Call +1 (888) 303 6285 for Debt Help
Call +1 (888) 303 6285 for Debt Help
Find out if you are eligible to write off your unsecured debts*
A DMP is available to those with five or less unsecured debts. The process begins with the credit counselling agency reviewing your level of debt against your income and monthly expenses to develop a realistic repayment plan that meets your affordability.
The agency will approach all creditors to make them aware of the DMP and in many instances some creditors will agree to waive the majority of or all the interest on any debt.
What’s more, repaying in monthly installments over the course of up to five years makes budgeting easier and offers peace of mind when handling your finances.
Payments will be taken until your debt has been paid in full – there is no debt forgiveness.
A Debt Management Plan (DMP) is an informal, agreement that consolidates unsecured debts and allows you to make monthly payments to a credit counselling agency to repay your creditors. Arranged and managed by a licensed credit counselling agency a DMP is a flexible plan which allows you to increase or decrease repayments dependent on your circumstances.
There is no one size fits all approach to debt management, with circumstances often changing throughout the duration of repayment – the DMP is designed with that in mind offering flexibility to ensure all debts are paid in full.
A DMP helps offer a sense of control when seeking debt help as experienced credit counsellors take control of contact with creditors, removing the daily stresses and anxieties that can come when managing debt.
Dealing with debt can understandably seem like an overwhelming task, however, the debt management plan offers a simplified payment plan to help take the pressure off repaying creditors.
Flexibility: This plan offers the opportunity to increase or decrease payments to creditors in relation to your current circumstances.
Interest freeze: Although they are not obligated to creditors may reduce your payments and stop interest charges.
Affordability: You make one affordable monthly payment to the agency which distributes to creditors over a period of up to five years.
Informal: A DMP is an informal arrangement and not legally binding.
Options: The plan doesn’t need to include all creditors. Being open and honest with your credit councilor will allow them to advise which creditors can be omitted from a DMP.
Stress reduction: Being faced with managing payments to several creditors can be a daunting and fraught task at times. To help ease the pressure, an experienced credit councilor will manage your DMP throughout its duration by liaising with creditors on your behalf.
Arrange a call with one of our team to find out if you qualify for debt help.
A DMP works best for those who meet the following criteria:
Any unsecured debt can be included in a DMP. An unsecured debt is a loan that is not backed by an asset. Examples of unsecured debts include:
Arrange a call with one of our team to find out if you qualify for debt help.
A DMP has a wealth of benefits and could be your best option if: