I'm on a DMP, Why was my Payment Taken Out Early?

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I'm on a DMP, Why was my Payment Taken Out Early?

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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: Why was my payment taken out early?  Some customers have contacted us and stated, "Why are you taking my payment out early?" Although that is not the case, there are a few things to keep in mind regarding your CareOne payment.

  • Draft process. The draft process begins 3 days prior to the actual withdrawal from your financial institution.
  • Weekends & holidays. Typically payment dates that fall on a Saturday, Sunday or a holiday are drafted the following business day.
  • Due date.  Payments are not "withdrawn" until your actual due date.  

As always CareOne is here to help and we want you to understand the draft process so you know what to expect. 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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  • question, i recieved a letter from one of my creditors says they reduced my payments, do i send the amount  they request every month oaren top of what care 1 takes out each month. they accepted the propasal

  • @airdale79  Since your creditor has accepted your proposal, the only payment that you need to send is your CareOne payment. The letter you received from your creditor was just letting you know the proposal was accepted and they are granting you benefits. Please do not hesitate to ask any additional questions. Best of luck with your plan!

  • I know for a fact that we will be getting out Social Security Disability Checks for 6months or so. I am going to redo my research; but Congress stated that in 2012 allot of people receiving their SSI, SSDI, VETERAN CHECKS, will be discontinued. If this happens and we have no money to pay even rent, food, etc. What is going to happen to your/our program with you???????

  • What if the money is not there 2-3 days prior to the process ?  Thiis draft process is the same as being "withdrawn".

  • @jctc23  As long as the funds are in your account on your due date. Even thought the draft process beigins 2-3 days prior the funds aren't actually withdrawn until that date.

  • I had funds taken out of my account when I called a week and half prior to my due day and asked to change my due date. My due date was changed for next month but the funds for October were taken out on Oct 3 when I specifically asked for them not to be. I am now $600 overdrawn in my bank account and it keeps adding up each day.  I was told today it will take 7-10 days to get resolved, this is unacceptable to me since it was CareOne's careless mistake.  I need my money back, I am financially struggling this month, I thought CareOne was to help there clients not make them struggle more.

  • @melodysmith  I am so sorry to hear about your situation. When changing your payment dat it is important to follow the guidelines CareOne has set in place. * Any changes to your payment date  should be done at least 15 calendar days in advance.  If a more urgent situation arises, please contact one of our account service representatives at 1-800-CARE123 (227-3123), at least 2 business days in advance.

  • Had issues myself with payments being "withdrawn early". Even requested that the automatic drafts be stopped and I would call my payments in with my debit card. Three months have went by that I did not have a payment automatically drafted, but all of a sudden had one automatically taken out today that I did not authorize also causing my bank account to be overdrawn.

  • I was wondering why One Main Financial does not participate in your services. I have loan with them and it is at 30% - I have tried taking to the but no luck.  I have been recently been diagnozed with ovarian and have been out of work ofr 8 weeks.  After 4 weeks I went 1/2 pay and after that no pay.  I am going to try to go back to work next week because I cannot aford not to.   Any suggestions.

  • so if my payment is due on the 24th of every month, does that mean the money on will be withdrawn from my account 3 days before that?

  • NO the process starts but the money actually does not withdraw until the DUE DATE.  As long as you always have your payment amount on your DUE DATE 24th of the month there should never be a problem.

  • This is not true, if the payment falls on Saturday, Sunday or holiday it comes out of my account the day before.

  • I have been with care one since 2009.  Never have they taken the money out early.  If due date comes on Sat or Sun such as it did this month. They payment is taken out on Monday.

  • I had my first payment scheduled for Oct 21st and they took it our on 10/18 I asked CareOne about it and she explained it was my bank which I didn't agree that didn't make sense. I was a little upset because if I didn't have the money in there it would of overdrawn my account. Hopefully it will go more smoothly from here.

  • I have never had a problem yet . One year later and I am slowly seeing a change for the better......

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