A debt management plan (DMP) from MMI can save you thousands of dollars and get you to your debt-free date quickly.
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Are there fees associated with a DMP?
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 ($75 max) and a $25 monthly fee ($59 max) for a nonprofit debt management plan with MMI.
Will MMI contact my creditors?
All of our services are completely confidential. We will only contact your creditors in order to set up your repayment plan if you decide to begin a DMP.
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?
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?
At the beginning of your DMP, your credit score may dip 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?
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 $32,000over 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 ratioof 40% or above could be another sign that you have more debt than you can handle.
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More about debt management plans
- What is a debt management plan?
- How a debt management plan works
- Pros and cons of using a debt management plan
- Debt management plan vs debt settlement
- Debt management plan vs consolidation loan
- Debt management plan vs bankruptcy
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At MMI, we strive to change how America overcomes financial challenges. No matter what's holding you back, we have the education, services, and expert support to help you reach your goals.
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- Better Business Bureau
MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
- Financial Counseling Association of America
MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
- Trustpilot
MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
- Department of Housing and Urban Development
MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
- Council On Accreditation
MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
- National Foundation for Credit Counseling
MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.