Bankruptcy Filing Tips

Is it legal to have a plan of debt management and save on the side?

I mean to go on a management plan to reduce debt interest card credit and the average time savings on the side to clean the balance in one payment?

course.

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Do all debt management programs destroy your credit rating?

As far as I can tell “debt management programs” are really just friendly faces of creditors that aren’t interested in helping you as much as they are creditors. My wife was using one when we first married and they screwed everything up. It also destroyed my wifes credit for 7 years and charged her monthly to do it!
Are there any ones that are actually out for the little guy?

There are plenty of credit repair companies that have no affiliation with creditors. They are simple out for their own gain. CCCS is afiliated with creditors, but they are actualy decent. It’s some of the independent companies that you have to watch out for.

Credit repair companies charge large fees, which, if put toward debt repayment would improve your situation.

The three main tactics that they use are:

(1) sending letters to initiate disputes about errors on your report. You can do this for free.

(2) sending letters to initiate disputes about things that are derogatory, but are not errors. Some creditors will not verify the debt and this gets deleted. Good. Now the bad news. You can get tagged as initiating frivolous disputes, impairing your ability to fight real errors in the future. You can end up unable to borrow because you won’t have a credit score. A lender who requests a score will get a message back “Unable to process – too many lines in dispute”. Try and borrow with no score.

(3) They have you route your money for bill payment through them. No creditor will negotiate if you are current, so the creditors stop paying on your good bills so they go into default and then negotiates a settlement at less than face value. This saves you a few dollars now, but makes you look like a chronic deadbeat to all lenders in the future.

Budget 4 Life Debt Management Program Overview