Delinquent on Debt Management Program
December 1st, 2010 by Questions
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”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
December 01, 2010 at 8:24 am, 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…