I'm on a DMP, Can You Explain Track My Progress and Why My Balances Are Increasing?

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I'm on a DMP, Can You Explain Track My Progress and Why My Balances Are Increasing?

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We are answering our customer's top questions regarding their participation in the Debt Management Plan (DMP). We want our customers to find continued success throughout the plan by understanding what it takes to be successful. 

This month's question: Can you explain Track My Progress and why my balances are increasing?

Track My Progress is a way for you to see at a glance the progress you are making on your Debt Management Plan (DMP).

It is important to keep in mind that the Track My Progress resource is an estimator and is not "real time" at the present.

We are working towards making this a more "real time" feature, but are not there yet.

Here are some things to consider when reviewing your progress. 

  • Use your creditor statements. You will continue to receive monthly statements from your creditors. It is important to refer to the balances from your creditor statements for accuracy. You will also receive monthly statements from CareOne. Each month compare the statements against each other to make sure your creditors are receiving payments and that any benefits are being applied.
  • Increased balances. If your balances are increasing, review your statements to make sure your creditors have accepted your proposals. If a creditor has declined a proposal, CareOne will email you the reason for the decline. It normally takes three consecutive payments on your program before creditors accept proposals and begin to issue benefits.
  • Contact us to update balances. Feel free to contact us to have the balances updated if they are different from your creditor statements. Generally, we receive initial balances from you or your credit report when you start the program. Once your creditors receive your proposal, they will then verify we have the correct balances. 

As a member of a DMP you are responsible for your success. Keeping track of your balances is a great way for you to stay active in your program and to ensure success. 

If you have a question you would like to see posted please feel free to leave it in the Comments section or, ask directly in our Ask the Expert Forum

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  • citi is putting a late payment each month - my balance is increasing---I'm getting more and more in debt///

  • My balances are increasing as well and the creditors are not receiving their payments from Care One....very unhappy ;(

  • @longj7 Upon review of your account it appears you most of your creditors have accepted the proposals we are only waiting on a few more. Most creditors respond within the first few weeks but we have to allow them at least 45 days. We do suggest that you to pay the difference directly to the creditor until your proposals have been accepted. This helps to protect your credit and avoid late fees while the program terms are being finalized.  Once your creditors accept the proposal, you will then be extended creditor benefits which mean that in some cases you will no longer incur late or over the limit fees and in some cases those fees can be waived. If you cannot afford to do this it’s not the end of the world! Most creditors agree to bring your account current after 3 consecutive payments but some do not.

    The first few months on the program can be quite challenging but the program does work! We suggest you do a few things in the beginning to ensure success.

    ◦Move your due dates 10 to 21 days beyond your debit date. (creditors may not move your due date if the account is past due).

    ◦Monitor your creditor statements to very benefits and payments (it may take 3 consecutive payments on the program for benefits to be applied)

    Hang in there I see you just made your third payment.

    Thanks,

    Suzanne

  • @janice | smith  Citi's proposal process is a little different than most creditors. Please contact Customer Care to have another proposal sent to Citi card.  Citi card requires a proposal to be sent, accepted, and followed by a payment that is posted within 15 days. I apologize if you were not informed of Citi card’s procedure for accepting a DMP from the beginning.

    Thanks,

    Suzanne

  • I have been working with Care One a little more than two years now and I really couldn't be happier!  I am making GOOD, solid progress on the debt I got stuck with after a divorce.  I feel hopeful and can finally see a light at the end of the tunnel.  My balances also made two jumps upward throughout my program.  Once, it was due to changes in balances at the beginning of my program, and the second was when I updated my balances with Care One.  It's important to watch your balances and keep on top of them.  Good luck ladies!

  • I just started with CareOne.  My due dates are all ten or more days after my "debit date".  I didn't get late fees before I signed up and if I get stuck with even ONE late fee I am going to be a VERY unhappy customer.  If I can pay my debts on time than there's no reason a service I'm paying for can't.  I remember being told there may be late fees if I don't have my payment dates set, but I don't remember being told that there would be a difference that I would have to pay to avoid a late fee.  How is paying less than the minimun due going to help me reduce my debt?  Isn't that what people are told NOT to do?

    Also, what's with the sneeky $5.00 "Member Benefit Services" fee?  I was never asked if I wanted to tack on an extra $5.00 a month for a "service" that "saves me money" by giving me discounts that encourage me to spend money when I'm supposed to be paying off debts.

  • @mrsduckypin. I want to be sure you completely understand the process as the first few months are the most important. You are responsible for any minimum payments due prior to the start of the plan.  We do suggest that you to pay the difference directly to the creditor until your proposals have been accepted. This helps to protect your credit and avoid late fees while the program terms are being finalized.  Once your creditors accept the proposal, you will then be extended creditor benefits which mean that in some cases you will no longer incur late or over the limit fees and in some cases those fees can be waived. If you cannot afford to do this it’s not the end of the world! Most creditors agree to bring your account current after 3 consecutive payments but some do not.

    The first few months on the program can be quite challenging but the program does work! We suggest you do a few things in the beginning to ensure success.

    Move your due dates 10 to 21 days beyond your debit date. (creditors may not move your due date if the account is past due).

    Monitor your creditor statements to very benefits and payments (it may take 3 consecutive payments on the program for benefits to be applied)

    The member benefits services is completely optional it is designed to help you to save on things you are already using. You may cancel at anytime.

    Please let us know if you have additional questions.

    Thanks,

    Suzanne

  • MrsDuckypin, as a fellow CareOne customer I just want to chime in and ensure (if you didn't already have this answer) that you knew how paying less than the minimum will help you reduce your debt.  

    The proposal that CareOne sends to your creditors includes a monthly payment (that may be more than, less than, or equal to your current minimum monthly payment) and interest rate that  is designed to allow your debt to be paid in 3-5 years.  If a creditor accepts a proposal in which the agreed upon monthly payment amount is less than what was your minimum monthly payment, your are able to make progress on your debt because:

    1.) the interest rate is lower, allowing more of your payment to go towards the principal of the debt

    2.) as your debt lowers, your payment does not (whereas a standard minimum monthly payment is calculated as a percentage of the amount owed)

    I hope this helps....

    Disclaimer:  First and foremost I am a Careone Customer, enrolled in the DMP since July of 2009.  However, I am currently also a compensated blogger (Blogs can be found under the "blogs" tab at the top of the site) - but I do NOT receive any kind of payment for posts in the forums. This Disclaimer is added at the request of CareOne.

  • I have 2 citi cards and one proposal was accepted but the other one was not.  I was told that Citi is not working with Careone anymore is that true?  I did call Citi and they were able to work out a deal with me on my own for that card.

  • @abejo13 Unfortunately yes that is true, Citi is no longer accepting proposals from CareOne.  We are happy to hear that you were able to work something out with them.

  • I have been with you for July of last year and I have been seeing an increase in all my balances. I have gotten confirmed letters from the creditors that they have accepted the terms so why haven't I seen any decrease in interest rates? I am to the point where I want to give up!

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