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What effect will a Debt Management Plan have on my credit ra

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Jorden Andrew



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



389 Magic Points

Subject: What effect will a Debt Management Plan have on my credit ra
 
Posted on Mon Jul 20, 2009 7:23 am  

Hello All,

What effect will a Debt Management Plan have on my credit rating?

Please give me some comments about my quesion.

Thanks in advance..
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carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30073 Magic Points

 
Posted on Mon Jul 20, 2009 9:46 am  

Hi Jorden

Participating in debt management plan is good. This means that you have the good intention of paying back the money. Your credit report will have a comment saying that you are paying an account through credit counseling. This comment, won't hurt your report. However, lenders might not be keen on lending you money if you are applying for new credit. Regular payers may gradually have an advantage and may be able to negotiate new loans with lower rates of interest. But that may be a gradual process.
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Jorden Andrew



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



389 Magic Points

 
Posted on Wed Jul 22, 2009 9:54 am  

Hello,
Carol
I think you are absolutely right.
Participating in debt management plan is good ...

Thanks ...
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fireyone



Joined: 26 Feb 2008
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Posts: 4246



142 Magic Points

 
Posted on Wed Jul 22, 2009 11:55 am  

Debt management is good. Carol is correct it will show on your credit report but it is better than getting behind on your bills and not paying at all. Debt management can be a way of getting out of control bills back in control and it keeps the interest rate lower.
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30073 Magic Points

 
Posted on Wed Jul 22, 2009 12:49 pm  

True Firey. But Jorden also remember to be regular with your payments and make them on time. Make sure you work with a reliable debt management company. If they are late in paying your creditors say by 30 or 60 days, it will have a negative mark on your report which will stay on for the next 7 years.

On the other hand if you are regular with your payments, you could later try and negotiate with your creditor to lower the rate of interest.
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Carol

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