dmp program

[jlc]

for anyone who has ever been on a dmp program, can you please give me any feedback.  debt consolidation, not settlement.  i understand your scores drop, but how long until they start coming back up. 

[sl]

The only score that dropped for me when I went into a debt consolidation program was AMEX. They show 120 past due and debt management collections. My Chase accounts and BOA account do not reflect any debt consolidaton program at this time. Time is your friend to let the accounts age. After a year, I would write GW letters and see what happens. Chase is very generous with their GW Letters. If AMEX is in your debt consolidation program, word from the wise, pay that off ASAP and stay on top of it. They are giving me a horrible time on this and I am in the middle of a big dispute over this one.

[Anonymous]

I am on a DMP too.. Amex is not reporting me late. But they did make strict demands... I am paying AMEX myself because they are not flexible with the due date. My DMP payment would not arrive in time. In order for me to get on the program AMEX demanded four consecutive payments of $324.00.. which was more than double my payment. That was hard because money is tight when you first start a DMP.

There are a few of my cards that will not cooperate with DMP's..

Bill Me Later and Dell.

Chase/Circuit City was a hassle. We proposed a payment of $32.00.. That was denied because the payment was too low. Then we proposed a payment of $55.00 a month. That was denied because the payment was too high. Finally Circuit City agreed with a payment of $35.00.

[uktaurusbulba]

I just joined a dmp 3 months ago and my score has dropped from like 618 to 471. The problem, I believe, is that some are still reporting me as 90 days past due even though they have been receiving payments. I heard that some will remove this tag after 3 months on the program and my scores should go back to the area they were. Its not a huge concern for me at the moment because Im not trying to add more personal credit at this time so the short term damage wont affect my plans. I am a business owner and I am starting to do well. I am trying to build up the business credit so I can expand. It is tough running a business with no credit cards.

[demi]

Been in one for 3 1/2 years, 3.8 months to go (ye hah !).  Only time ever late was a Chase card, because Chase kept moving the date around and it was right around the time my payment came out for the dmp.  I called Chase and moved the date to later in the month.  Was not reported as late.  I have nothing but good things to say about the program, but make sure you are going with an credible plan.  I don't know what my scores were going in, but they are in the 690's now and I am purchasing a home.  I was not allowed to keep any cards (but I didn't have AMEX, so don't know what would have happened).   Mine required I close my accounts, that would probably make your scores drop, but other than that, only thing on the reports on some accounts is a statement "managed by a debt management plan" which from my understanding on the boards does not impact your score.