Debt Consolidation

A debt management plan (or DMP) is one way MMI can help you resolve your credit problems and repay your debt. A debt management plan is recommended for those individuals who need more than advice and could benefit from a structured repayment plan. Through a debt management plan, you are able to make one convenient monthly deposit to MMI which is then disbursed to each of your creditors.

How it Works

It begins it a credit counseling session to assess your situation and see if a debt management plan is right for you. Counselors are available 24 hours a day, 7 days a week by telephone and internet. In-person credit counseling is also available by appointment in select local markets. A debt management plan may help:

  • Reduce interest rates
  • Waive late fees
  • Lower monthly payments
  • Eliminate collection calls

To get started, fill out the online counseling form or call to speak with a certified credit counselor about the options available to you.

Is a Debt Management Plan Right for You?

  • Is an increasing percentage of your income going to pay off debts?
  • Is your savings cushion inadequate or nonexistent?
  • Are you near or at the limit on one or more of your lines of credit?
  • Can you only make the minimum payments on your revolving charge accounts?
  • Are you chronically late in paying your bills?
  • Are you paying bills with money earmarked for something else?
  • Are you borrowing money to pay for items you used to buy with cash?
  • If you lost your job, would you be in immediate financial difficulty?
  • Are you unsure about how much you owe?
  • Are you threatened with repossession of your car or credit cards, or facing other legal action?

If any of those sound like you, a debt management plan may be great way to relieve debt and create a healthier overall financial outlook.

Gaining control of your credit usage problems is possible with our free money management counseling appointments, so you have nothing to lose by filling out an online credit counseling form or visiting the local MMI branch office location most convenient for you.

Why Choose MMI?

We recognize that consumers have options. So what separates MMI?

  • Quality - MMI is a member of the National Foundation for Credit Counseling (NFCC), Consumer Federation of America (CFA), and National Council of Higher Education Resources (NCHER). We are proud to be accredited by the prestigious Council on Accreditation of Services for Families and Children.
  • Knowledge - Our training department works hard to assure that our representatives are knowledgeable and cross-trained in multiple areas of financial concern. All counselors must pass a series of tests to become certified.
  • Accessibility - You can access our services by phone, internet and in person in many markets.  Representatives are here 24 hours a day, 7 days a week to meet your needs.
  • Nonprofit - As a nonprofit counseling agency, our priority is always the success and wellbeing of the people we serve. You can always expect honest, unbiased advice and guidance.
  • History- MMI has been helping consumers find new ways to overcome financial challenges since 1958.

FAQs

WHAT IS THE COST OF PARTICIPATING IN A DEBT MANAGEMENT PLAN?

If you decide to start a debt management plan, there will likely be a one time set-up charge and a monthly fee for the cost of administering the plan. These fees are determined in part by your state of residence and will be calculated by your counselor during your credit counseling session. If you feel that a fee will be too much of a burden for you to pay, talk to your counselor.  If you qualify under the U.S. Department of Health and Human Services poverty guidelines, you may be eligible to a fee waiver.

MUST ALL UNSECURED DEBTS BE INCLUDED ON A DEBT MANAGEMENT PLAN?

Yes, all unsecured debts should be included on your debt management plan. This means that all revolving credit accounts will be closed to further use. The purpose of this debt repayment program is to help consumers get out of debt.  To do this, it’s important that no additional charges are made while are on the program. However, as with any rule, exceptions can occasionally be made. Discuss any accounts you’d like to keep open with your counselor.

HOW DOES A DEBT MANAGEMENT PLAN REFLECT ON MY CREDIT REPORT?

The debt management plan itself is unlikely to be reflected on your credit report. Some creditors may report that an account is being paid through a managed repayment plan, though most will not. This notation should not have any impact on your score.

Click here for answers to more frequently asked questions »

Getting Started

Speak To a Counselor

Begin immediately or schedule an appointment. Counseling is available 24 hours a day, 7 days a week by telephone so no matter where you live or what time of day it is, we’re here to help.

866.889.9347

Online Counseling

Self-guided counseling is available any time.

Get Started

In-person Counseling

If you prefer to meet with a counselor face-to-face, we have branch offices across the country.

Our Locations

Additional Resources

EBOOK: MANAGING DEBT TO IMPROVE YOUR MENTAL WEALTH

Living underneath the burden of debt is a scary place to be. But there is a way out.

BLOG: DOES DEBT CONSOLIDATION HURT YOUR CREDIT?

Debt consolidation comes in many forms. The two most popular are generally a debt consolidation loan and a debt management plan. Both can be effective ways to manage and reduce your debts, and both come with similar pros and cons. Importantly, both are likely to have an impact on your credit score.

BLOG: A SIMPLE GUIDE TO PAYING OFF YOUR CREDIT CARDS

If you’ve been carrying balances on your credit cards you likely know full well how much that debt has been costing you. Getting rid of that debt, however, doesn’t have to be complex.

Click here for more debt consolidation related resources »

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