Q: How does MMI disburse the client’s funds to the creditor?
A: MMI has two methods of disbursing funds to the creditors. The first method is through checks mailed to the creditor. The second method is through electronic payments sent through MasterCard RPPS. Both methods are disbursed on or about the monthly disbursement date shown on the proposal and are dependent on the client sending in their monthly proposed payment.
Q: If I want the funds disbursed to me from MMI sent electronically, can MMI set me up with MasterCard RPPS?
A: MMI can not set a creditor up with electronic payments through RPPS on our own. The creditor must first set themselves up with MasterCard RPPS. If a creditor is interested in electronic payments, they may contact MasterCard RPPS at 1-800-207-7605 and ask for more information on the requirements for having payments sent to them through RPPS. Once MMI receives notification from MasterCard that a creditor’s payments can be sent through RPPS, MMI will set them up for electronic payments.
Q: Why did I receive this invoice from MMI?
A: Creditors who benefit through the recovery of debts and rehabilitation of their customers primarily fund MMI. Creditors are asked for a voluntary contribution of 15% of the monthly disbursement. This is not a collection fee, but a contribution which may be tax –deductible to you. Our disbursement system offers the deduction of contributions prior to disbursing your check but the debtor’s account must be credited with the gross amount.
Q: If I would like to refer a customer to MMI, may I?
A: Yes, you may refer a customer to MMI at any time. If the customer indicates that they are having financial trouble you may want to refer them at that time. In many cases the customer may only need help creating a budget so that they can handle their debts on their own. We are happy to educate the consumer on creating a budget to fit their needs. In addition, we offer face-to-face, telephone, and online counseling, as well as, other budgeting tools on our website that consumers may use. Also, with the help of a MMI counselor, if the client decides they are in need of a Debt Management Program we will assist them with getting set up.
Q: Is there a phone number I could give a customer if I wanted to refer them to MMI?
A: Yes, the phone number for first time callers is 1-888-845-5669. The caller should follow the prompts to insure they are connected to the correct area or you may direct them to the Moneymanagement.org website.
Q: Is there educational material that MMI provides for our customers?
A: We have a selection of inserts and pamphlets that can be sent directly to you to use with your statements or to place in your lobby. Also, you may choose to mail these to your customers with past due accounts.