Debt Management Plans
Debt Management Plans (DMPs) are voluntary repayment plans that allow you to repay your debts in a reasonable time frame. With a DMP, you make one payment a month to us and we pay each of your creditors.
Our goal is to provide you with comprehensive money management, a written assessment and an action plan, when it is applicable, to help you reach your goals.
A certified financial counselor can help you review your situation and determine if a DMP is right for you.
Benefits of a DMP
– Lower interest rates
– One simple monthly payment
– End collection calls
– Debt free in three to five years
– Eliminate late and over-limit fees
– An alternative to bankruptcy
Debt Management Plan Costs
There is an initial, one-time $25 charge for counseling, even if multiple appointments are needed.
If you sign up for a DMP, there is a fee of 10% of the monthly payment up to a maximum of $75 per month to administer the plan. The savings from signing up on a DMP will far outweigh the monthly service fee, creditors will stop calling and you’ll get out of debt.