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Ask Susan Responses
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MMI/CCCS: Debt Management Plans |
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More Ask Susan |
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Does the program work with couples if you are married, or can you take care of individual's debt in a couple? I have a reasonable income, and would like to get rid of all my credit cards. I also have a "credit" overdraft protection for my checking account, and a visa check card. Will all these accounts be closed, or just the credit cards? Do I need to get rid of all my accounts, in other words? How about card loans too? - Andy |
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Andy,
MMI works with both individuals and couples. Your chances of success will dramatically improve if you and your spouse are working together as a team.
As for the specific account information, I’ll leave those answers to your counselor. They are trained professional that can analyze your specific situation and provide options.
Counselors are available 24 hours a day, 7 days a week.
Good Luck,
The Advice Team
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I am ready to use a debt counseling service however, my husband "refuses" to let anyone take his credit cards away. How does this work? Can one card be kept for emergencies? Also, does using a counseling service damage credit further? Thank you in advance for your response. -Karen |
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Karen,
In order for you to be financially free, you and your husband will have to agree to a lifestyle change. Part of this change is to reduce or eliminate your dependence on credit cards. Believe it or not, credit is not one of life’s basic needs. Try to determine why your husband “refuses” to give up his cards.
If it is because he wants them in case of an emergency, convince him that having an emergency savings account is a far better solution. MMI offers educational courses to help teach people how to live within their means.
In regard to your credit, participation in the program will not change anything that is already on your report. MMI does not report anything to the credit bureaus. It is up to your individual creditors to determine how they will report (or not report) the fact that you are on a repayment plan.
Good luck with your decision,
The Advice Team |
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I am very interested in your debt counseling program, but if I inquire on how you can help and what kind of program you can offer, am I obligated to sign up? I would like to shop around for the best option for us. Is this possible in a situation like this? I am not clear on one issue, if you make arrangements with our creditors to accept lower payments based on our income, but they do not lower the interest rate, won't it take us forever to pay them off? -Brill |
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Brill,
The debt repayment plan is totally voluntary. We welcome you to “shop around” and are confident you will find MMI's services superior.
Your counselor can discuss the specifics about lower payments and interest rates. We obviously want you out of debt as quickly as possible too!
Good luck,
Susan
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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 |
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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 Program (DMP) will not change anything which 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, MMI will help you in reestablishing your credit with certain of your creditors. We must mention that is up to the individual creditor whether or not credit will in fact be granted in the future.
The clients who contact us have a variety of professions, income level, debt level, 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 the become delinquent on their debt. We could then hopefully give them advice on how they can avoid a debt crisis situation.
The Advice Team |
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Will I be able to use my credit while on a 'plan?' -Anna |
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Anna,
In regards to your being able to include only certain credit cards on the program, our mission and purpose is to help people get out of debt. The only way that can be done is if no further charges are made on your accounts while you are on the program. However, as with any rule, exceptions are made for justifiable reasons. When arranging to start your program, discuss with your counselor your reason for wanting to keep some cards active. If your counselor feels your reason is justified, you will still be able to utilize these cards.
The Advice Team |
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