Does a Debt Management Plan hurt your credit score?

Tips and Deals Forums Debt Management Does a Debt Management Plan hurt your credit score?

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    • #206422

      I am thinking about getting credit counseling and enrolling in a debt management plan. But I want to know if it hurts your credit score. There seems to be so many scams out there right now.

    • #269950

      It will hurt your score if its a debt negotiation or settlement company.
      The way they work is:
      They allow you bills to go unpaid even longer, to make the creditors scared enough to settle.
      In the meantime, you accrue more interest and late payments.
      Sometimes these companies don’t settle (they don’t have to), and you end up in court anyway. All of this ruins credit.
      The main complaint is that you pay these companies thousands of dollars and you get little in return.

      You can do all this yourself (if its a debt negotiation or settlement company).
      It’s all in books – easy to understand with step by step directions on how to negotiate, settle, reduce payments, or reduce interest rates.
      Go to your bookstore (or library) and get a book on Debt / Credit Repair.
      It will be worth its weight in gold.

      There is also a non profit government agency called
      National Foundation for Cosumer Councelling.
      This agency should not charge more than $25/month for their services.
      They work with your creditors and work things out. Reviews are excellent. – find a location near you, and make an appointment.

      I recommend the book first, since a major complaint is that going to a gvt councelling service is embarrassing and that they make you cut up your credit cards right there.

    • #433738

      German Shepherd
      Rhodesian Ridgeback
      Bull Terrier
      Great Dane
      Staffordshire Terrrier
      Yorkshire Terrier

    • #433739

      There is no such thing as a ‘Dangerous Dog’ just a Bad Owner!!!!

    • #433740

      There are over 78 breeds currently banned in some way or another in the US. Each insurance company is different.

    • #433741

      According to this web site:

      The Top Ten “Bad Dogs”

      These breeds of dogs are on this list because of their strength and temperament — and because they have a history of incidents.

      Here are the top ten troublemakers:

      * Akita
      * Alaskan Malamute
      * Chow Chow
      * Doberman Pinscher
      * German Shepherd
      * Pit Bull
      * Presa Canario
      * Rottweiler
      * Siberian Husky
      * Staffordshire Bull Terrier
      More information on the web site—see link above
      Some of these dogs are the sweetest ever, but the people that own them make them what they are (my opinion) and they get a bad rap. Insurance companies see in dollar signs, never with their hearts.

    • #433742

      I am appalled that insurance companies will drop people based on breed. just because of the breeds on that list pls check out this site:

      the reason rottweilers and pit bulls have such a bad rep is because there is more of them around, and if they do decide to bite, the are stronger, and so do more damage than a smaller, weaker dog, and so of course it makes the news.

      the results in the above website are derived from temperament tests, not strictly aggression tests, but a more overall view of canine behavior in our human environment: “the sum total of all inborn and acquired physical and mental traits and talents which determines, forms and regulates behavior in the environment” (atts web site)

      according to the test results, considering only breeds where over 200 members of said breed have been tested, the breeds with the lowest “pass” rates are as follows:

      Shetland sheepdog (67.9%)
      Chinese sharpei (70.2%)
      akita (74%)
      Giant schnazer (75.5%)
      Doberman pincher (77.1%)
      Belgian Tervuren (77.9)
      Samoyed (79.1)
      Great Dane (79.2)
      collie ( 79.4)
      Briard (79.6)

      compare to the Rottweiler at a 82.6% pass rate, American pit bull terrier at a 84.3% pass rate, and the staffordshire terrier with a winning 88.8% pass rate.
      the total average for all dogs tested is 81.6% pass rate, and the “big three” all have better pass rates than the average. that being said, the vast majority of ALL dogs have a good temperament. less than 19% of all have a bad temperament. Also, these test results do not mean that 19% of dogs will bite, it only means that they show signs of unbalance, stress, temper, fear etc… under stressful circumstance

      also, keep in mind that in general our pets have great temperaments with few exceptions, and that the results are very close for almost all breeds.

      so even though the insurance companies seem to feed on media inspired fear, and of course will take any excuse to drop a paying client, don’t let their biases feed your own prejudices. take each dog as it comes, and if you are shopping for insurance, talk to a broker. there may be ways around it.

    • #433743

      Probably best to do some homework about your confusing area.Here is a great start point.

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