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Tag Archives: dmp

WARNINGS About Credit Counseling Programs and Long Term Debt Repayment Plans

Adult Ed - Questions

In my first article in this series I outlined many benefits you get from working with a credit counseling agency. But there are also drawbacks to enrolling in a DMP (debt management plan) in order to get credit card payment relief. And the concerns are not minor, which is why the word WARNING is capitalized. As with any of the ... Read More »

    UK Individual Voluntary Arrangements to Set Record

    UK IVA

    By Andrew Smith Last year I predicted it would be a record year for IVAs. There had already been more than 40,000 Individual Voluntary Arrangements, the most-used personal insolvency procedure in England and Wales, in the first nine months of the year and here at ClearDebt we were pretty confident the total for the year would top 50,000. Well, on ... Read More »

      I Suggest Bankruptcy Too Often, So Say Some

      process

      I really do read all the comments, all the Twitter messages you send me and appreciate the feedback. Over time a common statement I get is about my recommendations is that people think I suggest bankruptcy too often. For more information on this topic, please see all the links in my free guide about how to deal with debt. So ... Read More »

        I Need to Take Out a Payday Loan to Cover My Credit Counseling Payment

        Ready to Collapse

        im currently on a debt management plan of 100 per month but needed to take a payday loan out to cover my self for the month but when my payday comes i wont be able to pay both. unless i get it exended till next payday or do you think dexter bell would add this to my current dmp then ... Read More »

          I Found Myself in Debt Again and Back in a DMP. Should I File Bankruptcy? – Carol

          “Dear Michael, I filed BK in 2003 (April/discharged Nov 2003). I’ve found myself in debt again and I am thinking about filing again. I have been in a DMP for the past few months but I am so tight against I don’t know if I will make it through. Since I filed pre-2005, the laws were different than now and ... Read More »

            Which is Cheaper: Credit Counseling, Debt Settlement, or Bankruptcy?

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            How can you determine what debt relief option is the right fit for a given set of cash flow limitations. The 3 options that people typically seek outside assistance with are Debt Management Plans (DMP), Debt Settlement Programs, and Bankruptcy. There are benefits and drawbacks to each option. Companies and people selling you a specific brand of debt help can ... Read More »

              I Am a College Student. How Bad Is It to Pay My Bills Late? – Zaria

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              “Dear Steve, I’m a full time college student, who also works part time. I’m 21 and both of my parents are deceased. Right now I am well over my head in credit card debt (which I used to pay for textbooks and classes) and with my job at the verge of bankruptcy…my hours have been cut and I have not ... Read More »

                I Went With Take Charge America and Refuse to File Bankruptcy. – Nic

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                “Dear Steve, I am 29 years old, married, own a home, 2 cars, and self employed. I started a debt management program with Take Charge America and have paid off approximately $14,000 so far. My payment is $1,327 per month. Due to the nature of my job, my income fluctuates and I have been seeing some difficult times recently. The ... Read More »

                  How Do You Value Your Quality of Life? Debt Solutions to Fix The Future

                  Photo Credit: Cayusa

                  Debt doesn’t just affect the people actually in debt, it often affects the ones around them, near and dear to them. I know this from first hand experience as someone who has loved and lived with someone so deep in debt they could not see a way out. Not only is the emotional toll hard on the debtor but also ... Read More »

                    I Owe American Express and I Am About to Start a Debt Repayment Plan With Money Management International. – Shelley

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                    Shelley “Dear Steve, I have about $26,000 in credit card debt and am about to start a plan with Money Management International. The question I have is about the American Express account, which is about $12,000. Over the last year, iIt has bounced from 2 collection agencies to a law firm, Mann-Bracken. I am never able to make the $300 ... Read More »

                      Do I Buckle Down and Payoff My Debt or Enter a DMP? – Erica

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                      Erica “Dear Steve, I still have a good credit score, been paying minimums mostly but spend 45% of my take-home on credit cards. Not in trouble yet but can see it coming with the cards jacking up their interest rates. In the last 4 years I’ve had layoffs, underemployment and no health insurance which has contributed to the debt, but ... Read More »

                        Are Debt Management Programs For Real? – Kim

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                        “Dear Steve, I am in over my head and I really don’t have a clue if I can ever get out of debt. I have six credit cards, most of which i have closed. I currently am making minimum payments on my credit cards (6) and the loan I took out from Bank of America. Totally I owe 30,000 with ... Read More »

                          Can I Keep One Credit Card Open for Business in a Debt Management Plan? – Dave

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                          “Dear Steve, I am just barely above water, and the tide is coming in! 132,000 in mortgages (first & second). 53,300 in credit cards. Can you recommend a reputable debt management service? My goal is to pay down debt as quickly as possible w/out to much damage to credit. Also, I need to keep one card available for business- can ... Read More »

                            My Boyfriend Has $20,000 in Credit Card Debt on 8 Cards. – Kathryn

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                            Kathryn “Dear Steve, My boyfriend has $20,000 in credit card debt on a total of 8 credit cards. He was able to pay his minimum payments & a little extra, as he had been trying to do the debt snowball elimination method. Recently Chase bought out a couple of the companies he has credit cards with and now his minimum ... Read More »

                              My Bank Does Not Accept Payment From a Debt Management Plan. What Do I Do? – Junior

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                              “Dear Steve, I’ve been in a dmp for the last year and 2 months. own a business. I am enrolled in a dmp plan but i have 2 credit cards from the same bank that do not accept payments. how do i go about this to resolve this? Junior” The Answer   Dear Junior, Basically, you can’t. Unlike bankruptcy, no ... Read More »

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