Category Archives: Debt Management Companies

Use A Personal Loan Or Debt Management Program To Pay Credit Card Debt?

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Posted by Vedis the DMP Blogger on February 27, 2010 – 4:48 pm
Filed under Debt Management Companies, Debt Management Programs, Questions & Answers

Question: Should I use a personal loan or debt management program to pay off my credit card debt?

I have about $25,000 of debt but can still pay monthly payments on time and have never missed a payment.

If I try to get a personal loan as opposed to a debt management program, which looks better to creditors?? My credit score is around 650-670. I am thinking of going to a non-profit credit counseling agency to see what they think.

I still have some stocks and bonds totaling $6,000. I do get paid consistently and have been trying some internet surveys to make some small money on the side to my job.

What things should I look for at the credit counseling agency?

Entering Into Credit Counseling With A Debt Management Program?

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Posted by Vedis the DMP Blogger on February 19, 2010 – 4:40 pm
Filed under Credit Card Debts, Credit Counselors, Debt Management Companies, Debt Management Programs, Questions & Answers

Question: Entering into credit counseling with a debt management program or … ?

I am entering into a debt management program with a credit counseling company. I have about $17,500 in debt and my payment with the company would be about $400 a month.

My question is, would creditors be willing to accept 1/2 of the minimum balance that is due actually? I have 3 cards I’m in debt with, $285/month, $185/month, $165/month respectively.

I’m already 2 payments behind with 2 of the cards. Would the credit card companies accept a personal offer of 1/2 the usual minimum for a certain time frame? So I’d offer them $142.50, $92.50, $82.50.

Or since I’m already behind on payments should I stick with the debt management program (I just signed on and have to make my first payment on 2/28) and wait until I’ve been in the program a few months and then try to talk personally to my creditors and see what I can offer at that time??

Please advise. Thanks.

Is Debt Management Program The Right Way To Go?

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Posted by Vedis the DMP Blogger on February 9, 2010 – 2:28 pm
Filed under Credit Card Debts, Debt Management Companies, Debt Management Programs, Questions & Answers

Question: Is debt management program the right way to go?

We are drowning in debt. So far we have managed to get our MINIMUM monthly payments out each month but we are getting no where.

Would a debt management program be a good option for us?

What exactly is a debt management program or debt management plan? Where do I find a reliable debt management company or agency one to work with?

How Do I Create A Debt Management Programme?

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Posted by Vedis the DMP Blogger on January 31, 2010 – 2:49 pm
Filed under Debt Management Companies, Debt Management Programs, Questions & Answers

Question: How do I create a debt management programme?

I did an internet search and all lead me to already established debt management programs. I want to set up my own debt management program, which can negotiate with creditors, consolidate loans etc… How do I get started?

I reiterate: There are literally thousands of debt management, consolidation, counseling websites and resources. I am not looking to manage my own debts, I am looking to start a debt management program for other people.

I want to know what grants to apply for to begin a start up program. I want to know what regulations, fees, licenses I need to start my own debt management program so that others can come to me for debt consolidation services.

An AKPK DMP Blogger’s 2010 New Year Resolutions!

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Posted by Vedis the DMP Blogger on December 6, 2009 – 9:35 am
Filed under AKPK Debt Management Plan, Credit Card Debts, Debt Management Companies, Debt Management Programs, Emergency Funds, Income Streams, Saving Money

I love December! It’s time of the year to flush away all unhappiness and start afresh with new year resolutions.

What resolutions did I, an AKPK DMP blogger, set for year 2009? Paying down credit card debts was my No.1 new year resolution! Of course, saving for emergency fund and making more money were on the list too.

For year 2010, my new year resolutions would focus on simple, achievable goals and the priorities would be a bit different. I am going to emphasize on saving money, making money and paying down credit card and personal debts.

1. Saving for Emergency Fund. As hubby and I are in AKPK debt management programmes that require lower monthly repayments, we are able to focus more on saving money with the extra cash left every month.

So far, we have got RM1,500 in the saving account. We want to reach our saving goal of RM3,500 in year 2010. And then, from RM3,500 to RM5,000, if possible.

2. Making More Money. With God’s blessing, hubby has had a full time teaching job that brings in a steady monthly income of RM2,000.

It’s not possible to increase hubby’s income, but it’s possible to increase mine. My existing online income excluding tuition fee is between RM2,300 and RM2,600 a month.

My goal is to reach more than RM3,500 a month in year 2010 through my niche blogs. Yes, it’s possible!

3. Paying Off Some Personal Debts. It’s my hope that hubby and I can pay back at least one-third of the personal debts owed to family members.

Although most of them haven’t asked for their money back, hubby and I think that it’s better to pay them back as soon as possible.

4. Paying Down Credit Card Debts. Paying off credit card debts will be my No.4 new year resolution because I want to settle as much personal debts as possible.

Once the personal debts are gone, the money used for paying personal debts can be channeled into paying one card payment at one lump sum until every card payment is settled.

5. Staying Healthy Always. Without good health, none of the above resolutions can be achieved smoothly. My health is better than hubby’s, so I must make sure that hubby has stronger immune system and better energy in year 2010.

Without good health, how can he stand long school hours and endless discipline problems created by the students?

So, what are your new year resolutions for 2010?

AKPK & Banks Say Not To Worry About Late Payment Charges On The Monthly Statements?

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Posted by Vedis the DMP Blogger on November 24, 2009 – 9:44 am
Filed under AKPK Debt Management Plan, Credit Card Debts, Credit Cards, Credit Counselors, Debt Management Companies, Debt Management Programs

AKPK Banks Late Payment Fee ChargesTell me you can still keep your calm after seeing the outstanding balance of your credit card as of today and in March is RM6,300 and RM6,400 respectively.

I think any reasonable mind will go mad or freaked out after seeing no noticeable decrease in credit card balance despite being in a debt management program, right?

This morning, I thought of doing a spreadsheet for all my credit card accounts. When comparing the figure of March and November statements of a bank, I was shocked to see RM6,300 and RM6,400.

How could it be? I had already been in AKPK debt management plan for one year, so logically, the amount owed should have dropped to less than RM6,000, right?

Ya, I was mad and freaked out. I knew it’s because of the late payment charges that showed up almost every month for the last few months.

I remember my Ipoh credit counsellor had told me before that there’s nothing to worry about the late payment fees. They would not show up anymore once the banks had everything updated.

I also thought the banks would remove the late charges from their record sooner or later, so I didn’t call or write to the banks. But after giving them so many months to get updated, the late charges still showed up in the statements.

Enough! Too much! So I gave AKPK Ipoh branch a call. As usual, the ever helpful Ms Lina answered the phone.

I told her about banks (except Public Bank) which still had the late charges printed on the monthly statements. After listening attentively to my complaint, Lina assured me not to worry about the late payment fees.

According to her, banks would stick to only collecting the agreed amount of outstanding balance plus interest charges. I hope the banks really do so.

To know the latest correct amount of each of my credit card, Ms Lina even gave me every bank’s phone number and name of person who is in charge of AKPK cases.

I did call one of the banks and raised my concern regarding the late payment charges. Again, I was reassured that there’s nothing to worry about the late fees.