What is Debt Management?
Debt Management is a structured repayment program designed to help consumers manage multiple debt payments by consolidating their debt into one monthly payment.
A Debt Management plan is a hardship program that benefits consumers meeting specific criteria. It is not for everyone. Qualifying consumers must adhere to a strict set of program guidelines to ensure their success.
Designed for consumers having a difficult time managing their debt payments
New payment plans are negotiated to reduce interest rates for participating creditors
Debts enrolled are consolidated into 1 monthly payment that is paid to your Debt Management company, who in turn makes the payments to the creditors. Credit will reflect third-party payments are being made
Consumer payback back 100% of the debt owed, the negotiated new interest, as well as a Debt Management fee. Thus, monthly payments may remain high