Looking for legit DPM companies

Fuzion636 · #1 (**permalink**) 08-03-2010, 09:00 AM

Can someone please tell me what are some of the best and legit debt management programs for getting rid of debt.

Story: Car Loan 03/19/2010
I shared a joint account with someone who filed for bankruptcy. Although I did not file for it, it somehow affected my credit just by being on the account. I never knew that this would happen.

To make a long story short, when I went in to apply for a car loan the banker flipped around his monitor and showed me that I had a $3,000.00+ debt against me eventhough I have never even financed anything in my life. He said that there was no way he could give me a car loan until all of that was paid off. The account which the banker showed me had DA to the left side.

I have never financed anything, but I still have this weird $3,000+ debt holding me back from my car loan. I figure my best shot at getting my car is to enroll in a DPM. I just need to know what companies can be trusted, since alot on the web says these are scams and new companies popup every single day.

billb45 · #2 (**permalink**) 08-03-2010, 01:38 PM

I had been doing some research a little while ago and saw Debtors Unite which is a debt management program. Not sure if it would be what you're looking for, but figured I'd pass it along for you to check out.

DavidBibby · #3 (**permalink**) 08-03-2010, 04:12 PM

Quote:

Originally Posted by Fuzion636

Can someone please tell me what are some of the best and legit debt management programs for getting rid of debt.

Story: Car Loan 03/19/2010
I shared a joint account with someone who filed for bankruptcy. Although I did not file for it, it somehow affected my credit just by being on the account. I never knew that this would happen.

To make a long story short, when I went in to apply for a car loan the banker flipped around his monitor and showed me that I had a $3,000.00+ debt against me eventhough I have never even financed anything in my life. He said that there was no way he could give me a car loan until all of that was paid off. The account which the banker showed me had DA to the left side.

I have never financed anything, but I still have this weird $3,000+ debt holding me back from my car loan. I figure my best shot at getting my car is to enroll in a DPM. I just need to know what companies can be trusted, since alot on the web says these are scams and new companies popup every single day.

Typically.. you'd use a debt management program if you're in over your head.. or if creditors were calling you multiple times a day...

In your case.. you have something on your credit report, you know what it is.. and if they are not hounding you for the money.. I don't think you need to pay a DMP's fees to have them settle this for you.

Is it possible.. to save up some cash and settle it yourself.. or call up the creditor and workout a payment arrangement?

Most DMP's won't work with you unless you have over $10,000 in debt. In which case.. the fee's they get makes it worth their while.

In my opinion... since you intend to pay the debt... you should save up the money yourself and do your own cash settlement..

If the situation is more dire than that.. try the Debtor's Unite that billb45 mentioned.. to find out what they can do.

Alton Dawsey · #4 (**permalink**) 08-07-2010, 11:15 AM

You don't have a debt problem, you have a legal problem.

It sounds like you co-signed with "someone" for a loan or credit card and now the "someone's" problem is yours. Find out the accounts you have with this person and get you name off the accounts.

As for the past debt, you can hire an attorney but you will probably end up paying the debt anyways, because you co-signed with this other person.

Financial tip: Don't co-sign or hold joint accounts with people.

Good luck.

lighthouse · #5 (**permalink**) 08-16-2010, 04:05 PM

Unfortunately the least expensive way for you to settle this would be working with the collector. Try to negotiate with them, they prob would take a lesser amount. If they except $1500 it prob much less then working with a lawyer or a credit repair organization. Just remember that you may be liable for taxes on any difference. So you should consult your account and get everything in writing before you agree to settle for less, but you can do this yourself

Good luck

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