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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.
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:
To get started, fill out the online counseling form or call to speak with a certified credit counselor about the options available to you.
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.
We recognize that consumers have options. So what separates MMI?
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.
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.
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.
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.
Self-guided counseling is available any time.
If you prefer to meet with a counselor face-to-face, we have branch offices across the country.
Living underneath the burden of debt is a scary place to be. But there is a way out.
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.
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.
The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.
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The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.
The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.
The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.