Removing a creditor from a Debt Management Plan

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Removing a creditor from a Debt Management Plan

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remove a creditor from a debt management planWhen you first join the program it is easy to get confused; the proposal process, making one payment to all of your creditors and the overall management of your program can be overwhelming.

One question we get quite frequently is, "How do I remove a creditor?"

Should be easy to do right?  Good news, it is!

You just want to be sure you are removing the creditor for the right reasons and that it won't affect your program.  

Reasons to Remove a Creditor

  • The creditor will not accept your proposal.
  • You plan to pay the creditor off yourself outside of the program.
  • The creditor was added to your account upon initial enrollment by mistake. 

Use Caution When Removing a Creditor

  • Some creditors require all of your unsecured debts be included in order to obtain benefits.
  • It is best to wait to remove a creditor in pending status until you have made 3 consecutive payments and received your fourth creditor statement. Some creditors take longer to accept proposals than others. Or, we may have an incorrect account number or address. To ensure that this is not the case with your creditors, please contact us so we can review your account together. 
  • Make certain you want them to be removed, as you may not be extended benefits the second time around. 

Actually Removing the Creditor

  • Call Customer Care Department at 1-800-CARE-123.
  • Or, send an email by logging on to your account under My CareOne, then click the link for Help. Once in the Help Center click on E-mail Us and send an email with the following information: creditor name, last 4 digits of the account number, reason for removal, future reallocation instructions. 
  • Keep in mind any changes to your account must be received at least 2 business days prior to your debit date.  

Congratulations on taking the first step to becoming debt free! Please do not hesitate to contact us with any questions and feel free to post in our Community.

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Suzanne CramerSuzanne Cramer

Suzanne is a certified credit counselor and a Social Media Specialist for CareOne Debt Relief Services. Suzanne writes for Divorce, Debt and Finances and Major Life Challenges. Follow Suzanne on Twitter @ADivorcedMom where she shares her insights as a single-divorced mom with tips and tricks to keep your finances in check. 

 

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  • Thank You. I was needing to keep one gas card only and put it on the list in error. When I called CAREONE to remove the creditor, I already had spoke to the creditor to verify status with them. It was not as dire when first thought. The Payment with be lower, no late fees and more favorable interest rate. CAREONE was able to remove the creditor and add one that was forgotten initially; All in the short time within cut off dates.

  • please take kelly iverson and adam harter off list

  • will my payment be lower call me 7159263973

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