4 Things You Should do Each Month to Guarantee Success with Your Debt Consolidation Program

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4 Things You Should do Each Month to Guarantee Success with Your Debt Consolidation Program

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In a recent post, I wrote about actions debt consolidation program enrollees should do throughout the life of the program to ensure they are heading down the path to success. 

 

This time I'd like to talk about things that I did each and every month to make sure that everything was on track and running smoothly.

1.) Verify Your Payment: Every payment date, I would log on to my bank's online bank portal and ensure that my payment was withdrawn as expected.

2.) Verify the Disbursement Amounts: In the My CareOne tools, I would select the "My Program" tab and verify that the amounts being sent to each creditor was as I expected them to be. This is especially important when you reach the point in your program where you start paying off creditors. You should be calling CareOne to tell them payoff amounts for creditors, and how to change the disbursement amounts. You can also change them yourself online. By verifying them ahead of your payment, you can ensure that the right amounts are being sent to each creditor.

3.) Verify Creditors Receive Payment: On my payment date I would receive an email telling me my payment was made. Three business days later I would receive another email from CareOne telling me that my payment was verified and payments were being disbursed to my creditors. I would then log into my creditor's websites and verify that the payments were posted to my accounts.

4.) Verify Monthly Statements: Even though the monthly payments are being paid through CareOne, each creditor will still send you a monthly statement. I reviewed each statement every month to ensure again that the payment was credited to the account, and that the interest rate being applied to my account was the same as what was agreed upon in the proposal. I also scanned the monthly documentation for any important account information that may indicate the creditor making a change to the terms of my account.

By doing these four things each and every month, you can avoid any surprises, and ensure your debt consolidation program is running smoothly.

Do you do these four things every month? 

Have you ever had any surprises? If so, how did you resolve them?

Related Links:

Staying Active is the Key to Success with Your Debt Consolidation Plan

Supporting my Success with MyCareOne Online Tools

Success on a Debt Management Plan

 

Travis Pizel, debt management plan customer with leading provider of debt relief, CareOne Services, Inc. Travis is a contributing writer for the A Straight Talk on Debt blog. He is also a very active member of the CareOne community forums. Travis is currently enrolled in a CareOne Debt Management Plan (DMP). Travis candidly shares his personal journey to pay off his debt and the tips he's learned along the way. As a father and husband he provides a unique perspective on balancing debt, finances, and family in Minnesota. You can also read more from Travis on the Enemy of Debt blog, where he is a featured blogger. Compensated Blogger for CareOne Debt Relief Services.

To connect with Travis on Google+ click the following link;

<a rel="author" target="_blank"href="https://plus.google.com/115267468385198610042?rel=author">Travis Pizel</a>

 

You can follow Travis on Twitter @DebtChronicles

 

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  • every...single...month. And I track the balances of all accounts in a spreadsheet so I know how much of my payment each month is applied to the balances vs. the interest. It's nice when your balances start dropping by 8% - 10% vs. the 2% - 3% reductions at the beginning of the program.

  • That's a great idea, darinmb, it's nice to see how much your balance is going down each month on each card.  It also makes it easier as you get closer to the end to predict when each card will drop off the program. thanks for reading!

  • It took me about 6 months before I really got into a good stride with my DMP. Also, I was still petrified of seeing how much debt I had. But, like darrinmb said, after a while you start noticing that balances go down a lot faster than they did in the beginning. Getting over the fear of my balances helped me be better at tracking my progress.

  • It took us a lot longer than 6 months to get in the groove, Saracarr.....it took us probably 18 months to really figure out how much we had to change our lifestyle, and then longer than that to really get our communication and budgeting working right.  Many times I felt like we were on track, only to have things fall down again.  You know what they say....try try again.  :)

  • I'm new to the program, but my third payment is coming up, which I understand is a milestone with some of the banks.  Looking forward to that!  And I agree that checking each month is very important.

  • Congrats on doing something about your debt, connorsp!  I hope you'll keep coming to the community to get tips and motivation to help you down your path to financial freedom.  thanks for stopping by!

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