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Policy Partner

Debt Management

Posted By PolicyPartner.in Team

What is the defination of debt management program ?

In a debt management programs (DMP) – your debt manager will  work on the fundamental how to to lower the interest rate on the credit card account and loan accounts in hopes of lowering the monthly payment and causing more funds to go towards paying off the principal instead of the interest charges. 

The payments for different debt accounts are consolidated into one payment to the credit counseling agency who then distributes the payment to each creditor based on a scheduled repayment plan. Debt management usually charges a set up fee and a small monthly fee. They send out proposals to all creditors to propose new payment arrangements.

  How a debt management plan will benifit me ?

• It helps You To Get out of debt at a pace you can afford
• You Don't Need to deal with your creditors
• No recovery and collection calls
• Get your debt settled, if qualified we can waive off upto 70% of your debts
• You will not have to sell your house or things which you own to pay your unsecured debts
• Chose your EMI yourself and make payment according to your pocket

The Debts we deal in
1.Home Loans
2.Personal loans
3Business Loans

4.Credit cards
6.Two / Four Wheeler loans

How Can We Start a Debt Management Plan

The aim of a debt management plan is very simple: to regain control of your finances without neglecting basic living costs. Many people end up filing for bankruptcy because they can no longer afford to pay both their creditors and their living expenses. With a solid debt management plan, there is no reason why this should happen.

Creating a debt management plan generally entails 3 steps. These steps are usually completed with the assistance of a credit counselor.

The Customer must be aware that many credit counseling agencies have bad reputations for enrolling customers in debt management programs and subsequently failing to make timely payments on their behalf or lining their own pockets with your monthly sum. Protect yourself by checking with the FTC and Better Business Bureau before enrolling in any debt agency program that sounds too good to be true.

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