What is a debt management plan?
A debt management plan (DMP) is a structured debt repayment program that doesn't require a loan and is 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
Living in debt can feel like carrying an insurmountable weight on your shoulders, but we're here to offer you a helping hand. 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.
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. 
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. 
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).
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.
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.
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.
