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One of the largest banks, Chase, is offering a new repayment deal -- a "less than full balance" debt managment plan (DMP) offered thru consumer credit counseling services (CCCS) across US. So in a hardship example, if someone cannot repay $20,000, but COULD afford a DMP to repay say $12,000 within a 5-year (60 month) contract, the company would approve it. Key FICO question that consumers want to know: will less than full balance DMP preserve FICO score or will it be dinged in same way that "settled for less than full amount" settlement offers are lower?
The "less than full balance" DMP comes from a provision of new 2005 BK law, but Chase is first to use it, to my knowledge, so no track record of how it may effect FICO formula ratings. Help.