Posted on
July 15, 2009
at
10:49 pm
Hello All,A Debt Management Plan is an informal arrangement between you and your creditors, to enable you to repay your debts with one affordable payment.Share your opinion here ...
Posted on
July 17, 2009
at
1:58 am
Right, but how long does a DMP last? and what are its effects on my credit?
Posted on
July 17, 2009
at
3:16 am
Ideally debt management plans work for an individual who is able to make monthly payments, has a low debt amount, and is having difficulty paying their bills.
Posted on
July 20, 2009
at
7:49 am
Debt management plans typically last 5 years, so you are not a good candidate if you do not have the disposable income to get you through it, since you may be removed from a DMP if you miss or are late on a single payment. In regards to the original question- can anyone have a debt management plan?- usually you must owe at least a certain amount to qualify- different companies will require different amounts- and you have to make sure that your creditors will work with credit counseling agencies as not all of them will.
Posted on
July 20, 2009
at
10:40 am
What is longer- a debt management plan or a debt settlement plan?
Posted on
August 13, 2009
at
2:34 pm
Can anyone have a debt management plan? We got a little off track- but it depends. Some creditors don't work with credit counseling companies so really the answer is no. No, in terms of the last question, typically debt settlement programs are shorter. On average, debt settlement programs last 3 years as opposed to the 5 year DMP's that I discussed in my previous post.
