Posted on August 3, 2009 at 2:46 am Please give me Answer about the below question.After the Debt Management Plan is set will I receive be able to get any additional help and advice?Thanks in Advance...

Posted on August 5, 2009 at 12:04 pm Do you mean after debt management, as in after the program is complete? Or do you mean after debt management, as in once your plan has been established? Let me know and I will try and give you some insight.

Posted on August 6, 2009 at 9:36 am If you are wondering after debt management, as in- after your debt management plan has been established, yes you should. Part of credit counseling is that the client will receive additional financial budgeting help and education throughout the process. If the credit counseling agency does not offer such additional assistance you may want to shy away from that company as that is one of the primary benefits clients enrolled wmay received.

Posted on August 6, 2009 at 1:52 pm And in terms of after debt management, as in, after you have completed the program and you are debt free, the help you would be looking for I would assume is to rebuild your credit? Let me know if not. What you need to know- it is only reported on your credit that you are enrolled in a debt management plan while you are enrolled, once you are done it no longer states that. So if you successfully complete such a program, your credit should be in tact since you would have been current on your monthly payments throughout that period of time and it will no longer reflect that your accounts are in a DMP. Hope that helps, let me know if that does not answer your question.

Posted on August 6, 2009 at 11:43 pm One thing I am also curious about is...... how will this be on my credit report

Posted on August 7, 2009 at 4:06 am It will be indicated on that particular account that the account has been enrolled on a debt management program, but it will not in any way make any drastic effects on your credit report.It may also mean two things when creditors pull out your credit report and see that particular note. On the one hand, they will immediately be turned off by the fact that your account is on a DMP, and be wary of your application altogether, thinking that you already have more debt that you can handle. On the other hand, some creditors may see this as a positive sign, that you're actually willing to take care of your debt.

Posted on August 10, 2009 at 2:49 am Still, the Information share here is great and has helped me get rid of paying it off.

Posted on August 19, 2009 at 2:25 pm Ok, so forget about after debt management- I also want to touch further on "during debt management" and the issues regarding the credit impact. So, if a person successfully completes a DMP, there payment history does not suffer at all since they remined current the whole time on their monthly payments. However, it is important to note that lenders view debt management and Chapter 13 bankruptcy in a similar light. The reason for that is that the repayment terms are nearly identical. Instead of paying a credit counseling agency to disperse monthly payments, in a bankruptcy you are paying a court appointed trustee who serves (for a fee!) the same function in general terms.