Debt Management Plan FAQs

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.

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.

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.

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.

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

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

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

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.