A CUSTOMIZED PLAN OF ACTION
You may be eligible to enroll in a Debt Management Plan (DMP). A DMP is a systematic way to pay down your outstanding debt through monthly payments to your credit counseling agency who will then distribute these funds to your creditors. By participating in this program you may benefit from reduced or waived finance charges, fees, and fewer collection calls. When you have completed your payments it may help you reestablish credit.
It takes approximately 36-60 months to repay debts through a DMP. Your accounts with creditors will always be credited with 100 percent of the amount you pay through an NCCB member agency. A DMP serves the dual role of helping you repay your debts while creditors receive the money owed to them.
For those with considerable debt problems, a financial counseling session is an effective first step to help you manage your finances better, and if appropriate, entering into a Debt Management Plan can start you on the road to financial stability.
