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?
Question: Can I get a home equity loan while in a debt management program?
I just entered a debt management program to get control over my credit card debts. I have done this separate from my husband so that only my credit is affected.
Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate his credit card debts and vehicle loans, and do home improvements.
In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the home equity loan.
Serious educated replies will be very much appreciated.
I used to think losing a house to foreclosure is a financial relief. Well, I was wrong! It is a relief only if there’s NO “deficiency judgment” or difference between what you owed on your mortgage and what the bank sold it for at auction.
There was once upon a time when my credit card debt was so unbearable that I did think of giving up my house. Fortunately, I didn’t. I got help from AKPK free debt management program to help put my financial back on track again.
Are you thinking of putting your home on a short sale or have you already lost your home to a foreclosure? If so, read You Lost Your House – But You Still Have to Pay. You’ll think twice.
(CNNMoney.com) — As terrible as it is to lose your house to foreclosure, at least it’s a relief to put your biggest financial headache behind you, right?
Wrong.
Former homeowners may still be on the hook if there’s a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these “deficiency judgments” are ticking time bombs that can explode years after borrowers lose their homes.
It can even happen to people who got their bank to approve them selling their home for less than it is worth.
Vanessa Corey, for example, short sold her Fredericksburg, Va., home in April 2008. She and her husband built the house in 2004, but setbacks, both personal (divorce) and professional (housing bust), made it impossible for the real estate agent to keep her home. So she negotiated the short sale and thought that was the end of it.
“My understanding was that the deficiency was negotiated away,” she said. “Then, last November, I got a letter from a lawyer telling me I owed my lender $65,000. I had to declare bankruptcy. There was no way I could pay it.” Read More »
I think I, the AKPK DMP blogger, am taking my financial aspect more seriously now than ever. I find myself reading tax, insurance, home mortgage, retirement fund and a few money topics which I previously hated a lot. 
They still don’t interest me much, but I am doing my best to know more. Life is unpredictable, right? What if something happens to hubby? Touch wood. What should I do with his life insurance proceeds?
Speaking of life insurance, you really have to read this article – Making $300,000 Last A Lifetime. It gives you a general guideline on how to turn your retirement savings into income for life.
(Money Magazine) — Question: My mother-in-law, who’s in her early 60s, was recently widowed. She now has Social Security and approximately $300,000 from a life insurance policy to live on. She’s not comfortable taking on much, if any, risk but she does need to generate income from the life insurance proceeds. Any recommendations for how she should invest this money? –Chris, Atlanta, Georgia
Answer: Before you and your mother-in-law can even begin to think about investments, you first need to address two fundamental questions.
The first is how much income does your mother-in-law require to maintain an acceptable lifestyle for the rest of her life? If she’s in her early 60s, she could easily live another 30 years, if not longer, depending on her health and genes.
The second question is, how much of that income can she reasonably expect to withdraw from the $300,000 in life insurance proceeds?
Three hundred thousand bucks is a lot of moolah. But there’s a limit to how much lifetime income you can get from it — probably much less than most people think.
Making a retirement budget
Start with a pencil, paper pad and a calculator by going over her current outlays and then making reasonable assumptions about the future, such as how much different expenses might rise (such as health care) and which might decline or even disappear (paying off a mortgage other loan, perhaps). Read More »
Question: What happens if you get out of a debt management program?
I’m a 22 year old full time college student with a part time job.
About three months ago I joined a debt management program because I thought it would be easier for me to manage my credit card bills that way.
However now after joining, I’m realizing that I’m unable to keep up with the payments I’m making to them. It’s like after my other bills and this payment are taken out every month, I hardly have any money left and I think I’ve put myself in a bind.
If I leave the program now will this mess up my credit, will it make it harder for me to join a debt management program in the future, will my creditors be resistant to work things out with me in the future because of this?
I simply just can’t afford to be in the program now.
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.
Free Debt Management Program
