DMP and Credit Damage?

[marty56]

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@creditstudent wrote:

Thanks for all the great infor marty56, can you tell me which DPM you used? I know it was 5 yrs ago but I would like to see if they are still around.

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

I have no regrets in using a DMP but I wish I had checked my BofA statement more carefully during the time.  If I had my score would be in the 800's right now instead of having to wait 1 year and 11 months.

[marty56]

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@Anonymous wrote:

Only one creditor reports on my credit report that I am in the program. I did try to get the OC's to work with me prior to going with the DMP some would some would

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Don't worry about the comment, it has zero effect on your FICO score and it has not affected my ability to get credit or the interest rates they gave me.

[Anonymous]

Good testimonies. Makes me feel even better about my recent decision to call them.

I just received my paperwork today for a DMP through CCCS.  I am only putting 2 credit cards in the plan, as they said they couldn't really help much on my GEMB accounts, and I am already on the same terms that they would get through Chase. 

The 2 cards I am putting in the plan include my Juniper (Barclays) account, who will absolutely not work with me at all, and I have been trying every 3 months for 3 years to ask for a hardship plan, and they offered nothing.  With the DMP my rate is dropping to 5.99% and my payment will be about the same - so paid off in about 3 years.  The other card (CFNA) said they could not give me a deal, but the customer service rep told me that if I go through CCCS that interest & fees would stop all together and all of my payment would go toward the balance.  That is why I called them in the first place - and I have to say I am glad I did since I can finally start paying off that crappy Juniper account! 

I guess this is what I get for trying to work only part time and stay home with the kids while hubby works his butt off.  Since the cards are only in my name and I have barely an income, they are not charging me a fee for the DMP, which is even nicer.  My payments are $2 less a month than what I was already paying, except my balance will actually be going DOWN instead of being stagnant. YAY!

I have been trying to work the Dave Ramsey plan for a few years now, and it has really kept us out of trouble and kept us current - but that's about all we're capable of without me working, so it kinda sucks for now.  But it has been very frustrating trying to work with these credtors on my own - they just don't want to give in to anything at all, and now, when I find out what kind of a deal I can get through CCCS, and I can't get that on my own, it really pisses me off beyond all belief.  If I had known it was going to go down like this I would have had that damn Juniper account with CCCS 3 years ago and it would be paid off by now.  Buttheads.