Debt Management Info Blog

Craig D asked:


i have defaulted on alot of credit in the past and entered a debt management scheme, i have now been paying my creditors for 3 years without any missed payments through the scheme, i will be finished soon and amwondering if as soon as i owe £0 and all accounts are closed will my credit file be cleared of the black marks etc. ?

mom24athome asked:


I want to eliminate the rest of my credit card debt. I see the ads for debt management services where they work with your creditors to reduce your interest rates, then combine all of your debt together, where you pay them one payment per month. My husband thinks this will reflect negativly on our credit report. Has anyone ever done this, and were you succesful in eliminating debt? Did it affect your credit rating in a nigative manner? I think that most people in America today, have alot of consumer debt, but I see many poeple who aren’t worried about it, and only pay the monthly minimums each month. I have been there before, but I am ready to pay it all off. What do you think? I would love to hear from anyone who has used these services before, or any other great idea to pay it all off, without taking out any more loans. Thanks!

atticusblack19 asked:


Last year I had an accident and had to stop working since that Ive struggled to keep up on credit cards, 2 months ago I applied for debt management. The 1st months payment they keep as deposit and then the 2nd months payment is split between your creditors, 1 of the creditors has accepted the offer, but one of them wont leave me alone they are saying that I still owe this money whilst the debt management programme is being set up the problem is I have given all my money to this debt management company (DMC) that has told me they will call them and talk to them which I think they do. The problem is this company keep on sending me letters saying that I owe them this money and its got to a Credit Reference Agency. I have called my DMC who have said they are waiting for their first payment (due any day) then they will discuss future payments and that as long as Im making a payment I can afford theres nothing they can do is this true? Im being told one thing from DMC and another from Credit

Melanie B. asked:


I have about $6,500 worth of debt, my income after taxes is about 21,000 a year. Most of my creditors have closed my accounts (all of my credit is maxed out). I recently got my FICO score and it is 529 (very, very poor). I have called some companies that specalize in debt consolidation and I have been told that I do not have “enough debt”. I talked to a professional about bankruptcy and was advised against filing because I do not have “enough debt”. I am a renter, and do not have any assets that could be held for collateral. With my credit score being the way it is, and closed accounts on my credit record… what are my options?

Karen V asked:


I have recently sent away for a info pack on the debt managment plan that the charity CCCS offer. I was wondering what everyones experiences were with this and what they thought? I have heard a few good things about it but just wanted to get a few more opinon’s. Also, does anyone know if you can spread it over a few more years if you want to lower the monthly payment you have to send CCCS to pay the creditors?
Thanks

Tuzita asked:


I just got separated from my husband a few months ago and ever since then he has not helped me pay for any of our credit card bills. We owe a little over $20,000 and most cards are unfortunately under my name because I had better credit score than him. One of the creditors started raising up the minimum monthly payment over 200% and the APR went up to 34 and I hadn’t even been late on it yet. I have not been able to pay on this particular account for a couple of months now and I’ve been getting letters where they say they can help me lower the APR and what not but first they want me to pay $1500 to see IF I qualify. Would it be better to do debt settlement, consolidation or should I keep trying to work w/ the credit card company myself? And what companies would you recommend me using if any at all? Help!

JennyF asked:


I am on the verge of bankruptcy. I have called Credit Counseling and with going over my budget with them they say I am at a deficit to pay back on their debt management plan. They recommend bankruptcy. I have sort of resigned myself to that fact that this is what I must do but does anyone have any advice. Will creditors work with you at all to work out a plan if you say you need help? I would rather pay my debts back if I can. Any advice is appreciated.

w.cawar asked:


I took out a debt consolidation plan witha company called Clear Cut Finance about 2 years ago as I had a bad accident at work and was unable to pay my credit card companies.

All was going fine until Febuary when they didnt pay any of my creditors at all so I decided that I would cancel the contract and reach an agreement with the companies direct, this is where the problems started I have been unable to contact them either by telephone using a personalised number I was given or their main number, by e-mail and also by the well contact you page on their website.

I look through the contract and it said I could cancel the contract by putting it in writing and giving them 4 weeks notice which I did and then I cancelled my standing order 4 weeks later.

They have now started paying the creditors again even through they are no longer taking money from me so I have again tried contacting them but nothing.
I then went to the companies house website and looked at them with their company number it gave a new address and phone number for their head office I have tried to call this but again nothing no answer so I have today again written to this new address saying I wish to cancel the contract.

One point of interest it said on the companies house website that their accounts are overdue by about a month not sure what this means.

I was just wondering if this company can turn around to me at a later date and say you owe us money and if they can alter my credit rating because they are paying someone without me paying them I have kept to the terms and conditions though.

I have also kept all e-mails sent and got proof of posting for the letters.

Can anyone help me or advise what they can do and what I should now do I have also contacted the credit consumer act people in London for advise and am waiting to hear from them I feel that I have done everything I can.

nephthys76 asked:


I will not qualify for government grants. I cannot get another consolidation loan.

I do not want to use a debt negotiation service.

My credit is good right now. I have paid all my bills at or above the minimum on time for over 7 years, and any blips on my credit have just recently “dropped off” my credit report.

However, I am struggling, and things are about to get worse for me, and very soon I will start to be in the negative.

I need help that won’t ruin my credit score I have worked so hard to repair.

If you have used a Debt Management Program and did not have to pay any additional fees, nor make any payments until all of your creditors accepted you into the program, please pass the name along to me.

r1971n asked:


I reciently was contacted by West Asset Management about a bill that I know I never had. They claim that they are working on behalf of Embarq (Part of Sprint Communications). I have contacted both Embarq and Sprint and both confirm that I owe nothing and my name isn’t even in their system.

My question is: if Embarq was alleged to either used West Asset or even sold my debt to them, wouldn’t Embarq still have some type of record on my account.