I have to chime in here too. Before I went into the DMP, I was over $50K in debt. I paid and paid and paid on these accounts, but because of the interest rates, late fees and over-limit fees, I was having to pay, the balance barely budged in four years. Finally, we couldn't take it anymore and went to see CCCS (I would recommend to anyone considering this). Now, 28 months later, our debt is down to $22K because the interest rates have been lowered on most - eliminated on some. We will be debt free in about 18 months. If we hadn't gone into the program, we would probably still owe about $50K and probably have to file for BK. Has it had any effect on our CRs? I don't believe it has because we are paying through a DMP. Maybe because some of our accounts have been closed. There are comments from creditors that we are paying through a credit counseling program, but they delete after being paid off. Going into a DMP forces you to live on a budget. I consider it a new lease on life. My scores are now TU - 621, EQ - 644, EX - 592.
I know I am going to be writing a lot of GW letters, but considering what I have been through, I'm surprised my scores are as high as they are. I'm going to be putting together a GW letter today because Sears MC never showed our account current and continues to show the account 30 days late, every month. I believe this is why EX is 592. I was stupid for not pulling my report before now (1/31/08). I now have hope.
Good luck on what you decide to do, but I don't believe my DMP hurt my credit - it was already hurt. I don't have any 'wage earner plan' comments on my CRs. The comments placed in my files about being paid through a DMP didn't come from CCCS, but through the CCC's themselves. Good luck!!!
Message Edited by OneDayOneDay on
02-03-2008 09:47 AM
