Have a question regarding the impact of the coronavirus? Browse this list for answers. New FAQs will be added regularly as this situation develops.
I have a scheduled office appointment – what do I do?
If you haven’t already been contacted by an MMI representative, please call 866-889-9347 so we can reschedule your in-person appointment to a phone session.
When will in-person appointments be available again?
Unfortunately, there’s no way to predict how long our offices will be closed. We’re taking this step to help curb the spread of coronavirus and will be continually assessing the situation.
Have counseling hours changed?
Hours for all our services remain unchanged. Our counselors are here and available when you need them.
What Are Creditors doing to help clients impacted by the Coronavirus outbreak?
Creditors have been offering special assistance on a case-by-case basis. They’ve advised us that the best way to find out what’s available is to call them directly using the customer support phone number on your credit card or monthly creditor statement.
Why are creditors reporting negatively during the pandemic?
As stated in the CARES Act, if your credit card or loan account was considered current and not past due at the time you made deferment arrangements it should be reported as current as long as the deferment is in place. If the account was past due before the made deferment began or if the deferment has since expired and payments have been missed, creditors can and will report the account as past due until brought current. Once your account is current, the creditor must report it as such.
Will there be another stimulus payment?
Congress has proposed the next stimulus, the HEALS Act, and it seems likely that some form of relief is forthcoming, either as increased unemployment benefits, another one-time payment, or some combination. Check out our news and updates section for the latest information.
Debt Management Plans
What happens to my DMP if I miss a payment because my income has been disrupted?
MMI won’t close your DMP for a single missed payment. However, at the moment there’s still a chance that you might lose creditor concessions (including reduced interest rates) if you miss a payment.
How many payments can I miss before my creditors drop me from the DMP?
Each creditor has a different policy regarding missed payments, but for most creditors two missed payments will cause you to lose your DMP benefits. If you’re concerned that you may need to miss two or more consecutive payments, we recommend that you call 888.845.5669 or e-mail firstname.lastname@example.org to discuss your account with a support counselor who will review your situation to see if there may be other options available.
What happens if my deferment period is over but I’m still not able to pay?
If you’re able to make a partial deposit, MMI offers an extended modification solution (EMS) which allows you to make a reduced payment to certain participating creditors. If you aren’t able to make a payment at all, however, please call in and speak to a support counselor who can review your budget and may be able to offer specific resources for your unique situation.
Can I pause my DMP until I'm back to work?
Your health and safety are absolutely the most important thing right now. If your income’s been cut off, we completely understand needing to put a pause on your DMP.
We can keep the DMP open without payment for a period of time, but this doesn’t guarantee that your individual creditors included will continue to offer special benefits for being on a DMP. You should also keep in mind that accounts not receiving a payment can become delinquent, which may result in collection actions from your creditors.
So technically, yes, you can pause your DMP by stopping your upcoming deposits. You just need to be aware of the consequences of not making payments and the importance of communicating with us on a monthly basis.
National interest rates have dropped – can we get the creditors to negotiate lower rates?
It’s important to keep in mind that the interest rates you receive through a DMP are already the negotiated hardship rates for your creditors. Unfortunately, while changes in the federal interest rate might impact an active credit card with a variable rate, it won’t change the reduced hardship rate creditors are willing to offer.
Are there any payment reduction programs currently available?
One option that might benefit you if your income has been temporarily reduced is an extended modification solution (or EMS). A growing number of creditors currently offer the EMS as an option right now, so there's a good chance you may have multiple accounts that qualify.
Basically, with an EMS, you would pay less than the agreed amount – so for example, you might pay half of what you’re currently paying to a participating creditor. You would keep your benefits and your DMP would stay active while you’re making these reduced payments.
However, your accounts would start to fall past due – if you make a half payment, for example, your account would be half a month behind. Every month you make a reduced payment, your account would become more past due. For most creditors, once an account hits 120 days past due, they’ll charge it off and send it to collections.
Again, not every creditor offers this option, and even once you’re back to making full payments your accounts will still be past due until you make extra payments to get caught up. But it’s a useful option for people experiencing a temporary reduction of income, and the major benefit is that you won’t lose your creditor concessions.
If you're interested in the EMS program, give us a call and we can review your account to see which of your creditors offers this option.
I may need to stop my next deposit because of the coronavirus outbreak – when do I need to let you know?
We understand that circumstances are changing rapidly for a lot of people, and you should absolutely put your health and essential needs above your debts at a time like this.
If you have automated deposits, please reschedule or cancel drafts no later than noon (CT) two business days before your deposit is scheduled to be drafted. You can make changes to upcoming deposits through our online client portal, which is mobile-friendly and available 24/7. You can also contact our Support team during regular business hours.
I just started a DMP - why haven’t we heard back from my creditors yet?
If you’ve recently started a DMP or added a new account to an existing DMP, please note that some creditors are experiencing delays right now due to the impact of COVID-19 on the workforce. In particular, it may take longer than usual for DMP proposals to be reviewed and approved.
Be sure to sign up for MyMMI, our online client portal, for the most up-to-date information on your creditor proposal statuses. You can also contact our Support team with any questions you might have.