Let us create a 3D eBook for you!
Let us create a 3d Digital eBook for you! DigyCat.com

Life on a Debt Management Program


Signing up for a debt management program is easy; it's a matter of finding a company you feel comfortable with that is difficult. There should be no pressure added from the company you speak with, joining a DMP is your decision and you should feel like you are in a partnership with the company, meaning you both have control over your financial situation. Below you will find information on debt management programs and what they offer.

First off, once you decide on a DMP your partnership will begin as soon as the company receives a client agreement. The counselor you speak with will become your personal counselor and they will send proposals to each of your creditors outlining your new repayment plan. However, not all creditors will process proposals immediately. It may take several weeks before the creditor notifies the counselor that the proposal has been accepted. Some creditors might request a higher payment than what was proposed, which in that case the counselor will notify you immediately.

It's the first few months that are crucial to ensure success on a Debt Management Program. You will find that some company's offer counseling throughout the first steps of the process to make certain that the proposals have been accepted and that you are receiving creditor benefits. A great aspect about having a personal counselor is that you should be able to:

* Change your payment method

* Notify them of creditors phone calls

* Report any errors on your statements

* Answers to all of your questions

If you want to earn special benefits like lower interest rates and waived late fees you'll first need to be consistent with making your payments on time. Most creditors will start granting benefits upon acceptance of your proposals. However, some other creditors may take up to three consecutive payments before offering full benefits. That's why it is important for you to carefully review your monthly creditor statements such as when benefits are granted to make sure they appear that month. You should also check each month to make sure that you are receiving credit for your payments made through the debt management company you chose to sign up with.

As most companies promise, the collection calls will stop. Yet, it may take up to three consecutive payments from the credit counseling company, before the calls stop completely. If a creditor happens to call, you should inform them that you are working with a credit counseling company to eliminate our debt. If they call again, notify your counselor and they will contact that creditor for you.

One thing that is crucial is to not make any additional charges on your credit cards once you have enrolled in a program. With most companies, if you do incur new charges, you are at risk of jeopardizing your acceptance into the program. Any additional charges could affect your payment schedule and your monthly payment amount because it affects your balance owed.

Usually credit-counseling companies will allow for you to pay several different ways. Some forms of payment are E-pay systems, which offers a convenient and secure way to make your payments. The payment is automatically deducted from your checking or savings account on the scheduled due date. This will ensure that your payment is received on time, every time. Another option available is if you choose to send your payment by cashier's check or money order. However it is important to send your payments in early enough to allow enough time to get there.

If you decide to sign up for a dept management program you should receive an estimate of the length of time it will take to complete your program. You should also get a breakdown of all the debts you owe, the amount owed to each creditor, the proposed payment to each creditor, and the anticipated number of months needed to pay off the debt. As your program continues, you should be able to contact a counselor to get an updated version of your repayment schedule. This will provide you with goals to shoot for each month as you see your debts decreasing.

So that's the process of a DMP, but one may still wonder, what's life like on a DMP. Well, your money isn't locked up, and you aren't under house arrest where you can't go out and have fun still. It's up to you to decide how much money you need to set aside each month making sure you have enough to cover your costs, as well as cover any other costs you may have. To relieve stress, you should get out and do something you enjoy whether it's simply going for a hike or hanging out with friends. There is plenty to do while being on a debt management program, which no one will know about unless you choose to tell them so because all your information is kept strictly confidential.

For more information relating to debt management programs and other financial assistance please visit http://www.inchargeorg.org.

Katie Spencer is a contributing writer for a number of international financial journals both online and in print. Katie has been delivering financial education to the public in a variety of areas to include budgeting, credit and debt management, and money saving tips. Recently, Katie has been in partnership with a national educational foundation to deliver financial advice to American consumers via the web. For more information and to read the latest articles published by Katie, please visit http://www.inchargeorg.org


MORE RESOURCES:

Debt Releif - Google News

This RSS feed URL is deprecated

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Law Firms Should Provide Student Loan Assistance To Their Associates - Above the Law


Above the Law

Law Firms Should Provide Student Loan Assistance To Their Associates
Above the Law
The idea of employers offering student debt relief is not new. Indeed, I have read numerous articles about financial services companies offering programs through which employers can provide student debt relief. It seems obvious that law firms would ...

Sudan: Debt Relief Still Not Forthcoming Says Finance Minister - AllAfrica.com


Sudan: Debt Relief Still Not Forthcoming Says Finance Minister
AllAfrica.com
He, however, regretted the fact that despite the implementation of a series of reforms by the government of Sudan including 13 Staff Monitored Programs and the Interim Poverty Reduction Strategy Paper for two years; the establishment of debt scenarios ...

and more »

What is debt settlement? - KTNV Las Vegas


KTNV Las Vegas

What is debt settlement?
KTNV Las Vegas
The other two are debt consolidation and bankruptcy. Debt settlement is when a debtor and a creditor agree on a reduced amount to negotiate the original amount owed. This may sound like the ideal solution for anyone stuck in debt and, in some cases, it ...

and more »

Congo seeks relief talks with oil traders over $2 bln debt - Nasdaq


Nasdaq

Congo seeks relief talks with oil traders over $2 bln debt
Nasdaq
LONDON, Feb 20 (Reuters) - Congo Republic is set to become the latest African country to start debt relief talks with trading houses after borrowing $2 billion from merchants such as Trafigura and Glencore but now finding its debt levels unsustainable ...
The Congo to start debt- relief talks after borrowing $2bn Business Day
Congo seeks relief talks with oil traders over $2 bln debt | - Kitco Kitco News
Congo seeks relief talks with oil traders over $2bn debt Creamer Media's Mining Weekly

all 1 news articles »

Congo seeks relief talks with oil traders over $2 bln debt - Reuters - Reuters


Congo seeks relief talks with oil traders over $2 bln debt - Reuters
Reuters
Congo Republic is set to becomethe latest African country to start debt relief talks withtrading houses after borrowing $2 billion from merchants such asTrafigura and Glencore but now finding its debt levelsunsustainable, sources familiar with the ...

and more »

Falmouth Receives Major Debt Relief on Turbine Cost - CapeCod.com News


CapeCod.com News

Falmouth Receives Major Debt Relief on Turbine Cost
CapeCod.com News
“The Board of Selectmen voted to enter into an agreement which reduces the obligation from about $1.5 million to about $178,000,” she said. Had the town not received the relief, it would have had to pay $110,000 a year for the next 15 years. The ...

Debt relief still not forthcoming says Sudan finance minister - East African Business Week


Debt relief still not forthcoming says Sudan finance minister
East African Business Week
KHARTOUM, Sudan, the Minister of Finance and Economic Planning, Mohamed Osman Suleiman Elrekabi , the Spokesperson for the EDs, Bright Erakpoweri Okogu , African Development Bank.

and more »

Greece's welcome debt upgrade fails to end concerns over its long-term economic health - CNBC


CNBC

Greece's welcome debt upgrade fails to end concerns over its long-term economic health
CNBC
"However, the medium-term fundamental situation remains problematic," he said, "without significant debt relief measures, such as the ones recommended by the IMF (International Monetary Fund), the Greek debt level would most likely remain at (an ...
UPDATE 3-Ratings upgrade lifts Greek debt, Italy succumbs to pre-election nerves Reuters

all 56 news articles »

Debt relief company returns money to FTC, refund checks in the mail - KOMO News


KOMO News

Debt relief company returns money to FTC, refund checks in the mail
KOMO News
If your credit card debt is out- pacing your ability to keep up with payments, reputable credit counseling advocates say debt relief companies should be your last resort. "People jump right into the first solution that looks like it's best for them ...

LargeFriends.com - the best dating site for plus-sized singles!
SuccessfulMatchCentral.com - the best dating site for plus-sized singles!

PreLaunchX

PrimeNews Domain Is For Sale - $5,000 For Enquiries eMail Us

© www.PrimeNews.biz - 2012

home | site map | links