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elangarreg | Is debt management a good thing? |
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violet
|
I suppose it is in its own way, but personally I don't think it is. |
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Tom1999
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Let's just say it sounds better than debt mismanagement. |
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K.C.
|
Let me say that I personally am in a debt management program or DMP ~ some say it's bad and you can do it yourself ~ this is true (when I started my program I didn't know that!)
Let me just start by saying that there are some misconceptions about them
Many say the following about debt mananagement programs
the biggest I hear is "it's next to filing bankruptcy" ~ "it effects your credit score" - "there is a notation on your credit file that says your payments are being managed by a financial counseling program" - "they charge a lot"
The TRUTH: it does not effect your credit score (my score has improved as my balances get lower and my cards are paid off) ~ the notaion I mentioned does not remain when you've paid your balances in full with a creditor ~ Some programs do charge a arm , leg, and your first born ~ however if you FIND a non-profit it's FREE ~ you just gotta find one
CONS
While in the program usually you can't obtain any additional credit as part of an agreement with your current creditors and the program (they don't wanna see new debt and you can't even pay your old debt) also and your current credit cards are closed to prevent further use ~
I am with Care One Credit Solutions and they are non-profit ~ I pay NOTHING ~ no strings attached ~ don't have to sign up for anything
So depends on who you're asking if a DMP is bad or good ~ it saved me ~ I recommend to just do your research on DMP's ~ try doing it yourself first and if that fails try a DMP ~ also if you do decide to join one make sure it's reputable
Good Luck |
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Lee B
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Ya, It is a great thing manage your debt for a life full of life and no debt stress. For being more ageed with my opinion read this article:
http://www.financial-authors.com/debt-consolidation/debt-management-enjoy-a-debt-free-life/ |
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Hunter
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Yes it is a good thing. It is hard work . It is about budgeting. You can do it yourself.Change your financial behavior and change your life...for good. True debt management is about one thing - you controlling your money.
Click on the links for some great tips:
http://ezinearticles.com/?Ways-To-Pay-Off-Debt---Simple-Ways-To-Reduce-Debt&id=1046307
http://ezinearticles.com/?Tips-for-How-to-Get-Out-of-Debt-and-Save-Money&id=1044862 |
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simorny
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depending on what you want from it |
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pollywallydoodle
 |
My feelings on debt managment plans are that they are ok for the short term maybe, through illness or loss of job but usuallly they will take years and years to pay, obviously dependent on if interest is frozen and how much you can pay. I think if it will take more than 8 years to repay then I would look for a more definate protected arrangemant such as an iva or bankrupcy.
These options are not so terrible as it is thought. They are good solutions for the right circumstances. They both offer creditor protection. There is more than likely a percentage of debt written off and there should be a reasonable allowance to live. Not easy and budgeting is needed, but there is an end in sight. You can be discharged from bankrupcy in less than 12 months, unless you are naughty and get a bro , payments may need to be made up to 70% of your disposable income for three years, may lose your home if there is equity. An iva is for five years, but you should be able to keep your home if you own it, and after 5 years anything left is written off. Payments will be dependant on your disposable income .
Just my opinion but if your debts are high consider all the options and check with debt management just how long it will take to pay off.
All the best |
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luludoodie
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NO.
They are only arranging what you could do yourself - and then charging you for the privilege!
Consult Citizens Advice Bureau first, they will help / and / or point you to the free services available so you can do it yourself and give you samples of the types of letters to write to creditors!
We helped our neighbour do exactly this and he is now paying off his debts at reduced levels until his house is sold (going through a divorce). Cost him nothing (except the time to write the letters to the creditors). |
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hillman_avenger2006
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of course for the people who wish to control u |
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John S
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Yes, note that the citizens advice bureau do this for free. Some companies charge loads for this. |
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