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?
We’re starting to see creditors 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.
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.
Every creditor has a different policy when it comes to missed payments, though. If you need to stop an upcoming deposit to handle other necessities, please contact our support team so we can talk through the specific policies of your creditors and find a path that protects the progress you've made so far.
Can I stop my DMP until the coronavirus situation is over?
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.
Right now, we’re working with creditors to see what kind of additional relief might be available for people in your situation. At the moment, the guidelines are the same as they were before: if you miss a payment, you might lose some of your creditor benefits, like reduced interest rates. Please note, however, that some creditors are offering temporary deferments on payment. Contact your creditor directly to see if deferment is available on your account.
Every creditor has a different policy when it comes to missed payments, though. If you're considering stopping future payments, we'd suggest calling our support team first just to review the specific policies of each creditor so you understand what may happen.
In a lot of cases, we may be able to get those benefits reinstated once your income is back to normal. Keep in mind that no matter what, if you miss payments your accounts will become delinquent and that’s going to be reported on your credit report.
Here at MMI, you can generally go two months without making a payment before we’ll need to close your DMP. We may be able to go longer, depending on your creditors. Just remember that if your accounts get too far past due, they may be charged off by your creditor and could be sent to collections. In some cases we may be able to get those accounts reinstated on the DMP, but that’s definitely not a guarantee.
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.
Contact our Support team
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