Posted on
November 12, 2009
at
12:24 am
I received some advice from my lawyer on undergoing a 60 60 plan to pay off my debt but he didn't really elaborate much on it, could you fill me in on more of this?
Posted on
November 12, 2009
at
12:57 am
A 60 60 plan is a bankruptcy alternative wherein you'll be allowed to pay for 60% of your total debt balance, with a 60 month time period allowed to pay back your loan. It is also known as a "Less than Full Balance" debt management plan.Certain creditors also refer to this payment option as a pre-bankruptcy DMP.
Posted on
November 12, 2009
at
1:25 am
The thing about a 60 60 plan is, not all creditors may necessarily approve this proposed plan. They may require you to pay a much higher amount than that.Also, while your lenders may agree to a lowered interest rate in a 60 60 or a DMP, it doesn't mean that your interest will be eliminated completely.The good news is, you don't always have to file for bankruptcy if you need help for your debt. There are a lot of other alternatives available that can help you create payment plans that will little by little get you out of your financial rut.
Posted on
November 12, 2009
at
2:18 am
Exactly. If a 60 60 plan doesn't work out for you, you don't have to file for bankruptcy right away. What you can also do is log on to DestroyDebt.com and fill out a form there. You'll be matched with a qualified provider from there, and they can help you out with your current situation at hand.
Posted on
November 12, 2009
at
2:53 am
I see. But is the 60 60 plan applicable for every debt that I have?
Posted on
November 12, 2009
at
8:31 pm
In my understanding the 60 60 plan is only applicable for unsecured debts. Which means, your mortgage and your car payment are excluded from this plan. But can anyone verify this, please?
