Posted on
September 4, 2009
at
4:53 am
debt management or debt relief is not for me. i have instead people coming to me for loans-- and most of the time-- i had to turn them away - their debt to income ratio is not good enough. you might think that i'm cold but really, i am asking this question because i want to move those borrowers along a debt relief plan that works.. can you help?are debt management plans a good idea?
Posted on
September 4, 2009
at
4:58 am
Are Debt Management Plans a good idea?I think that there's nothing wrong with the plan, but they may be some issues with the credit counseling agencies that offer them. There are a lot of credit counseling scam companies out there that victimize consumers. There are a lot of complaints against that industry and the drop out rate is also high.Debt Management Plan is a good idea, I think, if the company that runs it is legitimate and if the consumer can afford to finish it.
Posted on
September 4, 2009
at
5:02 am
I think that next question to ask, after 'are debt management plans a good idea? - is how can find a legitimate debt management plan company?
Posted on
September 4, 2009
at
5:07 am
Are debt management plans a good idea?First, what do they do? The main objective of a debt management plan (DMP) is to lower the consumer's interest rates. That way the consumer can get to the debt itself. How long do they last? DMPs usually last for 5 years, where the consumer pays the credit counseling agency monthly for it to disperse the funds to the creditorsSo are debt management plans a good idea? It could be for consumers who have a lot of disposable income, a debt amount of less than $10,000 with high interest rates
Posted on
September 4, 2009
at
5:12 am
In response to damon's question: how can find a legitimate debt management plan company? The consumer may check with the check with the National Foundation for Credit Counseling (NFCC), or one of its affiliates, (CCCS) or Consumer Credit Counseling Services, or fill out a form here at destroydebt.com and avail of the free consultation. It is free of charge.
Posted on
September 4, 2009
at
5:15 am
If you are wondering about the fees Uncle Scrooge, the credit counseling part is free and is non-profit but their Debt Management Plan costs around $25/mo. after the one time set up fee.
Posted on
September 8, 2009
at
4:54 am
Also, to find a legitimate credit counseling company--who offers the debt management plans--you need to check if they are affiliated with the Better Business Bureau, to ensure that they value and adhere to quality standards that exist between consumers and businesspeople.
Posted on
September 8, 2009
at
7:58 am
how would i know if a compny is not out to scam me
