2 replies to this topic

[mom2klm]

I am considering enrolling in a DMP with InCharge....or possibly just contacting my creditors directly to enter into a hardship program, but that is a whole other discussion. Anyways, my question is, are you able to get financing for a home or automobile while in a DMP or hardship program? Our car lease is up in a few months and we will need to get a loan to get another car. I would like to know how hard it will be to do that. When I talked to InCharge, they told me that while in their program, you creditors ask that you not open any new account. Do they just mean only new credit card/revolving credit accounts?

[radi8]

Theres two problems-
1- some of the creditors you include in the DMP may balk at keeping you in if you borrow additional money, and
2- lenders may not want to write you a loan while you are in a DMP. Or may charge you considerably higher rates.

If your credit is clean enough right now to qualify for the car, I'd consider doing that before enrolling in the DMP.

[shadekitty]

i'm in a CCCS program now for 2 years with less than 1 year left to go.

My CCCS agreement said no new loans, or no new cards during the program. Read your fine print - it may not just be your current card companies that may balk at you applying for new credit unless there is a dire emergency that you can explain.