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Established Contributor
Posts: 578
Registered: ‎06-18-2007
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WHAT TO DO? This is a tough one!

What do you do in this situation?:
 
In 2004 I fell into some difficulty and could not pay my bills.  By the time I could it was early 2005, so the 3 accounts I had the most trouble with I enrolled in a DMP.  The Citibank was already in collections and I was getting threatening phone calls, very scary actually, but that's besides the point.  Anyhoo, I can check the Citibank, and Crap1 online easily, but the BofA was another story, no bill, no online banking.  Called periodically to check the balance was going down.  Based on the DMP, BofA was/is getting $135 per month.  The DMP paperwork I received showed that all except Citibank agreed to Re-age the accounts.  Don't you know even though they said they would not, they did.  That's why I love em!!
A month ago, I called BofA and was informed that all this while my account was charged off!!!  So I've been unknowingly paying a charged off account!!!!  I know you're thinking, how is it that you didn't know it was charged off??  Well, I never received anything in writing and when I called, none of those b#$#$%s said anything to me, until this last time.  The guy told me, they never accepted the DMPs proposal and then when I called the DMP, they called and called me back and said yes the account was in the program and receiving the 9.9% apr (whoopie!!! :smileyindifferent:) but yes, it was charged off.
 
Now I feel like I don't have a leg to stand on because I've been paying.  Stupid customer service people actually tried to convince me a paid my charge off would help me.  Cow didn't know I've been reading these boards:smileywink: and I know better, I don't want 5 pts, I want them all back!!!  The whole point of the DMP for me was to avoid collections. 
 
So, how do I make this go away? I feel like they moved shady on me with the charge off. I feel betrayed by them and the DMP (even though Citi and Crap1 are doing great and making excellent progress). 
 
What to do? What to do?  I'd appreciate the advice..........A LOT!
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: WHAT TO DO? This is a tough one!

Opinions vary on the subject of DMPs. I am opposed them because they tend not to do a very good job for the consumer. Oh sure, collectors might stop calling and threatening, but once the reality of one's hosed credit rears up it's ugly head, well, then the DMPs don't look so hot.
 
Others here have reported good experience with a DMP.
 
Read the agreement you signed with the DMP carefully. I'd wager there's nothing in there that says they will keep you outta collections, outta chargeoffs, and outta court.
 
IMHO, DMPs are as bad as the CROs. [That should be enough to get a few folks piping up to defend DMPs and recommend a course of action.]
 
I say bail from the DMP and work directly with your OCs.
 
Established Contributor
Posts: 578
Registered: ‎06-18-2007
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Re: WHAT TO DO? This is a tough one!

Thanks Noah!
 
I'm not going to defend them (DMPs) in any way, especially after this fiasco.  I'm was thinking to pay off the other 2 accounts that were doing well with DMP and remove the BofA from the program and then be done with them. I'd then work directly with BofA. 
 
Question is though, what leg do I have to stand on with BofA.  PFD? Beg them to Re-age, as I've been paying on time for over 2 years?  That's the part that confuses me the most.  The situation just seems atypical to me, ie to ask for a PFD when I've been paying all along.
 
Any advice on how to handle BofA?
Established Contributor
Posts: 578
Registered: ‎06-18-2007
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Re: WHAT TO DO? This is a tough one!

bump
 
don't mean to sound desperate, but I really would love some ideas on what the heck to do about BofA.
 
Thanks!
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
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Re: WHAT TO DO? This is a tough one!

How much do you owe B of A in total?
You were paying $135/month through the DMP (in theory); what could you afford to pay now? 
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Established Contributor
Posts: 578
Registered: ‎06-18-2007
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Re: WHAT TO DO? This is a tough one!



masdeocho wrote:
How much do you owe B of A in total?
You were paying $135/month through the DMP (in theory); what could you afford to pay now? 



Ooooh thanks for the response!
 
Well, once I pay off the other 2 accounts in the DMP, I could pay the entire $260 to them per month.  What are you thinking?
 
Established Contributor
Posts: 578
Registered: ‎06-18-2007
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Re: WHAT TO DO? This is a tough one!



trinigal wrote:


masdeocho wrote:
How much do you owe B of A in total?
You were paying $135/month through the DMP (in theory); what could you afford to pay now? 



Ooooh thanks for the response!
 
Well, once I pay off the other 2 accounts in the DMP, I could pay the entire $260 to them per month.  What are you thinking?
 


Sorry, didn't answer all the questions...... I owe about $3700 in total, it's a little less than that by now I think, but it should be around that.
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