Debt Management Plan FAQs

A debt management plan (DMP) from MMI can save you thousands of dollars and get you to your debt-free date quickly.

Learn more about debt management plans from MMI

Are there fees associated with a DMP?

Are there fees?Yes. Most DMPs include an initial set-up fee and an ongoing monthly fee. These fees will vary depending on where you live and how much debt you're repaying. On average, clients pay a $33 set-up fee and a $25 monthly fee. Fees are capped at a maximum of $59 (monthly) and $75 (set-up).

Will you talk to my creditors?

Will you talk to my creditors? All of our services are completely confidential. We will only contact your creditors if you decide to begin a DMP, in order to set up your repayment plan.

Can you help me even if I've missed some payments?

Can you help me even if I've missed some payments?You can still benefit from a debt management plan even if you've become delinquent on your credit card accounts. Depending on the creditor and the severity of the delinquency, your accounts may even be considered current after a certain number of DMP payments.

How quickly can I start a DMP?

How quickly can I start a debt management plan?The first step is a review of your debts, expenses, and income in order to calculate your potential repayment plan. This process can take less than 15 minutes. If the proposed plan looks good, you can sign an agreement and make your first deposit almost immediately.

How can a debt management plan impact my credit score?

A DMP is designed to help you make consistent payments and reduce overall debt levels. While there are no guarantees, on average DMP clients see a 84 point improvement after successfully completing their program. Read more

Will a debt management plan hurt my credit?

Will a debt management plan hurt my credit?Your credit score may dip at the beginning of your DMP as your credit accounts are closed. This impact is usually temporary and your score should improve as you make your required monthly payments. Read more

How long does a debt management plan stay on your credit?

A DMP is not a loan or a line of credit and won't be listed as a creditor on your credit report. Accounts included on a DMP may show as being paid through a debt management plan, but this should disappear once the account has been paid off. Read more

Can I use a credit card while on a debt management plan?

Can I use a credit card while on a debt management plan?Creditors typically require that credit card(s) included in a DMP be closed to prevent additional charges. You may be allowed to keep one card open and off your plan for emergency purposes. Read more.

Do I have to include all of my credit cards on the plan?
All unsecured debts should be included on your debt management plan. However, exceptions can occasionally be made. Discuss any accounts you’d like to keep open with your counselor.
How much money can I save on a debt management plan?
Every debt management plan is different and results will vary, but on average recent MMI clients have saved over $32,000 over the course of their plan (as compared to what they would have paid if they hadn't started a DMP.)
How much debt is too much debt?
If you're struggling with your monthly expenses and your debt payments are a big reason why, that may be an indication that you have too much debt. A debt-to-income ratio of 40% or above could be another sign that you have more debt than you can handle.
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