Debt management plan

when I knew we could keep our head above water for a couple more months due to back pay I am receiving on my disability claim, I contacted this company. It will still be a challenge but we are going to be able to manage the new payment. We are still working the debt snowball and will continue to do so even under our DMP. My counselor is familiar with Dave Ramsey and was very glad to hear we had done FPU.

If you are looking at a DMP, I think you need to do your homework on the company you choose before employing them. I also think you need to be in a situation such as mine where the possibility of a permanent loss of income due to employment is very real.

Also, I think you need to monitor things. For years I have paid a small monthly fee to one of the credit bureaus which enables me to pull up both my credit score and how they are reporting all accounts as often as I like at no additional charge. I also have made it a habit for the past couple of years to check all of my credit card accounts online every day for a number of years.

Yes, sure enough, last night I confirmed that when my DMP said the companies accepted the agreement, it was true. I didn’t simply take their word for it. That’s not smart! I verified things with my creditors myself, just to be safe.

I think it is is like anything else. Although someone else is making the payment on your behalf, you are still responsible for ensuring it is done. Don’t just take their word for it. That’s silly! Continue to verify things with your creditors as well on a monthly basis. It is easier to fix something right when it happens as opposed to three to five years down the road.

BTW, we did pay off three debts under the snowball plan and another one will be paid off next month. I am applying that to my car payment and will have my car paid off in February. Then, you guessed it.

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