Debt Management Program
The Debt Management Program (DMP) is a potential option to eliminate unsecured debt. It is also an alternative to bankruptcy for both you and your creditors. Catholic Charities’ licensed Financial Health Counselors will work to:
- Stop late and over-limit fees
- Reduce interest
- Reduce payments
- Re-age the accounts
When participating, DMP allows you to make one payment to Catholic Charities Budget Counseling, Trust. A Debt Management Sspecialist will disburse your payment to your creditors. This can alleviate the stress of making multiple payments to multiple creditors. This program offers an organized way of eliminating debt within a realistic period of time (3-5 years).
This service is partly supported by program fees and by creditors contributing through Fair Share.
What Does it Cost?
Debt Managment Program enrollment has a one-time, $25-setup fee and a $10-monthly service charge built into your monthly DMP payment. If your monthly DMP payment is less than $100 a month, this monthly service charge is 10% of your DMP payment.
Participation in the DMP will required a steady income with suitable budgets. Clients with a deficit on their budgets may have to conutinue to work on their deficit to a manageable level before enrollment in DMP. Suitable enrollment for DMP can be determinded on the first appointment or after a few months of budget counseling. For assessment for DMP, an Infopac application form must be completed and returned before scheduling for an assessment appointment. A DMP agreement form must also be completed when clients are assessed suitable and agreed to enroll. You may click below for our Financial Health Infopac application form and brochure:
Financial Counseling Brochure, including Debt Management Services
For further inquiries, please contact our offices nearest you for more inforamation.