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We are currently enrolled in a debt management program. However, I have read that a debt management program may be just as bad as bankruptcy !!! It seems that i can do what they do on my own by negotiating with the creditors on my own. Would that be a better option or should I just stick with the debt management company? My debt management company charges me 50.00 per month for handling my debt.
The original company was Family Credit Counseling. However, it changed to American Debt Counseling in 2008. Is it possible now to legally cancel my contract with American Debt Counseling, and contact my creditors directly? What do you recommend I do and what can i do legally?
Thanks
debt management
Hi Dave,
You need to pull a copy of your credit report. From there check the status of the accounts under the debt management program. If the account status is reflecting "Settled" or "credit counsel", then it is affecting your score the same way a bankruptcy does.
Thanks,
Aaron