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Ask the Experts

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Q:
Who seeks the program, and what happens upon completion?

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

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.  

Ask the Experts

Ask The Experts

If you do not find the answer to your question in the archive, write to the Advice Team today! A member of the Advice Team will personally respond (by email) to your question by offering answers, helpful tips or solutions. This is a free service offered by MMI.

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