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Date: Fri, 09/18/2009 - 08:48

Submitted by aubrey
on Fri, 09/18/2009 - 08:48

Posts: 1203 Credits: [Donate]

Total Replies: 4


Heck, one of my credit card balances is $690 and I could pay that off next month in full if I weren't paying the $1100 to the DM company. Another one is only $1,200.

I need to figure out a Plan B to get these debts paid. The DMP is too slow as I owe overall $38,000. with varying interest rates that still tack on the interest. I've been doing this for 1.5 years. then I got caught up in the payday loan mess - which I've managed to extricate myself from thanks to this website.

I just want to be able to start saving for retirement. I'll be 63 next year!! and God only knows if my health will hold out - I work 2 jobs.

What a mess I trapped myself in. I've been counseling my daughters so that they don't go down the same road. In fact, I have to help them out sometimes, as one is disabled.

I JUST WANT TO BE DEBT FREE!! ANY SUGGESTIONS? and I've been customer of these credit cards companies for over 10 years, so they've made TONS of money from me!


Okay, let me first understand your situation.... you have been with a debt management program which you now feel isn't doing an effective job and you want to take the situation in your hands, right?

I think you need to weigh the consequences of dropping out of the program now. Check with the DMP, what it would cost you to drop out of the program and would you receive back the amount that you have placed with them so far.

You may check with the 'do it yourself' for further guidance.


lrhall41

Submitted by SC on Sun, 09/20/2009 - 21:27

( Posts: 3937 | Credits: )


I haven't any funds with the DM company. They debit my account twice a month for $516. then they pay my creditors directly. They've negotiated 6%, 9.9% 15.5% interest rates respectively. However, I'm paying the creditors more than the minimum toward the balance while the interest charges are added. The DM company charges a fee of $40.00. This procedure is entirely different than working with a debt settlement company where you pay them and they keep your money in an account.

The problem is that I can no longer afford the $1,100 a month. I've had the payment lowered but because my daughter became disabled a few months ago, I have to help her and my grandchildren so they don't become homeless.

I just settled one cc for half of what was owed over a 6 month period with no more interest charges added. Or I could leave the biggest account with the DM company. I am weighing my options. Either way, my credit is in the toilet.


lrhall41

Submitted by aubrey on Mon, 09/21/2009 - 09:47

( Posts: 1203 | Credits: )


You say you are not paying a DM company. Did you negotiate with the creditors youself? and if not who are you working with? I am considering a DM company and I just wondered.


lrhall41

Submitted by on Mon, 09/21/2009 - 16:48

( Posts: | Credits: )


I was working with Take Charge America. They are very reasonable. It's just that my debt was so high (I managed to pay off $20,000 up until now) and I have these family issues going on. Then I got messed up with the pdl fiasco (where was my brain)?

They only charged me a fee of $40 a month, (they are a non-profit and are certified) and they would debit my account twice a month and then pay my creditors the amount they agreed on. I was happy to have them negotiate a payment and interest rate for me. I was paying 6%, 9.9% and 15.99% to BOA, Chase, Discover, CitiBank and HSBC.

Check them out. They have a very good website where you can do your budget, etc.


lrhall41

Submitted by aubrey on Fri, 09/25/2009 - 11:45

( Posts: 1203 | Credits: )