Posted on: 27th Dec, 2010 04:09 am
Hello Everyone ,
Need help.. Can anyone tell me what debt management is..?
Need help.. Can anyone tell me what debt management is..?
Hi komprasone!
Welcome to forums!
As far as I know, Debt Management Plan or DMP as it is popularly known is a repayment scheme which will help you in making unsecured debt repayment more affordable. This is mainly done with the help from a 3rd party debt relief company who will help you in negotiating with your unsecured creditors so that you're able to reduce your monthly payments to an affordable level.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, Debt Management Plan or DMP as it is popularly known is a repayment scheme which will help you in making unsecured debt repayment more affordable. This is mainly done with the help from a 3rd party debt relief company who will help you in negotiating with your unsecured creditors so that you're able to reduce your monthly payments to an affordable level.
Feel free to ask if you've further queries.
Sussane
usually is about a third party charging you to either manage and pay off your debt over a number of years. Debt consolidation is another name it could be called. IF you are in serious debt over $20k you should consider bankruptcy. You can learn more about credit and how to repay debt back by going to mint.com (budgeting tool), or the 3 credit bureaus transunion, equifax, or experian. Good Luck !