In Reply to: Has anyone here gone through a debt management plan sm posted by Broke on Mon, Aug 15 2022 at 01:07 PM CDT:
Its not a walk in the park. I went through freedom debt relief about 10, 12 years ago.
From what I remember, and I may be missing some aspects, you stop paying your credit cards, all of them, no exceptions, decide with the debt management company what you can pay them each month, and as your balance with them grows, they start negotiating settlements with your debtors where they can.
your phone starts ringing, you get letters in the mail. You ignore them all.
they did negotiate many favorable results, many companies will take pennies on the dollar. Many other companies are hard core.
My debts were paid off in 3 years, as promised. It was a nerve racking 3 years. I'm glad I did it because it gave me a new, much needed perspective on credit cards, but it was not an easy road.
: Hoping someone can share some advice/insight if you've had to use debt management services like Credit Associates or something.
: I'm at the end of my rope. I can barely make monthly minimum payments and during the no work due to COVID I used up everything in savings and right now I have literally about %60 in savings.
: I've read many articles listing pros and cons but I don't know which way to go and I would very much appreciate hearing from someone who has been through it, if you'd care to share.
: Many thanks.
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