swtchickie Posted July 12, 2007 Report Share Posted July 12, 2007 I was just wondering about those of you who have gotten out of a Debt Mangement Program. Have any of your creditors re-opened your account? And also, does the "managed by credit counseling" note come off of your CR? I have spoken with the creditors I have in the program, and some will maintain the lower interest rates...others won't. However, the amount I pay to the DMP isn't much less than what I would pay directly to the creditors. I didn't realize they put a damn note on your CR and that it would have a negative impact, so I didn't think to ask about it. Just wondered if it is worth it to pay the extra in interest if they will remove the notice. Thank you!! Link to comment Share on other sites More sharing options...
swtchickie Posted July 13, 2007 Author Report Share Posted July 13, 2007 Either this was a really good question, or it was a really dumb one. lol Link to comment Share on other sites More sharing options...
willingtocope Posted July 13, 2007 Report Share Posted July 13, 2007 There's lots of posts on the board here about people who want to dump their debt fixers. You'll have to search for specifics...one of the problems is these scammers call themselves different things....debt management counsellors, debt settlement companies, credit counselors...Me, I call them all debt fixers...and they're all scams. They're really collection agencies that have found they can make more money with honey than by hassling debtors.Yes...you want to cancel your debt fixer. Yes, having "managed by DMP" on your reports hurts.Yes...its worth the extra interest to get out of the program.As to whether the creditor will reopen your account at some point...hard to tell..depends on how much you owed, how late, and who the creditor is. Link to comment Share on other sites More sharing options...
swtchickie Posted July 13, 2007 Author Report Share Posted July 13, 2007 I've actually spent quite a few hours searching the subject and really haven't found anything about what has happened to people's accounts after dumping the program in the middle of it... Mostly info about those who completed the program.As for my accounts, there are three of them (discover, abercrombie, american eagle)each having 7 year histories with not one late payment until joining the program. They are back on track now, but after absorbing all of this info it seems I probably want to keep those TL's, correct? That's why I was wondering if anyone had managed to get their accounts re-opened after dropping the DMP.Thanks for the input...I'm seriously considering taking the hit in interest. Link to comment Share on other sites More sharing options...
willingtocope Posted July 13, 2007 Report Share Posted July 13, 2007 Well, the bad news is...whether you want to or not, the TL's are going to stay with you for at least 7 years. The good news is, once you complete their "hardship" program...which is what they probably have you on...they might reinstate the accounts, which will move them into the "good" category. You might even be able to negotiate the "lates" off them later on. Link to comment Share on other sites More sharing options...
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