I enrolled in a DMP a little over a year ago to try and get on top of debt that I accumulated while trying to start a business from the ground up. The business didn't go and I was left with some pretty serious credit card debt.
I am sure this is a story everyone has heard before and I never thought I would be in this position.
So I am enrolled in a DMP and have been paying what I owe but I am not sure if I can keep it up. Can I ask them to renegotiate with my creditors so I can make a smaller monthly payment? I want to pay my debt but I also need to take care of my family.
I have also been considering going the debt settlement or debt loan route but am unsure if these are a good option for me. The debt I have is substantial so I don't have a large lump sum to offer right away. And having entered into a DMP I am not sure if I would qualify for a loan.
Any advice would be appreciated.
Thanks
P
I'm not sure but you can ask them to renegotiate for a smaller payment. And they may suggest you doing a debt settlement. But I believe I have read on here that a debt settlement will hurt your credit. But if you can't afford to pay the payments and get behind that will as well. So I would just ask them what is the best way for you to handle this.