What is a debt management plan?
A “debt management plan” is one way to repay money you owe. Here is how it works:
This continues until your debt is repaid.
Debt management plans might help some people. These plans do not help everyone. A good credit counselor can help you decide what might help you.
What is a debt settlement plan?
Some people say a “debt settlement plan” is a way to repay money you owe. But many companies that offer these plans make promises they cannot keep.
Some companies say:
Many people who use debt settlement plans find they owe more money, not less. These companies charge you a lot of money, and then they do not help you.
Where do I start?
How can I get help?
Look for a credit counselor who will meet you in person. Then ask questions. These questions will help you select a counselor:
Look for a credit counselor who can do the most for you. You might have to pay some money for help. But a good credit counselor will not ask you to pay in advance.
When you get the validation notice:
See if you recognize the debt. The notice should list the “creditor.” The creditor is the person you owe money to. You can call the creditor to get more information.
If you do not think the debt is yours, follow the instructions in the notice. It should tell you what to do next to question the debt.
If the debt is yours, make a plan for how to pay it. Talk to a credit counselor.
If you want the collector to stop calling:
Write a letter to the debt collector. Tell him to stop calling you immediately. Send the letter by Certified Mail and ask for a “return receipt.” The law says he must stop calling you when he gets your request in writing.
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