Entering into a DMP, thoughts wanted

iVillage Member
Registered: 04-26-2007
Entering into a DMP, thoughts wanted
13
Sun, 07-20-2008 - 8:04pm

I finally found a company with a good reputation for debt management. Although I've heard a lot of people say on this board you can do it yourself, I haven't been able to get the companies to lower their interest rates or payments.
The company is called Money Management International and is associated with Consumer Credit Counseling Services. They will call the creditors and ask for reduced interest and/or payments for me. I make the payments to MMI, and they distribute 100% of my money to the creditors. I have to close the accounts, but we are keeping one card just in case of emergencies.
This company is mentioned on Quicken's program and in one of Suze Orman's books. She highly recommends them. Also, they only charge a one time fee of $50 and $35 a month. My monthly payments were projected at being $200 lower than they are now. But, we will keep paying the same amount even when the minimum payment is lowered on the card. So, with reduced interest and keeping the payments the same, we will be out of credit card debt in a little over 4 years! I'm very excited about this, so please tell me if anyone here has used this company or knows good things about it. I'm also a little nervous...but they are a good company.
We are staying away from the other company I mentioned.

Any thoughts?
Thanks

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iVillage Member
Registered: 03-17-2003
Sun, 07-20-2008 - 10:50pm
Sounds to me like you have done your homework and been a discriminating shopper.
iVillage Member
Registered: 04-26-2007
Sun, 07-20-2008 - 11:19pm
Thanks so much! I've been doing all this work looking into a solution for the past week! I've looked at so many numbers, etc. I have a headache!
I just wanted to make sure you guys thought this sounded ok!
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Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 07-21-2008 - 2:12am

I agree with Carolyn.

All my best,
Danni

iVillage Member
Registered: 06-18-2004
Mon, 07-21-2008 - 9:00am

ITA with the others.

iVillage Member
Registered: 07-07-2007
Tue, 07-29-2008 - 1:40am

I would like to thank kimmomto for posting this.

iVillage Member
Registered: 04-26-2007
Tue, 07-29-2008 - 9:07pm
Hi Niki. I'm hoping it will work for both of us! We'll have to keep each other updated on the progress. The company sounds reliable, I'm crossing my fingers it works!
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iVillage Member
Registered: 05-07-2008
Tue, 07-29-2008 - 9:35pm

Hi there.

iVillage Member
Registered: 04-26-2007
Tue, 07-29-2008 - 11:46pm
Thanks for the info. I had a feeling it wasn't that great in the beginning, but if it can save me money and years of no debt, I'm willing to try it. I'll just refer the CC's to MMI. Is that what you did?
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iVillage Member
Registered: 04-26-2007
Tue, 07-29-2008 - 11:48pm

Could you let me know what you think about the info m2bnk posted about MMI on this thread?

I'm kinda nervous about this now.

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iVillage Member
Registered: 07-07-2007
Wed, 07-30-2008 - 12:01am
Thanks for your post.

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