For consumers with overwhelming debts who have fallen behind on their bills and can’t afford to repay their debts in full, MMI is proud to offer the debt resolution plan (DRP).
What is a debt resolution plan?
A debt resolution plan is similar to a traditional, for-profit debt settlement. The difference? As a non-profit, we provide this service at a lower cost to you. As with traditional settlement, MMI negotiates with your creditors for a partial repayment of your debts. Once the agreed upon payoff is completed, your debts are considered paid off.
Because a DRP only requires a partial repayment of your outstanding debt, the monthly payment is smaller and more manageable than other debt repayment options.
How does debt resolution work?
MMI’s debt resolution program is simple and straightforward:
- Work with a debt counselor to review your finances and determine the best repayment plan for your situation.
- Begin making monthly deposits to MMI.
- While funds are collected, your MMI debt counselor will begin negotiating with your creditors for a reduced payoff of your accounts, sometimes as low as 50% of the original balance.
- Once an agreement is reached with a creditor, MMI begins making payments on your behalf using the collected funds.
- After the final settlement is completed your DRP is closed and you are officially debt-free!
