I'm on a Debt Management Plan-How Can I Update My Balances?

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I'm on a Debt Management Plan-How Can I Update My Balances?

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I'm on a Debt Management Plan-How Can I Update My Balances?  So you just enrolled in the Debt Management Plan (DMP) and you noticed your balance on your creditor statement is different than the one listed on your CareOne monthly statement. Perplexed, you come to the community to find the answer, and here it is! 

When you join the program we get the balances from you, your credit report, and sometimes from an electronic balance update request.

The difference in the balance is most likely because your creditor responded to the proposal with an updated balance. No need to be concerned, there are two easy ways to fix this: 

  • Call us. If you prefer to actually speak to someone, contact Customer Service; be prepared with the name of the creditor, and the balance on your recent statement. 
  • Send an email. Log into your My CareOne account, and then click the link for Help. Once in the Help Center, click on E-mail Us and send an email with the name of the creditor and the updated balance.  

It is important to note that Track My Progress is an estimator only; you will still be receiving statements from your creditors that should reflect your most recent balance. You can then compare your creditor statement to your CareOne statement for accurate tracking purposes. 

Congratulations on taking an active role in your Debt Management Plan and noticing your balances were off. Your active participation will facilitate your success and alleviate any frustration.

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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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  • I called and attempted to update my balances but was told that CareOne does not monitor balances so I just do a monthly total myself as I get statements month from each of the creditors.

  • Thank you for the information. Anyway I'll always contact you if I come across anything that is not cleared tome

  • When 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

  • While it may seem like a long time, each of your creditors will receive a payment every month.

  • This month's question reflects on why you can't use your credit cards while participating in a DMP.

  • So - how can I know when my balance will be paid in full?

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