Debt Management Program – Program Benefits
Entering into a Debt Management Program (DMP) can provide substantial benefits to consumers seeking financial relief and stability. The benefits are quickly applied to accounts suspending further delinquency and stopping unnecessary late and over the limit fees. Each month you will send your payment to our office on or before your assigned DMP due date. Your payment is then split between your creditors, according to their approved payment arrangement, and remitted to them promptly. You will continue making payments on your debt management program until all your debts are eliminated. Also, remember that you can always send additional funds and pay off your debts sooner than your scheduled repayment term. You will be assigned a Certified Credit Counselor that will assist you directly and ensure a seamless transition onto our program.
Once enrolled on our Debt Management Program you can expect to receive the following account benefits.
One Monthly Payment:
Instead of paying all of your debts individually as they arrive each month (and not knowing what the minimum payment will be) our program combines your enrolled accounts into one affordable monthly payment. Each month you will submit your debt management program payment which is then disbursed by this office to your creditors. Your debt management program payment due date will be at a time of the month that is determined by you.
Lowered Interest Rates:
Your current interest rates will be adjusted by your creditors allowing more of your payment to go toward principal rather then interest. Lowered interest rates will allow you to pay off your debt in a shorter amount of time and save you money that would have been applied to interest over a longer period of time.
Re-aging of accounts:
When an account is in a delinquent (past due) status, getting it to a current status often requires paying the past due amounts. A re-age eliminates the need to pay the past due amounts and brings the account into a current status automatically. With a re-age, your account will be reported as current, and as long as you submit your payments regularly, it will stay that way. This valuable benefit not only saves you money, it reduces creditor calls and is the first step towards getting and keeping your bills current.
Waived late and over the limit fees:
If you have fallen behind, it is highly likely that you are getting late fees, and possibly over the limit fees. Once enrolled, these fees will stop for as long as your program lasts.
Long Term benefits:
The benefits you receive while enrolled on our debt management program are long term and will continue until the debts are paid off. They are not introductory rates that expire after a brief period of time.
The average length of time a client pays their bills off on our debt management program is approximately 50 months (4 years & 2 months) depending on creditor benefits. Keep in mind that you can send additional money with your regularly scheduled payment and pay your debts off sooner.