What is a Debt Management Program (DMP)?
A Debt Management Program, is in a sense, a debt consolidation program where you can make one payment a month to CCCS and we disburse payments to your creditors for you. This is a structured program whereby CCCS acts as a liaison between you and your creditors; and, you agree not to incur any additional debt to maintain cooperation from the creditors. Most creditors reduce interest, stop late and over-limit fees and agree to monthly payments through CCCS.
Related Questions
- Which types of debts cannot be placed in the Debt Management Program but may be settled for less than what is owed through a Debt Reduction Settlement?
- What is Debt Settlement and how does it differ from Debt Management (also referred as Credit Counseling or a Debt Consolidation Program)?
- Is a debt management program the same as filing for bankruptcy?
