Posted on
August 4, 2009
at
2:00 am
i am interested in enrolled in a debt management plan and before i do decide to try it out i want to know how much the debt management plan fees will be. i think it would be crazy for me to enroll in something i can't afford, so i need to be sure before i take the plunge. hope you can answer this. thanks
Posted on
August 4, 2009
at
3:39 am
Debt management plan fees usually cost around $25-30 each monthly, and I may be wrong, but this seems to be the industry's average. You may also be charged an initial set-up fee.
Posted on
August 4, 2009
at
3:50 am
What if the company is non proft though? I wont be expecxted to pay anything, right?
Posted on
August 4, 2009
at
4:00 am
Nope. You'll stil be expected to pay some fees. And these are legitimate companies we're talking about. Then again, I'm curious--if a non profit company asks for voluntary fees, they're typically dismissed as scams. How'd you know the legit non-profit ones this time?
Posted on
August 6, 2009
at
2:07 am
Accreditation with the National Foundation for Credit Counselors is an important aspect in determining the quality standards of a company. A legitimate company doesn't just go after their own interests, but the customer's welfare as well. By being accredited with a company such as this, the customer is ensured that the company won't rip them off and be merely after their money.
Posted on
August 6, 2009
at
3:07 am
is there such a thing as a free debt settlement program? if yes how do i sign up for that
Posted on
August 10, 2009
at
4:46 am
No, bonnie B, there are non-profit debt management programs. In spite of their non-profit status though, they might require you to pay for some fees.
Posted on
August 10, 2009
at
6:43 am
Exactly. Usually, they will charge a one time set up fee and then a monthly service fee. The monthly fees are typically around $25. So this should give you an idea as to how much debt management plan fees cost.
Posted on
August 10, 2009
at
4:42 pm
I have about 4500 in CC Debt, spread over 6 accounts. The average APR is 25%.I got the following offer from a Debt Consolidation company: 167/month for 41 months [It includes their $47/month fee].There are no additional fees and I can cancel / pay off at anytime with no penalties.Just wanted to get some opinions whether I should go ahead with this.
Posted on
August 10, 2009
at
4:56 pm
Hi Jessy. Glad you made it to the forum. The first thing you want to ask yourself is are there other resources you could use before you pay a debt management plan fee to a credit counseling agency to work on your behalf? For example, do you have money in savings or a friend or family member to give you a personal loan to pay off the debt? Or how about any liquid assets that you don't necessarily need? The second thing to determine is how confident you are that you can make all 41 payments. Rememer, in a DMP, if you miss or are late on a monthly payment at any time your creditors can discontinue working with the agency and jack your rate right back up to where it is. So if you move forward, you want to make sure the $167 per month can be done with no problems. Just a few things to start with. I hope that helps and let me know if you have any additional questions.
