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How do I know whether a Debt Management Plan is right for me

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Jorden Andrew



Joined: 09 Jun 2009
JordenAndrew's page
Posts: 12



389 Magic Points

Subject: How do I know whether a Debt Management Plan is right for me
 
Posted on Tue Jun 09, 2009 7:58 am  

Many companies worked Debt Management Plan so,
How do I know whether a Debt Management Plan is right for me?
Anybody can give some comments?
rachael



Joined: 11 May 2009
rachael's page
Posts: 233



6576 Magic Points

 
Posted on Tue Jun 09, 2009 9:44 am  

Hi Jorden,

A "Debt Management Plan" is actually negotiating with your creditors to reduce the monthly payments, based on how much you can afford. You can negotiate on your own or take the help of a debt management company. A debt management company, prepares a monthly budget and lists all your debts in order of their priority. For instance, you need to pay off an installment loan, before you repay your credit cards, or else the installment loan creditor may place a lien on your property.

When you start working with a debt management company, they will first help you to pay down the installment loans, electricity bills and state taxes and your daily expenses. Then the remaining amount is given to other creditors. A "Debt Management Plan" is right for those who have multiple debts and cannot afford to pay them off. Can you tell me what kind of debts you have? Any other details will help me give further suggestions.

Keep in touch.
_________________
Looking forward to a debt-free life.
fireyone



Joined: 26 Feb 2008
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Posts: 4246



142 Magic Points

 
Posted on Tue Jun 09, 2009 10:13 am  

Hello Jordan, If any of your credit card bills are in collections then you may find you may want to negotiate those yourself. Since the companies are at risk for losing money they are more apt to work with you to resolve the matter.
I would give it a try before consulting debt management because it could save you money and that savings could be applied to other debts. Just look for the toll free number and then give them a call. Let them know you are willing to resolve this debt issue.
Remember the older the debt is the higher the chance they will take less to resolve it. Some older debts can be settled for 50-70%
scott

scott

Joined: 28 Jun 2006
scott's page
Posts: 446



10890 Magic Points

 
Posted on Tue Jun 09, 2009 10:31 am  

Hi Jorden Andrew,

Quote:
How do I know whether a Debt Management Plan is right for me?


If you can mention the amount and kind of the debts you owe, I can reply to your query in a better way. Generally people try to repair there credit through a Debt Management Plan, during the following instances:

1) If you are unable to get a Debt Consolidation Loan, because of a low credit score.
2 If you owe more than $5000.
3) If you have about 5 unsecured debt accounts.
4) If you can only afford to pay the debt amount and want the accrued interests to be waived off.
_________________
SCOTT

Use your credit account responsibly and enjoy a debt free life.
Jorden Andrew



Joined: 09 Jun 2009
JordenAndrew's page
Posts: 12



389 Magic Points

 
Posted on Mon Jun 15, 2009 9:54 am  

Thanks To all Share your Opinion here ....
jenna343



Joined: 07 Jan 2009
jenna343's page
Posts: 5



251 Magic Points

 
Posted on Fri Jun 19, 2009 8:35 am  

Hello!!!!All i can say is don't ignore your debt problem.You can ask help from your creditors for some advices on how to manage your finances..
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