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HomeBlog Debt ReliefThe Secrets To Making A Debt Management Plan Work
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The Secrets To Making A Debt Management Plan Work

June 8, 2013 by National Debt Relief

Woman with pen and pencil making budgetThe way this works is that you go to a credit-counseling agency that then negotiates with your lenders to waive any late fees, reduce your interest rates, and negotiate so your monthly payments will be more affordable. When all your creditors have approved your debt management plan (DMP), you will no longer be required to pay them. Instead, you will send one check a month to your DMP agency. It then distributes the money to your creditors.

The first secret

The first secret to a successful debt management plan is to be very careful in terms of which one you choose. It is sad but true that the debt management industry is full of companies just waiting to scam people who are already having problems with debt. If you don’t choose the right program, you could end up in more trouble than before. Also, be sure that you get real credit counseling before you sign up for any DMP.

An important secret – get everything in writing

Don’t agree to anything until you see your plan in writing. Read it carefully and make sure you completely understand it. If not, contact the credit counseling agency or debt management company and ask for explanations.

The third secret – be sure you can afford your monthly payment

Once you see what your monthly payment will be, you need to think carefully about whether or not you can afford it. If it seems more than you can handle, you will need to seek other options such as debt settlement or a debt consolidation loan.

Secret #4 – keep making your regular payments

It may take a while before all of your creditors accept your DMP. If possible you should continue to make payments to them until such time as they have all approved it. If this is not possible, at least call them and let them know that you’ve signed up for a debt management plan. Then try to make as much of your payments as you can. Most creditors will work with you. But it’s essential that you talk with them. Do not stop paying on any of your debts directly until you’re positive all of your lenders have approved your DMP.

The fifth secret

The fifth secret to a successful DMP is to ensure that all of your lenders have approved your plan before you make your first month’s payment to the credit counseling agency. While the agency may assure you that all of your lenders have approved your plan, don’t take its word for it. Call all of your creditors to make sure they’ve approved your DMP.

The sixth secret – be sure to make your payments every month

It’s incredibly important that you make your payments to the credit counseling agency or debt management company every month. And you must make them on time. If not, your plan could be canceled, leaving you in more trouble than when you signed up for it.

Secret #7 – keep copies of everything

Be sure to keep copies of all your loan statements and credit card statements to ensure that they reflect what you agreed to in your DMP. For example, if your DMP included waived fees or lower interest rates from your creditors, review your statements every month to ensure that they show those concessions have been made. If not, call both the credit counseling agency and your creditor to discuss the issue.

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National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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"I had a lot of credit card debt and a family member recommend..."

Easy National Debt Relief Caller: Lauren B Transcribed WE 1/24/2021 Lauren B: I do want to let you know the call may be recorded. Should what was it that originally led you to seek out National Debt Relief’s services? CAROL: Just a lot of credit card debt. Lauren B: And was there any certain reason you had chosen National Debt Relief over a different company? CAROL: A family member recommended them. Lauren B: Can you tell me about your interaction with the negotiator there? CAROL: It's been a while. Everything went smoothly. They were very helpful. They provided all the information that I needed. Lauren B: And how were they able to work with you on the payment plan? CAROL: That was great. It was what we needed. Lauren B: So how has working with National Debt Relief impacted your life so far? CAROL: It's been good. We're almost at the end. I think we're within a year now of our payment plan. Lauren B: So have you noticed any differences in your life since you started with them? CAROL: It's just a little less stress monthly. It's just one payment. Lauren B: So overall, what would you rate your experience on a scale of one to five stars? Five means you recommend to a friend and one means you're very dissatisfied. CAROL: 5. Lauren B: And would it be okay to post your comments as a review on our public website for National Debt Relief and help other consumers make good choices? CAROL: Sure. Lauren B: I have your email here of cdunphey@gmail.com. Is that right? CAROL: Yes.

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Carol Dunphey
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