What is a debt management plan?
A debt management plan (or DMP) is a structured debt repayment program without requiring a loan, that’s typically administered by a nonprofit credit counseling agency. MMI works closely with creditors to reduce your interest rates and find a monthly payment that fits your budget. This results in faster debt repayment, saves you money in the process, and typically results in a higher credit score once your program is complete.
There are no requirements to qualify for a debt management plan. Clients simply need to complete a confidential debt and budget review with an NFCC-certified credit counselor to determine if they would benefit. At MMI, you can complete the majority of your review online and receive an estimated payment in only a few minutes.
A repayment plan that works for you
Whether you're overwhelmed with calls from debt collectors, or just unhappy with your debt situation, a debt management plan (DMP) from MMI can help you:
- Reduce your stress levels
- Consolidate your debt into one monthly payment - without a loan
- Save money on reduced interest rates
- Accelerate your debt payoff
- Create financial stability
- Stop the collection calls
If your debts are taking up too much of your time, money, and mental wellbeing, we can help you get organized and start making real progress.