Benefits of a Debt Management Plan
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Stop collection calls.
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Reduced monthly payments.
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Lower interest rates.
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Eliminate late and over limit fees.
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Simplified payment schedule.
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Repay debt in full.
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Maintain or improve your credit score.
Will enrolling in a debt management plan affect credit?
Enrolling in a DMP shows an individual is making payments through a credit counseling agency on the credit report. An individual’s credit score is not directly affected by joining a debt management plan; however, the credit score may have been affected by the amount of trouble the individual was in before enrolling. Debt management plans are designed to allow people the chance to rebuild and restore their credit, as well as reduce the overall debt faster.
Program Cost
There is a small monthly fee for our DMP program; however, as a non-profit agency, we keep our fees as low as possible. Our fee structure ranges from $5/month to $50/month. The cost of the program is based on the number of creditors a client has and the amount owed to each one. The fee is included in the total monthly payment; it is not taken from money paid to creditors.
