So I am currently in a DMP and have been for about a year. It was a tough call but it was either this or bankruptcy so I chose the former. Anyway, my financial situation has improved enough that I can afford an increase in my payments to get out. I was wondering if anyone else on here has left a DMP and what issues they may or may not have had.

I am planning on calling my creditors tonight and see if I can work some kind of deal out. Of the cards that were involved, only one looks shady. They told me that the rate is not reduced but once the principal balance is paid off, the fees would be removed, which sounds a lot like a chargeoff to me and I want to avoid that if at all possible.

I know my interest rates will go up again, but I am hoping that with close to a year of satisfactory payment history I can have more wiggle room than I did before.

 

so what is your question?

 

Just looking to see what people went through when leaving, since the interest rates will undoubtedly go back up.

 

oh, have you tried some of the financial forums, they have one on fatwallet.com

Sorry I can't help you much since I was never in the same boat.

G'luck to you.

 

I don't believe your interest rates on your credit cards will go up that much. Where you will be hurt is when you go for an auto or home loan.

 

Mine went from 8% to about 31% for a few missed payments.

Now I have to make on time payments for 6 months then they'll go back down...

 

My payments are already down because I have been enrolled for about a year. I have seen my report and the biggest issue is from having this plan listed on my account, versus anything else.

 

new identity ftw

 

I will ask tomorrow at work what adverse effects you can expect and will get back with you tomorrow afternoon

 

Credit card companies are a waste. Of four cards, only one could give me a straight answer.