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Debt Mgmt Plan??

Posted: May 7, 2010

Has anyone used a very credible debt management plan successfully? I need a nonprofit one that doesn't charge a monthly fee if at all possible or one of my largest debts won't accept their plan. Prefer something online, but not sure which ones to trust. Any information will be greatly appreciated. Thanks so much!

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Debt mgmt plan - Tara

[ In Reply To ..]
I have heard of many people not having good luck with these companies and so I myself went about calling all my debtors and working something out with them. After you have defaulted, they seem to be more than willing to work with you to get their money. I had many credit cards that reduced their interest and quit charging me late fees. It can be done on your own if you take the time and energy to do it and be really persuasive with the companies.

Tara - sm - Sims

[ In Reply To ..]
If you don't mind sharing details, did you just let your debts go into collections and then try to work out something with each company? I've considered bankruptcy but if I could work out a less amount than I owe, that would be great. Thanks.

deb mgmt plan - Tara

[ In Reply To ..]
I just didn't pay them because I couldn't afford the payments and they called me probably a few weeks after my payment was late and I told them I had lost my job and they were more than willing to work with me. All my accounts were closed, but they lowered the interest from 24.99 to different interests rates on different cards, some as low as 3.9%. They do an auto-pay with me once a week to coincide with my unemployment check with the payment being split into four payments so that way it doesn't seem like such a big chunk of cash at once. Why pay someone to do what you can do yourself and with a lot less hassle?

I had posted on this yesterday but it appears to have - sm - IndebtMT

[ In Reply To ..]
disappeared for some reason. But what I said was negotiate on your own. I called a consolidator this last Fall, they laid me out a 4 year plan I think, which is as long as they would go, I wanted 5 years, $1K a month, 10% interest for about all of my cards I think (5 total). I knew I could do better on my own. They also recommended bankruptcy but that really is not an option for me though I'd love to go that way, I would lose my car for sure (we have 2 and mine is worth a lot more than my DHs truck), and probably some land we own, so that is not an option for me as he does not want to lose the land though it would pay it all off if we sold it. So I negotiated a deal with my largest one (actually they offered it to me after not paying for 2 months after my first hard ship plan expired) for five years, no interest, $410 a month, auto-pay but worth it as it is saving me so much in interest. I also have a 1-year plan with Discover (second time again, new plan after 1st one expired and I missed a couple payments), they offered at first 9% interest I think -it was under 10 anyway---I just told them I could not do that so they arranged for my payment of $330 a month with interst of 9.9%, then credit me back $116 a month for the interest payment, so basically no interest deal for one year. By the time this one expires it will be down to 4 digits and I hope to re-up on the same plan and just do that every year until it is paid off, about 3 more years at that rate. So they will work with you, tell them you need a hardship plan and they will transfer you to that department and once they quote a monthly payment though they pretty much won't budge, at least I have had no luck getting it to be lower. On my first time of the plans my payments were lower, but I suspect since I did not pay for those 2 months in-between that messed me up in their eyes. So I am happy with what I have arranged, slowing paying off my other 3 smaller ones, always a little above the min on those, probably getting killed on the interest there but 2 of those 3 are still open accounts, though one is frozen for now - the largest of the 3, one is closed and the other active, so hoping to come out with 1 card in the end and have the others closed after paid off. Obviously the ones in the hardship plan are toast but that is fine. I just want one for emergencies and that is it. Use my debit or cash now for everything. Still tough in time it will all get done and I hopefully have rebuilt my credit some. It gets a bit hairy some months, these last 2 have nto been fun as I had to lay out $500 in taxes between federal and state and lotso of other unexpected expensed adding up to over $1K, so been really stressing but I always make sure I set aside the money for the two cards on the hardship plans first, because if you default the plan is cancelled and that is not good. I don't know of any consolidators that do not charge a small fee, generally $30 a month. Just make sure they are a part of the CCCC. Good luck.

Been through it all... - Finally learned lession

[ In Reply To ..]
When I got divorced many, many moons ago, I was very selfish and didn't pay my bills (parents never taught me and my husband at that time took care of everything). I ended up filing bankruptcy, which was great - except that looking on it now - was probably an easy out on my part. Fast forward many, many years later with a new husband who was laid off twice, we ended up going with a debt management company - Debt Free Today. I don't know if they fall under the category you are looking for but I will say they did a good job. I had one credit card company that wouldn't accept the terms the first go around but Debt Free sent them another letter and they finally agreed. It was wonderful when they took my last deduction. Fast forward a couple of more years with husband having another job but a very low paying one. I made sure our "priority" bills got paid but that left one of my credit cards out in the cold. After many collection calls from them, I swallowed my pride and called them back. They lowered my interest rate WAY down for a set period of time (I think a year) and in exchange they closed my account so I couldn't keep adding anything on. That was a couple of years ago and I now can proudly say I have learned my lesson, pay all my bills and budget, budget, budget. :)

What about CareOneCredit - Need advice

[ In Reply To ..]
Looked them up online and they have an A+ with the BBB, but there were complaints. I filled in my info and there was a savings, but scared to go further. Thanks!

CareOne - MT in debt

[ In Reply To ..]
I went with CareOne many years ago and they were horrible. Told me everything they were going to do and I had to make sure to follow-up on every last detail and a lot of things fell through and two of my credit cards wouldn't deal with them. It took them over six weeks before they even sent my creditors any letters. They are supposed to be one of the best, but they obviously have their problems too.

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