Posted on
February 25, 2010
at
11:35 pm
What usually is in a hardship debt management plan?
Posted on
February 26, 2010
at
1:26 am
The creditor's hardship program or the credit counseling agency's Debt Management Plan?
Posted on
February 26, 2010
at
1:29 am
Oh..they're different? Can you just maybe explain both? A friend said thata hardship program and a debt management plan are pretty the same - I oweclose to $10k in credit card debt and a couple of months from now I won't beable to keep up with the payments - I'm just thinking ahead with this question
Posted on
February 26, 2010
at
1:31 am
Well, in a way they are similar ... the difference is the one who's going to negotiate.Basically, a hardship program is asking the creditors to modify your payment termsand/or your interest rates (I'm not sure if there's a standard for it, but I think it variesper creditor) - this is the d.i.y. way. The Debt Management Plan run by credit counselingagencies would do the same things for you. For $25/mo.
Posted on
February 26, 2010
at
1:37 am
If you're going to ask for a hardship consideration - write your creditors a letterstating what you can afford to pay (attach proof of your hardship) - state also your requests: like a new payment plan (a reduction of your regular payment perhapswhich would prolong your payments), a temporary stop on payments (skip months perhaps), &the clincher - a request for a freeze on interest charges. The creditors don't alwaysagree though ... but you can try.
Posted on
February 26, 2010
at
4:15 am
What is your aim really? Is it to maintain or manage your payment oreliminate the debt all together? I'm asking because there is another debt relief thatyou might be interested in - it eliminates debt in 1-3 years - and insteadof negotiating the interest rates, it negotiates the balance itself.
Posted on
February 26, 2010
at
4:43 am
You said that you owe almost $10k and that you're about to default anyway?That situation qualifies for a debt settlement program. Instead of doingDebt Management Plan which takes 3-5 years to complete, why notdo debt settlement? It'll take 1-3 years to get rid of that debt if you're diligent and faithful enough to finish it.
Posted on
February 26, 2010
at
4:55 am
Well can you recommend a company? I'm not sure if I'd sign on I just wantto see what they'll say ..also, what to look for in a settlement company?
Posted on
February 26, 2010
at
4:57 am
That's a wise thing to do - and here's a guideline for you instead, Im afraid I can't recommenda company: ---The settlement company's program must have a fast completion time. 12-36 months.-The program must be able to protect and improve the consumer's credit standing.-Must be a member of the Better Business Bureau, BBB, for at least 5 years.-Must also have a good standing with the Chamber of Commerce-A Member of TASC - The Association Of Settlement Companies and the IAPDA or theInternational Association of Professional Debt Arbitrators
Posted on
February 26, 2010
at
5:02 am
Hey you can also fill out a form here at destroydebt.com if you wish to speakwith a debt consultant with regards to debt settlement. It's free of charge.And if you wish to pick out a company from a trusted list, go here -
http://www.tascsite.org/index.cfm?event=Members
