Have you used MMI Debt Management?

[danikasmom]

When I logged on today (it's been a while) there was a debt management tab with a company called MMI.  It looks as though myFico sponsors it or endorses it.  Has anyone used this company and what do you think of it if you have?

[marty56]

Now I know why the listing of DMP companies was frowned upon here.  Don't get me wrong, DMP companies are great and I am living proof that they work.

LOL I wonder where MyFICO got the idea of a MyFICO sponsered DMP plan.  Shoot what's next, health insurance?

[danikasmom]

Well, I googled it and it is part of Consumer Credit Counseling Service.  I am not sure what to go with and how it will affect me but I can't keep up with what I am doing right now.  We took a $35k hit in wages in the past year and can't keep up with anything and I don't know what to do.  I feel like I can't breathe and I can't answer the phone.

[marty56]

The 2 main benefits of a DMP program is to reduce interest and the ability to make a single payment.  Because the program is designed to last 3 to 5 years, most likely your monthly payment would go up, especially if you had been making tjust the minimum payment each month.

If you are having trouble making the minimum payments, most likely a DMP program would not be a good choice.

[tseville]

I just finished my counseling with MMI and I found my credit counselor to be extremely helpful.  We went through my credit report line by line and she gave practical advice and tips I could begin to use immediately to stay on track to rebuild my score.  Although I really didn't learn anything that I haven't already learned through this forum, I still found the service extremely helpful.  I would highly recommend - especially to those who are unfamilar as to where to start to rebuilding credit or if you need confirmation that you're on the right track.  The first consultation (which I did over the phone) was free so there's nothing to lose!!

[marty56]

Welcome to the forum.  If you are going to use the service, you need to monitor your CC statements very carefully and check the balances too.  No DMP checks your statement and the final payoff could be more or less then what they think.  DMPs are FICO friendly so your scores should improve as you pay your debt down.   Do not apply for any new credit while in DMP and if you can, save enough money to pay the minimum payment on each of your CCs in the program in case the DMP payment is late or something happens.  You are still responsible for the payments.  Finally you might want to leave your oldest or most valuable CC out of the program since most CCCs close the account when you enter the program.