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What is a Debt Management Plan?

At Superior Debt Relief, it’s our goal to help our clients manage their debts and stabilize their financial foundations. One of the tools we use to accomplish this is a Debt Management Plan, or DMP. To that end, our debt counseling services and our agents work with our clients to help them design a DMP that is tailored to meet their specific needs, helping to balance their debt payments within their existing budget.

Various debt relief companies offer flashy means of getting out of debt and meeting those lofty obligations. But with a DMP, Superior Debt demonstrates how crafting a viable plan can work for you and your circumstance. If you still have questions, here are the key components of a DMP:

Repayment Duration

Most DMP’s will be set up to cover a term of between 36-60 months. The greater the debt a client carries, the longer the duration a DMP will be set up for in order to keep the monthly payments manageable.



Many creditors charge exorbitant fees for late payments. These add up and add to the principal an individual owes to their creditor. Often, these fees negate any payments that are made. A DMP can help reduce, and in many cases, eliminate these fees.

Interest Rates

One of the leading causes of spiraling debt loads are the interest rates that credit cards, hospitals, and other creditors charge customers who are late on their bills. It is not uncommon for these interest rates to exceed 20%. Thus, one of the primary goals of a DMP is to negotiate a lower interest rate with the creditor so that more of your payment is being applied to principal each and every month.




Consolidation

A DMP will combine all of your debts into one payment each month. This makes it easier to make the payments and stay on schedule. This goes a long way towards reducing stress, and it’s an effective way to mitigate the costs and fees incurred by missed payments to individual creditors.

Education & Counseling

Understanding your debt and obligations is crucial to keeping debt under control now and in the future. To that end, one component of a DMP is educating clients on everything from finance terms to ways to develop a household budget. Taken together, the educational component of debt counseling and a DMP is essential to avoiding a repeat of financial difficulties in the future.

The debt counseling services we offer at Superior Debt Relief can help you reign in your debt loads and get your financial future back on track. To learn more,

Do Debt Consolidation and Settlement Programs Work?

Obviously, there are options for debt relief besides the drastic action of filing bankruptcy. Settlement is one of the most practical debt relief methods available. When done correctly, a settlement program can reduce your unsecured debt by 50% or more. While it is possible to pursue negotiations yourself, the process usually begins with enrollment in a debt settlement company.

Upon enrollment in a consolidation program, you will save up your disposable income in a savings or “special purpose account”. As the money in your account begins to accumulate, the company you enrolled with will negotiate with one of your creditors at a time to agree to pay off amount that is less than that of your original debt. Once your account has grown to the agreed upon amount, they are paid and your account is considered closed and no further payments will be due.

The process then repeats with each of your other creditors until all have been paid. It may seem against intuition that creditors would accept payment that is less than the full amount they are owed, but in reality it makes a great deal of sense. After all, if a creditor turns down a proposed settlement, and the borrower files bankruptcy, his or her creditors often receive none of the money they had been owed. Obviously, it is in a creditor’s best interest to receive a partial payment rather than nothing at all.

A word of caution here: trying to settle debts yourself can be very difficult. Credit card companies are often reluctant to negotiate directly with the debtor and they may even tell you that they don't do settlements under any circumstances. This is generally a boldface lie, but they would rather continue to try to intimidate you as long as they are dealing with only you. When your account goes to a settlement company, they realize that you have someone on your side and they will no longer be able to intimidate you with threats.

Get Out Of The Red And Live Financially Free With Our Services

Furthermore, if you opt for a settlement program, they will now accept the seriousness of your financial situation and recognize that collecting nothing on the debts you owe is a genuine risk. But one of the greatest incentives for them to settle - at years end, they can write off the amount not collected on your accounts towards their taxes. It's a game where they cannot truly lose money... the worst they can ever do is break even.

Superior Debt Relief is a Debt Relief agency. Our Debt Settlement Company works on your behalf to secure debt-free living with a number of services, including: Credit Card Debt Relief, Debt Consolidation Program, Debt Negotiation, Debt Management Benefits and Consumer Credit Counseling Service.

Debt Relief

 

Being deep in debt is a very stressful situation – especially if what you owe is more than what you are earning every month. Any breadwinner in the family feels this burden day in and day out. The pressure to make sure that the family is provided for is frustrating. While paying for the usual bills, you need to make sure your debts are paid on time and correctly. Not to mention having extra to put aside so you have emergency money for unexpected situations.

5 Different Ways to Achieve Debt Relief

It may seem like a very bleak moment but thankfully, there are options for you to weather out this financial crisis.

Self Payment Initiative

Before anything else, we’d like you to know that you have the option to fix everything yourself. While it is not guaranteed success as you have proven that you are unable to manage your finances, this could be worth a try. The good thing about this is you will not be burdened with the additional costs of hiring someone to help you out. All your funds can concentrate on paying off your debts.

You need to start off with a budget plan so you know just how much you debt you have and your ability to pay them off. Also, it will provide you with a black and white scenario of your financial standing. Next step is to call your creditors to tell them about your situation. Be prepared to show documents to prove that your claims are true. If they believe you, then you can discuss the possible options for you to be able to meet your debt obligations.

This is the ideal scenario of course. Unfortunately, the average American is unable to do this on their own because they simply do not know what to do. Even if you enlist the help of a free credit consultant, the expertise and professionalism required to negotiate for a new payment term is best left in the hands of those who know how. Otherwise, the desired results may not be achieved.

Thus let us examine your options on hiring a professional to help with your financial woes.

Debt Management

This is a program of credit counseling services for troubled credit card holders. These agencies have branched off to the private sector but at least you know that there are cheaper alternatives. Debt management agencies will help you analyze your financial standing, determine how much you can pay, and will negotiate with the creditors on your behalf. The negotiation can be on longer terms or lower monthly amounts – whatever is necessary for you to afford payments. Instead of paying the creditors directly, you will be paying the debt management agency and they will distribute the funds accordingly.

The benefit of going for this type of debt relief option is the possibility of lowered interest rates and monthly payments, waived penalty charges and other fees. Most of all, you will no longer be harassed by your creditors as they will be coursing everything through the debt management agency.

Consolidation Programs

Another option is consolidating your debts into one manageable account. The main purpose of this is to eliminate the higher interest rate debts, arrive at lower monthly payments and allow you to concentrate on one payment alone. It does not, however, lower your total balance. What you will be doing is to shift everything and put them all in one account.

This program can be availed through a debt relief company, bank or credit union who can assist you in negotiating with your creditors to agree to this arrangement. A great debt relief expert can even help you waive off the penalty charges and other fees. This can be done to multiple credit card debts and bills (e.g. medical, utility, etc).

Debt Settlement

Settling your debts used to be a less than reputable practice but it has recently gained prominence. It basically involves a debt relief company negotiating with the creditors on your behalf. The goal is to allow them to agree to a settlement wherein you will pay for a portion of the debt (ideally this should be a sizable amount but not equal to the total balance) and the rest will be forgiven.

As the debt relief company is negotiating with the creditor, you stop paying the bills involved (e.g. monthly credit card bills). Instead, you will be making smaller payments to a separate account to pool in your resources. You need to come up to the pre-planned amount that you have agreed with the debt relief expert handling your case.

Usually, creditors agree to have the borrower pay for only a percentage of their original balance – the rest will be forgiven. Your credit score will be negatively affected with settlement. It is an alternative to bankruptcy so the effects on your credit will be similar – temporarily.

Bankruptcy

This is the last resort if you are really unable to pay because you don’t have any source of income at the moment. This will, however, tarnish your credit history in a very bad way. You will be unable to get financial assistance in the future – or at least you will find it extremely difficult to do so.

There are two ways to file for bankruptcy – Chapter 7 and Chapter 13. Before you can file on any one of them, you need to show proof of your income and other financial documents to prove if you are of the low, mid or high-income class.