I've been in a dmp since August 2004. I'm about a year an...

[Anonymous]

I've been in a dmp since August 2004. I'm about a year and half away from completing the program. I've thought recently about taking over the payments myself to save on the monthly fee. What would happen if I send in the money myself? Would the credit card companies raise my interest rates again?

[Anonymous]

It depends.  I'm in a DMP as well and I tried to several occasions to pay additional payments through online banking, and Crap1 and Citi would not let me. I could not change my address of phone number online with either of them either.  Customer Service told me it was because I'm in DMP. 

It may or may not affect the benefits you get through the DMP, but you'd have to call each creditor because they seem to all move differently. I would check with them first before I make any move.

[Anonymous]

Thanks for the insight.

[sl]

I am also in a DMP.  I called Chase to see what would happen if I dropped out and let them take the payment directly from my checking account on a monthly basis (same amount each month) and went through them directly and was told I would go to a much higher interest rate.  I am currently 7% with them and I am afraid to see how high it would go, so I will stick it out. 

[Anonymous]

I hope this is not a dumb question, but what is DMP?  It is not on the list of abbreviated terms.  

[sl]

Not s dumb question at all.  DMP is a Debt Management Program.

[Tuscani]

---

monro411 wrote:

I hope this is not a dumb question, but what is DMP?  It is not on the list of abbreviated terms.  

---

I will add it.