DMP Not Paying Quick Enough
Date: Mon, 03/30/2009 - 18:24
I'm currently with a DMP company. The past few months they haven't been paying quick enough to my creditors. I've been in it 1 year 9 months. They seem to be holding onto the payment longer & longer-claiming it has to clear (I pay by money order-I don't want them getting my checking info). Sometimes it will clear in 1-2 days, sometimes it will take like 5-6 days.Â
What happens if you pay your creditor on your own instead of through the DMP?Â
Are creditors willing to work out payment arrangements if you want to leave a DMP? I know my APR would go up, but I wonder by how much.Â
Right now the deal is with the DMP that Chase gets $163 & Discover gets $155. Do you think I'd be able to keep that rate since that was the amount we worked out when I joined the DMP?Â
My reasoning is that I'd rather leave the DMP on my own than be late with payments through the DMP and be kicked out by my creditors.
What happens if you pay your creditor on your own instead of through the DMP?Â
Are creditors willing to work out payment arrangements if you want to leave a DMP? I know my APR would go up, but I wonder by how much.Â
Right now the deal is with the DMP that Chase gets $163 & Discover gets $155. Do you think I'd be able to keep that rate since that was the amount we worked out when I joined the DMP?Â
My reasoning is that I'd rather leave the DMP on my own than be late with payments through the DMP and be kicked out by my creditors.
Have you tried adjusting your creditors due dates? If you leav
Have you tried adjusting your creditors due dates?
If you leave the DMP your interest rate will skyrocket!! You should try and move your creditor due dates to a later date. That way the DMP payment is never late to your creditors.
Call your creditors and ask.?? You will actually have more mon
Call your creditors and ask.?? You will actually have more money to send as you wouldnt have to pay the DMP.?? And yes, a lot of people set up there own hardship plans directly with their creditors.
