Your Questions About Debt Management Plan
Maria asks…
Can I get approved for new credit after a Debt Management Plan?
Can you get approved for mortgage after going through a debt management plan (DMP) with a CCCS?
I have done a lot of research and I keep getting very conflicting information about the effects of a CCCS.
I want to hear from people that have gone through DMPs and what your experience has been like after completing the DMPs in term of applying for new credit.
I will also like to hear from mortgage lenders and other issuers of credit about your experience with approving people that that have completed a DMP with a CCCS.
I am thinking of signing up with a reputable company; however I want to buy a house in the next year, and I’ll like to know where I stand.
Thank you.
Joe answers:
Not while on the plan, and maybe even for years later. It is a catch 22 to sign up for those things.
It is best to pay the higher fees but make regular payments to your creditors than to pay someone else who takes away all the credit you have, regardless of whether you are in good standing with them. The debt management co. Will take money from you too anyway
Thomas asks…
Will a Debt Management Plan have an effect on my credit rating?
Hello All,
Will a Debt Management Plan have an effect on my credit rating?
please share your opinion for my question.
Thanks in Advance.
Joe answers:
It shouldn’t. After all, the Credit Agency’s WANT You- to pay your Debts off…-So they’re not going to penalize you for DOING something to make that Happen… 
George asks…
I’m looking to rent a new apartment however I’m on a debt management plan. Will this affect my ability to rent?
I am on a debt management plan however all of my accounts are now current on the plan. Will this affect my ability to rent a new apartment?
Just to clarify, I did not file bankruptcy but am simply on a debt management plan for making payments.
Joe answers:
Depends on what your credit score is now.
If your credit is still bad you may have to pay a larger security deposit.
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