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New Contributor
howardi
Posts: 64
Registered: ‎04-30-2007
0

Non-Profit Debt Service

I am currently in some serious financial strain..I have 47K+ in unsecured debt..I am struggling a bit to pay off this debt..And to make the monthly payments.

 

Can someone recommend a reputable company to help with my situation?

 

Thanks,,

 

 

Super Contributor
marty56
Posts: 5,696
Registered: ‎10-06-2007
0

Re: Non-Profit Debt Service

If you are inteerested in a Debt Management Plan (DMP), it will reduce the interest payments and elimiate  OTL and late fees.  it wont hurt you credit in the long run but you have to be able to afford the payments and the max time you can take to pay them off is 5 years.

 

I sent you a PM on the DMP company I used.

11/28/2014 FICO: EQ: 796 EX:788 TU:803
Frequent Contributor
Math_Rocks
Posts: 485
Registered: ‎05-11-2007
0

Re: Non-Profit Debt Service

Marty,

 

Can you PM me too? Trying to decide our best course of action to reduce payments.

 

 

Filed Chapter 13 bankruptcy 04/12 after two and a half years in a DMP. So wish we would have done the BK sooner. Live and learn!
Super Contributor
marty56
Posts: 5,696
Registered: ‎10-06-2007
0

Re: Non-Profit Debt Service

Done.  IMHO in terms of saving money and protecting your credit, I think a DMP is a good option.  Doing it yourself requires discipline I lacked at the time and these days, wont protect you from AA.  I was 51  before I was CC debt free so its never too late.
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Valued Member
kellea1
Posts: 28
Registered: ‎10-01-2007
0

Re: Non-Profit Debt Service

Clearpoint FS
New Contributor
howardi
Posts: 64
Registered: ‎04-30-2007
0

Re: Non-Profit Debt Service

Thanks...Greatly appreciate it.

Visitor
leodaddy_38
Posts: 2
Registered: ‎07-15-2009
0

Re: Non-Profit Debt Service

Marty,

 

Could you please give me the name of the people you use to get out of debt, because I'm also considering someone to help me to get out of debt.

 

                                                                                                    Thank You,

                                                                                                     Nelson

Super Contributor
marty56
Posts: 5,696
Registered: ‎10-06-2007
0

Re: Non-Profit Debt Service


leodaddy_38 wrote:

Marty,

 

Could you please give me the name of the people you use to get out of debt, because I'm also considering someone to help me to get out of debt.

 

                                                                                                    Thank You,

                                                                                                     Nelson


I sent you a PM since we cannot post the names of DMP companies here.

 

If you have any questions let me know.  Other member here are in or have completed a DMP program.

11/28/2014 FICO: EQ: 796 EX:788 TU:803
Regular Contributor
Pants
Posts: 155
Registered: ‎06-12-2007
0

Re: Non-Profit Debt Service

[ Edited ]

I have been on a DMP for a couple of years. I had about $34,000 in unsecured debt. Last I checked I am $9,500.00. My credit score went from 475 to 680 (last I checked as of a few months ago).  I had 16 revolving credit lines, now I am down to 5.

 

Without a DMP, I would have been in bankruptcy. It is a challenge everyday. What I am trying to say is if you need to lose 75 pounds.. You can go on a strict diet and lose 75 pounds in a year. But this is like a strict diet that keeps going for 5 years. Its frustrating not being able to go on a nice vacation, not being able to go on small trips for the weekend, not being able to remodel the house.. But at least in this economy I still have a job, and I still have a house.. and there is light at the end of the tunnel.. I will be revolving debt free in about 24 months.

 

What I am trying to say is the DMP is a great program.. But you can't expect your debts to magically disappear. It takes a lot of time, effort, and sacrifices.  

 

Message Edited by Pants on 07-17-2009 11:49 AM
Visitor
leodaddy_38
Posts: 2
Registered: ‎07-15-2009
0

Re: Non-Profit Debt Service

Pants, could you please give me the name of the DMP you are with.

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