Skip to Content Skip to Navigation

Debt Management Plan


Take charge of your debt

Ours plans eliminate debt faster and allow you to start building wealth again

Stop the collection calls • Pay off your debt faster • Create a realistic budget
Consolidate debt payments • Reduce or eliminate penalty fees

Our award-winning financial coaches will help you determine whether a Debt Management Plan is your best path toward effectively managing your debt levels. Once you enroll in a plan, we become your personal advocates, working closely with you and your creditors to pay off your debt faster.

Don’t want to call? Use The Live Chat Feature

How We Help

What is a Debt Management Plan?

A Debt Management Plan (DMP) is an affordable debt relief option where credit.org’s financial coaches work with you and your creditors to create a realistic monthly payment plan, stop collection calls, minimize fees, and help you pay debt off more efficiently.

Step 1

Step 2

Step 3

Debt Free!

FREE CREDIT COACHING

Your path begins with a free debt coaching session, which includes a customized budget and debt repayment plan.

You are provided educational materials and personalized money management advice – we want to make sure you have all the tools and knowledge needed to succeed.

We take the time to carefully review your debt and financial information to make sure you would be eligible for a Debt Management Plan, and could afford to make the DMP payment.

If you are a good fit, we send proposals on your behalf to creditors based on the DMP that was created with your financial information in mind.

WE WORK WITH CREDITORS ON YOUR BEHALF

You will be enrolled in consistent and predictable automated payments that come straight out of your bank account each month.

We send the funds to creditors using electronic transfers, ensuring payments are received on schedule, which will stop the constant collection calls.

TRACK YOUR PROGRESS

We send a monthly progress report for you to review and compare to the statements you receive from the creditors.

PAY OFF YOUR DEBT FASTER

As one debt is completely paid off, the funds are reallocated toward the remaining accounts, accelerating your debt payoff.

Working Together

What We Do
For You

Our expert financial coaches will take care of all the heavy lifting, so you don’t have to. Our Debt Management Plan includes:

Budgeting Assistance

We create a workable budget with you from the beginning and continue to work with you throughout the life of the plan. We also offer our Power of Paycheck Planning and Roadmap to Financial Freedom classes, along with other budgeting courses to help you refine your budget over time.

For more budgeting help, try our budgeting calculator tool. 

Clear Communication Among All Parties

We serve as an intermediary between you and the creditor. Not only can we ensure clear communication, but can also accept deposits electronically from you each month and then disburse those funds directly to your participating creditors on a fixed schedule to ensure timely payment. You make only one monthly payment.

We prepare monthly progress reports that show how your payments are being distributed to creditors, along with a remaining balance owed, so that you can always keep track of your finances.

Education

We offer free courses and seminars on preventing identity theft, using credit wisely, understanding your credit score and credit reports, financial planning and more.

View the full list of courses

Housing Counseling – If needed, we have HUD-certified housing counselors who can assist future and current homeowners.

Ongoing Support

We have support staff standing by to help you if you run into any issues or have any questions come up!

What We Need
From You

You are the most important partner in the Debt Management Plan. We are here to empower and educate you, so that your role is seamless and stress-free. Here’s what you need to do:

Learn

We offer completely free and practical education on a variety of topics, including budgeting and using credit wisely.

Make Payments

As long as newly budgeted payments are paid in full and on time each month, there is no reason for you not to succeed on the DMP.

No New Credit

Do not seek new credit while on the DMP, as other creditors will know about these actions through your credit report. Instead, if you are having trouble, give us a call and we will work with you to adjust your customized budget.

Say Informed

It’s crucial that you monitor the statements received from your creditors each month (The creditors will not disclose this information directly to us). You should compare that information to what’s in our monthly progress report and ensure that everything matches. If anything is different between the creditor statement and what we show in our paperwork, give us a call.

Call Us

Our coaches are one phone call away, ready to offer additional advice and answer any questions that come up.

(800) 431-8157

The Creditor's
Responsibility

The DMP serves the dual role of helping you repay your debts while ensuring creditors receive the money owed to them. As a result, creditors are willing to work with organizations like us in various ways:

Accept Payments

Creditors allow us to transmit payments electronically directly to them, so the funds we disburse on your behalf are transferred securely, quickly and without complications. It is extremely rare that a creditor, even those who don’t offer other kinds of help, will refuse to accept a payment through a DMP.

Stop The Calls

Typically, creditors will stop calling to collect a debt once they have received three monthly payments in a row.

Update Your Credit Report

While on the DMP, your credit report will say that you are enrolled (this has no effect on your credit score). After you complete a DMP and pay off your debts, the creditor will mark the debts as paid in full and remove the narrative of your participation in the DMP.

Concessions

Every creditor offers a different set of concessions. Most will waive interest rates, lower monthly payments, re-age accounts to stop late fees, or offer other concessions to help clients successfully complete a DMP.

Am I Eligible ?

Not all debt is created equal. Only certain kinds of debt can be included in a Debt Management Plan.

Eligible for a DMP
Unsecured Debts:
  • Credit Cards
  • Small Medical Debts
  • Collection Debts

Not Eligible for DMP,

but let us show you how we can help!

Hear From Our Clients

Any Questions?

Talk with a counselor today

1 (800) 431-8157

Is the debt management plan right for me?

We find that because our financial counseling is free, confidential, and carries no obligation, the best course of action if you may be interested in a Debt Management Plan is to call and speak directly to one of our certified coaches. In addition to the valuable budgeting assistance, we will help you assess whether a DMP is the right path for you.

What is a Debt Management Plan (DMP)?

A DMP is a payment plan that helps you repay your debts. By using a non-profit credit counseling agency to pay down and off your debt, creditors may also offer to reduce or waive fees, finance charges, or interest rates to ensure success on the plan. Simply, under the plan, you deposit a consolidated payment with us each month, which we in turn disburse to all of your creditors. We also handle calls from your creditors directly. The vast majority of our payment processing is electronic, so funds are transferred directly to the creditors without delay.

Is it available?

If you live in the United States, then the answer is yes. Credit.org offers debt management plans in all 50 states. We are merely a phone call away, call us at 1 (800) 431-8157.

Is it worth it?

Creditors work with us to offer certain advantages while you are on a DMP. With a DMP, you pay your bills in full, but at a reduced interest rate. This allows everyone to benefit: you, the client, are able to make more bite sized monthly payments and the creditor is repaid the money owed. Here is a roundup of the benefits:

  • Lower monthly payments
  • Consolidated debt payments
  • Interest reduced
  • Penalty fees waived or reduced
  • Bankruptcy avoided
  • Past due accounts are re-aged
  • Access to professional help
  • Debts are eliminated in 5 years or less
  • Debt payoff accelerates during the DMP
  • Collection calls stop
  • Counseling is free and carries no obligation
  • All debt counseling is strictly confidential

Will a DMP affect my credit?

You don’t have to have good credit to qualify for a DMP. Participation in a DMP has no direct impact on your credit score, but being enrolled in a DMP may change some aspects of your credit report that may have a negative impact. A particular creditor may look at a DMP adversely when reviewing your credit.

Also, some creditors may indicate that you are “not paying as agreed” while you are on the DMP, even though they are accepting the reduced payments. Our certified coaches can talk to you about the effect on your credit based on your unique mix of creditors.

Ultimately, a DMP helps to improve your personal financial situation by helping you to repay your debts in full. This can only have a positive impact on your credit in the long run.

Start moving forward and transform your future.

Debt Management FAQ’s

What is a Debt Management Plan?

A DMP is a payment plan that helps you repay your debts. Under the plan, you deposit funds with us each month, which we disburse to your creditors. We also handle calls from your creditors to ensure everything is going smoothly. The vast majority of our payment processing is electronic, so funds are transferred directly to the creditors without delay. Creditors may also offer to reduce or waive fees, finances charges, or interest rates to help lower your DMP payments and ensure your success on the plan. Learn More

Will a DMP affect my credit?

You don’t have to have good credit to qualify for a DMP. Participation in a DMP has no direct impact on your credit score, but being enrolled in a DMP may change some aspects of your credit report that may have a negative impact. A particular creditor may look at a DMP adversely when reviewing your credit.

Also, some creditors may indicate that you are “not paying as agreed” while you are on the DMP, even though they are accepting the reduced payments. Our certified coaches can talk to you about the effect on your credit based on your unique mix of creditors.

Ultimately, a DMP helps to improve your personal financial situation by helping you to repay your debts in full. This can only have a positive impact on your credit in the long run.

In my DMP, can I just include the bills I’m having problems with?

No. We must include all of your unsecured debts in the plan, and we treat them all equally, even if some are more manageable than others.

Can I keep some of my credit cards while I am on the DMP?

No. All of your lines of credit must be closed while you are on the DMP. Only very rarely are exceptions made; in these cases, some clients may be able to keep one credit card account open for business purposes.

Typically, creditors are ready to open new accounts for our clients as soon as they complete the DMP, especially if their payment history was solid while they were on the plan.