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Debt management mistake


dgold21
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I was very misinformed early last year, when in looking to streamline my payments to several revolving accounts, chose a debt management program to handle my payments. They take the money out of my account every month, and pay my bills...what's the big deal, I thought.

Well, now I know, as I'm looking to buy my first house, that the little notation on the tradeline is not taken lightly by mortgage lenders, even if it has no impact on the FICO. So I'm considering opting out of the program after about 15 months, and wondering if anyone has done this, or has any concerns about it. I'm going to write letters to the accounts involved asking for assurance that the notation will be removed from the tradeline, and that they not jack my interest rates to unmanageable levels.

Is this even possible, or is there something I may be missing?

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if you cancel the program your interest rates will go back to where they were before the dmp, as far as the narrative "in debt management program" once you are no longer on the program dispute it with the CRA and you should not have any problem having it removed.

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