Debt Management Plan ??

Question

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

Please share your opinion here...

Jim Wineinger · Answer

The answer seems to appear on your signature www site.

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

Martin Peterson · Answer

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. 
          
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Jim Wineinger · Answer

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.

Frank Kriticos · Answer

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

Jim Wineinger · Answer

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

Are you considering leaving that idustries empolyment for another one?

Jorden Andrew · Answer

Thanks to all share your suggestion here.

Jim Wineinger · Answer

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.

Eddie Ziv · Answer

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

Adam Anderson · Answer

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

Debt Management Plan ??

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