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Forums » Credit & Credit Repair » Debt Management Plan ??

Debt Management Plan ?? Subscribe to Debt Management Plan ??

10 posts by 6 users

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Tag Tags: debt-management-plan


Jorden Andrew

Accountant


Forum_avatar_avatar-jordenandrew

Icon_minipost Jun 14 '09, 06:42 PM

Debt Management Plan ??

How long will I have to pay a Debt Management Plan before I am debt free?

Please share your opinion here...

Edited: 06/26/2010 at 08:35AM


Jim Wineinger

Real Estate Investor · ten mile, Tennessee


Forum_avatar_avatar-jawsette

Icon_minipost Jun 14 '09, 06:47 PM

The answer seems to appear on your signature www site.

In just a few short years, you could be debt free too.

Edited: 06/26/2010 at 08:35AM


Adam Anderson

General Contractor · Dallas/Ft. Worth, Texas


Forum_avatar_avatar-adamt

Icon_minipost Jun 19 '09, 04:49 AM

How about no time at all. Just manage your own debt.

Edited: 06/26/2010 at 08:39AM


Eddie Ziv

Real Estate Investor · Studio City, California


Forum_avatar_avatar-ziv2liv

Icon_minipost Jun 19 '09, 07:49 AM

Jawsette,
That was a funny observation... :lol:

Edited: 06/26/2010 at 08:39AM


Jim Wineinger

Real Estate Investor · ten mile, Tennessee


Forum_avatar_avatar-jawsette

Icon_minipost Jun 20 '09, 07:17 AM

Nothing funny about the observation really. Now what is funny is someone thinking they can put one over on us here at BP.

We are not the general public here, we are a special group indeed thanks to this special site ran by Josh.

Edited: 06/26/2010 at 08:40AM


Jorden Andrew

Accountant


Forum_avatar_avatar-jordenandrew

Icon_minipost Jun 21 '09, 02:32 PM

Thanks to all share your suggestion here.

Edited: 06/26/2010 at 08:41AM


Jim Wineinger

Real Estate Investor · ten mile, Tennessee


Forum_avatar_avatar-jawsette

Icon_minipost Jun 21 '09, 02:57 PM

We have yet to hear your opinion/ and or the reason for asking!

Are you considering leaving that idustries empolyment for another one?

Edited: 06/26/2010 at 08:41AM


Frank Kriticos

· San Diego, California


Forum_avatar_avatar-franko

Icon_minipost Jul 02 '09, 08:00 AM

Lotsa commercials about debt settlement these days huh? Just like most things, you can do this yourself. But just like most things, if you do it yourself you probably won't get as good as results.

If you want to do it yourself then you have to go late. The longer you are delinquent, the "better deal" you will get. The account stays with the bank until 6 months, then it gets charged off which means they write off the debt and it gets sold to a collection agency. If you can catch it at around the 5 month mark just before it gets written off, that would be the best and different creditors settle at different amounts. BofA settles at 20%

Realize that this route of doing it yourself AND/OR a debt settlement company will both result in bad credit. After it's settled and stops reporting, you should be able to start repairing and reestablishing your credit.

Frank

Edited: 06/26/2010 at 08:49AM


Jim Wineinger

Real Estate Investor · ten mile, Tennessee


Forum_avatar_avatar-jawsette

Icon_minipost Jul 02 '09, 01:04 PM

You say we cant do it ourselves?

What about managing your at a debt level that you can afford. Be proactive and take care of problems before they become problems.

That is the best DEBT MANAGEMENT PLAN and you can and SHOULD do it yourself.

By always being on top of things, and not hiding you head in the sand until that flash flood washes over you, is always going to allow you to be on good terms with the bank. This good relationship that you develop will allow you to be proactive with any problems that you see forthcomming and then when talking to the bank you will be able to rework things in such a way as is best for you.

It is not necessary to go through any other company to do what you can do for yourself. But you must set the groundwork and develop that relationship by showing your good financial management and creditworthiness.

Without these things in place no one knows who you are and that your word can be relied upon.

Edited: 06/26/2010 at 08:49AM


Martin Peterson


Forum_avatar_avatar-mmartinpeterson

Icon_minipost May 22 '10, 11:09 AM

Debts can be settled in two different ways; one lump sum or a term settlement. One lump sum is just that, one payment and the account is paid. A term settlement is a settlement which is paid over an extended period of time until the account is paid.

[link removed]

Edited: 06/26/2010 at 12:54PM by Moderator


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