Do I have to include all of my debts on the DRP?
No. While we recommend including any eligible debts on your plan, the DRP is best suited for accounts that are charged off, severely delinquent, or in the process of becoming delinquent. Accounts that are in good standing or wouldn't otherwise benefit from being on the DRP should be excluded.
Can I use a credit card while on a debt resolution plan?
You can. There's no restriction on using credit cards that aren't included in your plan.
How much of my debt will I have repay?
We’ll work with your creditors to get the lowest possible payoff. While we can’t guarantee a specific percentage, we may be able to negotiate a payoff as low as 50% of the original balance.
What are the fees for a debt resolution plan?
In most states, MMI will charge a total fee of 15% of the original balance. In some states, you may be charged a flat monthly fee determined by your state’s regulations. Your counselor will help you understand the fees before starting your plan.
Is there a fee to cancel my DRP?
There’s no fee or penalty to cancel your DRP and any collected funds that haven’t been disbursed to your creditors or collected as fees for service will be refunded.
How will debt resolution affect my taxes?
Tax rules can vary, but generally speaking any forgiven debt above $600 may be considered taxable income on your next return. Depending on your income and the amount of debt you ultimately settle, a debt resolution plan may result in you landing in a higher tax bracket, though the cost of that change will almost certainly be substantially less than what you saved with the DRP.
How quickly can I start a DRP?
The first step is a review of your debts, expenses, and income in order to create your repayment plan and ensure that a DRP is right for you. 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.
Is the DRP available in my state?
MMI's debt resolution plan is currently available in over 30 states with plans to be available in every state in 2026.
See the full list of DRP states.
When can I expect my first settlement?
There's no guaranteed timeline, but we like to secure your first settlement as quickly as possible. It ultimately depends on your debts, but it typically takes at least a few months to accumulate the funds necessary to negotiate your first settlement.
Will MMI contact my creditors?
All of our debt relief solutions are completely confidential. We will only contact your creditors in order to set up your debt resolution plan and begin negotiating your reduced payoffs.
Do I have to be behind on my debts to use a DRP?
The DRP is only appropriate for consumers with debts that are delinquent, about to become delinquent, or charged off. MMI does not recommend intentionally withholding payments from creditors to qualify for a DRP. For consumers who are still current with their payments, a debt management plan may be more appropriate.
What makes me a good candidate for debt resolution?
A debt resolution plan is ideal for consumers with debts that are severely delinquent or in collections. Additionally, if you are in danger of becoming delinquent because your debt payments are simply not affordable, you may be a good candidate for a DRP.
Will collection efforts stop while I’m on a DRP?
While MMI can communicate with your creditors on your behalf, we cannot stop your creditors from continuing collection efforts while on the DRP.
Can creditors take legal action against me while on a DRP?
A DRP does not prevent a creditor from taking legal action to recover unpaid debts. To protect and support you through any potential legal action, MMI offers DRP clients an optional monthly legal services plan.
How can a debt resolution plan impact my credit score?
Accounts included on a debt resolution plan must be delinquent or charged off, so for most clients the credit damage has already been done before they start their DRP. That said, successfully settling on a debt is better for your credit than not paying at all, making a DRP a good option to get out of debt and begin the process of improving your credit.
Will a debt resolution plan hurt my credit?
A debt resolution plan is not the best option if you have good credit and want to maintain it. Accounts included on a DRP typically must be delinquent or charged off, both of which hurt your credit. If your accounts are in good standing and you want to maintain or improve your credit, a
debt management plan is a better option.
Can I settle my debts on my own?
You can. Anyone can attempt to negotiate a settlement directly with their creditors. The advantage of working with an experienced organization like MMI is that we have an established relationship with many creditors and can help you get the lowest possible settlement.
