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: 05-07-2008
Wed, 07-30-2008 - 12:10am

I'm sorry I didn't mean to make you nervous!

iVillage Member
Registered: 04-26-2007
Wed, 07-30-2008 - 12:34am
That's ok, I appreciate the advice. I'm glad to hear it's working for you. I have unfortunately, 9 cards to deal with, hopefully it won't get to ugly in the beginning!
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Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Wed, 07-30-2008 - 3:01pm

I used them, and it was great. They were very professional, and I thought the service fee of $35/month was reasonable. I was always able to reach someone who could help me on the rare occasion I needed to. I also liked that I was able to keep one Visa card out, and my American Express (which does *not* have a revolving charge feature - it has to be paid in full every month, that's why I have it).

Good luck.

Kelly

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