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If you go through the program, will you ever be able to purchase a car? What will your credit rating be like? Who normally seeks your service, is it someone who is unable to get a debt consolidation loan? How many months behind should you be? -Dwayne
Once you have completed the program you should be able to get a car financed, provided your credit prior to entering the program was not extremely derogatory. Entering into a Debt Management Plan (DMP) will not change anything that is already on your credit report. Creditors may report that you are on a DMP and are not paying as originally agreed although they have accepted the reduced payment. After successfully completing a DMP, your credit report should reflect that you owe less debt, something that should be viewed positively by future lenders. However, it is up to the individual creditor whether or not credit will in fact be granted in the future.
The clients who contact us vary greatly in professions, income levels, debt levels, etc. Nobody, and I want to emphasize nobody, is immune from running into financial difficulties. You don't need to be behind on your bills before you call us. What we wish everybody would do is contact us before they become delinquent on their debt.
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Loans & Credit,
Auto Loan Resources,
Financial Literacy Month,
Kids & Money,
Budget and Debt Counseling
Reverse Mortgage Counseling
Credit Reports and Credit Scores
Homeownership and Home Loans
Loans and Debt
Love and Money
Money and Budgeting
Youth and Money
Blogging for Change
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