances have grown since signing up with the program; however, I'm still unclear on exactly how much Clearpoint is saving me. Just doesn't look like my creditors' balances came down all that much! I don't want to be one of those knee-jerk "You guys are out to get me and exploit my math weakness" when they're actually helping.

But I also don't want anyone to exploit my math weakness. You know?

Thanks, all.

Ok, here's my documentation. I've attached it in a PDF document. Hope you can open it.

Thank you all again for taking the time to offer your insight!

Dana

If you can't afford the one monthly payment for the dmp that you are overextended and are a more likely candidate for a settlement program. credit counseling companies are supposed do a budget with you to make sure you can afford the payments each month for a DMP . Did they ?

yes, they did.