*Reduce Interest Rates
Most banks and finance companies offer debt management plans (DMP) thru approved non-profit credit counseling agencies. DMP’s may lower or eliminate interest rates and stop late or over-limit fees.
*Lower Your Payments
Debt Management Plans may lower over-all monthly payment. DMP minimum payment requirements are at the sole discretion of the credit grantor.
*Stop Collection Calls
Once an account is approved for debt management plan, collections calls usually slow or stop entirely. Creditors may still call a consumer enrolled in a DMP.
*late & over-limit fees
stop once accounts are approved by creditor grantor into the debt management plan( DMP). Creditors will NOT “retro-actively” remove fees. Fees will continue to be assessed until the account is approved by the credit grantor in DMP. Creditors will charge late & over-limit fees ( if applicable) during the DMP “set up” period if accounts are delinquent or over credit limit . Minimum payments must be maintained during DMP set up period to avoid late fees and over-limit fees. All benefits of the DMP program are extended directly by the credit grantor.