Will creditors agree to work with debt management company?

I have enrolled into a debt management program recently. The consultants told me that they have informed my creditors about this. They have even offered a payment plan to my creditors – BOA, Capital One, Wal Mart. I am quite nervous about this. Will my creditors accept the payment plan? Will they demand for more money? Any information on this issue will be helpful.

2 Answers

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Usually these debt relief companies are quite experienced in dealing with such creditors. They are pretty much aware of all possible questions that the creditors ask, and they have the right answers to persuade these creditors. Their success also depends on your ability to show them through your current financial obligations. Once they obtain a clear picture of your financial situation, they'll be in a better position to offer the right repayment plan to your creditors.


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Well, this will depend upon your creditors. The creditors may or may not agree to work with the debt management company. If they like the payment plan, then they may accept it.


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