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Delinquent on Debt Management Program

I was on a Debt Management Program from Credit Counseling. I owe $50,000 in debts when I first started with the program but then my income change and I could not afford to continue, so I just stopped making payments. By then, I only owed around $25,000 in debts. What will happen to my credit now? Will my creditors start coming after me with full interests? I read on some blogs and posts that the accounts that got delinquent will be erased on the credit bureau after 7 years. Is it true? What can I do now? Please help.

Posted from: British Columbia

One Response to “Delinquent on Debt Management Program”

A licensed trustee said...

Your creditors have the right to retro-actively charge you interest back to the start of the Debt Management Program. Further, they have the right to take all of the collections actions any creditor can take when you default on your payments.

You may want to use the links on this site to call a trustee in your area to discuss your options in detail…