An old cliché is the longest journey starts with the first step. This is true when you enroll in a debt management plan as well the first month is probably one of the most important times during your entire Plan. This is especially true if you are behind with your accounts, or are about to be.
This blog will discuss what you can expect after the 6th month on your Debt Settlement plan. For many of our customers this is a crucial point in their plan.
Download the Free Guide, Nine Things You Must Know to Succeed on a CareOne Debt Settlement Plan
Debt Settlement usually offers a lower monthly payment than a DMP and works towards negotiating with a creditor to accept a lesser amount than what is owed as opposed to only lowering interest rates.
As I discussed in a previous blog, Debt Settlement may be the right choice for people who; cannot afford a traditional DMP, do not qualify for bankruptcy, or simply do not want to file for bankruptcy. Debt Settlement is an attempt to negotiate with creditors to accept a lesser amount than what is truly owed based on a customer's budget and payment.
With an increasing number of people falling on hard times comes an increasing number of “debt help” companies who promise they have the best solution.
CareOne is pleased to announce our very first "CareOne Gives Back Giveaway", just in time for the holidays!
This month's question reflects on the length of time it takes creditors to accept settlements.
It took time to get into this situation and it will take time to get out. Remember it is about the creditors receiving a payment, not just being “enrolled” in a program. Consistency is a key to success.
CareOne is pleased to announce our second CareOne Gives Back Giveaway: Resolutions Rock
Even though they seem like a good idea, I'm asking you to say no to credit cards.
Deciding to enroll in a CareOne Debt Management Plan (DMP) can be a big step for some of our customers. Realizing the debt problem exists and taking action to correct it is the first step. Making the first payment and tracking your proposals are the next two very important steps!
It's January and in the Midwest it's cold outside. However, now that I'm the adult and responsible for paying for the heating bill, I'm much less interested in keeping my home at a tropical temperature. But I'm also not interested in having the same arguments with my family about the thermostat setting.
We added stockings for our two kids as they entered our lives, but I always followed Vonnie's lead when it came to filling them.
Next were school supplies. I could barely look as my wife plugged the numbers into the calculator. The amount left was what we had for school clothes.
As a debtor you do have rights. Creditors and collection companies are legally not allowed to contact you with reckless abandon. The Fair Debt Collection Practices Act was put in place to protect debtors from creditor harassment. Below is an outline of what creditors are allowed to do and what to do
You have now started your second month on the DMP. During the second month there are generally two groups of customers; those who made their first payment in the first month (A) and those who postponed their first payment to the second month (B). There are an additional small number of people who may call and change their payment to the third month and unfortunately usually do not fare well on their Plan. It is about the creditors receiving a payment, not just being “enrolled” in a program.
This month's question reflects on your CareOne payment.
A Debt Relief Plan is not for everyone and there are several things to consider before enrolling in one. The marketplace has many options for Debt Relief Providers and often consumers struggle to make sure they are comparing apples to apples. With options such as; Credit Counseling, Debt Management, Debt Settlement, and Bankruptcy it is difficult to ensure that the same type of plan is being compared from one provider to the next.
Surprisingly, I have also found that sometimes it is cheaper to purchase something from a company's website than to go into the store for it.
I'm talking about the person in the family that eats all the leftovers and uses all the products that everyone else has grown tired of, or has thrown in the trash convinced the container is empty.
February brings Valentines day and unexpected expenses are bound to crop up to make your loved ones feel, loved. Dinner, flowers, chocolates...they all add up! This year make Valentine's day guilt and debt free by entering our CareOne Gives Back Giveaway!
Our emergency fund had enough in it to cover the cost, but I was hesitant to do the repair immediately. We had just started building up our emergency fund recently, and spending $350 for brake pads would leave it dangerously short should we incur another unexpected expense.
This month's question reflects on how your credit is affected by settlement.
If you are considering enrolling in a Debt Management Plan or have just enrolled you may be wondering what will happen with your credit cards.
In addition to the blogs, be sure to check out the new CareOne Groups:
Are you finally out on your own and figuring out how to balance your finances? If so, this is the group for you. In Starting Out, you can talk about the challenges you are dealing with in a group of like-minded people.
Do you feel like you are finally understanding what being a "grown-up" is all about and are settling into your adult life? If so, this is the group for you. In Settling In you can connect with others who are just like you.
Struggling to balance all that an established lifestyle has to offer? The balancing it all group is for you. Discuss the challenges you face when your responsibilities at work, at home and with family and friends all compete for your attention.
Are you currently retired or planning on retiring very soon? If so, this is the group for you. Times have changed and so has retirement. Learn how others are redefining retirement.