I'm on a DSP, What Debts Can I Include?

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I'm on a DSP, What Debts Can I Include?

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

This month's question: What Debts Can I Include? We encourage you to include all of your eligible unsecured debt in your Debt Settlement Plan. Here are some things to keep in mind when reviewing the eligibility of your debts. 

What you may include in your DSP.  We encourage you to include all of your unsecured debt.

  • credit cards
  • unsecured loans
  • collection accounts
  • medical bills

 What you may not include in your DSP. 

  • secured loans, such as a mortgage, car, motorcycle, boat, or RV
  • past due or current taxes
  • student loans
  • payday loans (These can be more complicated depending on your state of residence and whether or not a personal check or bank account information was used to secure the loan.) 

If you are unsure whether an account is eligible, please contact us so that we can help you determine the answer. We want you to succeed with your DSP so ensuring your accounts are eligible for DSP prior to enrollment is essential to your 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

Suzanne Cramer

Suzanne is a certified credit counselor working in our Ask the Expert forums as a coach and a Social Media Specialist for CareOne. Suzanne writes for our Blended Finances and A Straight Talk on Debt blogs.  As a soon to be divorced single mom, Suzanne also writes for the Divorce, Debt, and Finances blog. Ask her questions, share your story or just follow Suzanne on her journey as she navigates dealing with divorce, debt, and finances. Suzanne is also very active on Twitter and manages two CareOne accounts: ADivorcedMom and Ask CareOne where she shares the latest debt industry news and tips to keep your finances in check.

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  • I can't really see much advantage in my personal situation, to being on a DSP.  I had never been late nor missed a payment on any of my card payments, nor have I missed any payments since being on the DSP program. But the card companies all raised their interest rates.  I wasn't  interested in paying over 30% interest.  At that rate, I would never have even touched the principle payments in my entire lifetime.  I don't have 30 years to pay things off.  But in reality, all the DSP did was ruin my credit score.  They are not really doing much in the way of negotiating with the card companies for any kind of "settlement" as far as I can tell, and now I'm being sued and charged extra for the use of the attorney services.  It's wrong for you to make it sound like the attorney services are part of the sign-up plan, because they obviously are not.  This is an extra fee. The company who is sueing me hasn't lowered anything so far either.  

    When I first called Care One, I was more interested in the DMP than the DSP, but I guess the payments were bigger than what I could do or something weird.  I've been on the program for over a year now and for what it's worth, I haven't really gained a thing.  I could have just kept on paying my credit card companies and using my cards, I guess.  At least my credit score would still be good.

  • I just signed up today and I was told I COULD include my payday loans?

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