Points to Remember for a Successful DMP
Month 1
- Close accounts on the plan.
- Change due dates with creditors to coincide with disbursement date. Due dates should be 14 days (minimum) after disbursement
dates.
- Cancel any monthly insurance premiums or automated payments (health club, internet, etc.) being charged to credit card
accounts.
- Make your first payment by the due date you and your counselor choose.
Month 2
- Review your creditor statements to make sure payments have posted.
- Review to see if interest rate have been changed, if applicable.
- Check if over limit and late fees have been eliminated, if applicable.
- Remember it may take creditors a few months to set up your account and initiate concessions.
Month 3
- Hang in there ... the first 3 months are the hardest!
- Continue to review statements for payment, interest charges, etc.
Month 4
- Send a copy of your creditor statements to our office.
- Continue to review statements for accuracy.
Month 5
- Continue to review statements for accuracy.
- Continue to send copies of your monthly statements each quarter.
- Look at the progress youve made toward becoming debt free!
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