DNS Debt Management
Can debt management help?
Just because you can afford to make large interest payments does not mean you have to. This is where a Debt Management program may be what you need.
Where is your money going?
You'd be surprised how much money goes out of your pocket every month without noticing. A one-on-one budget assessment will give you a good picture of where you can save a few dollars or even a few hundred. Why just pay down debt when you can start saving faster too?
Banks are willing to work directly with you, but professional Debt Management companies can save you more
All lenders appreciate your desire to pay them back. They just may not be willing to give you as good a repayment arrangement without the assistance of financial professionals. Interest rates, credit reporting, and total monthly amounts are all up for negotiation. We'll even handle all of the paperwork and agreements for you.
Stamps aren't cheap. Use a lot less of them!
You can write a single monthly check to us that will be distributed to all of your lenders based on the agreement that has been negotiated.
Give us 10 minutes, you'll walk away smarter about your debt and options for getting rid of it
But is this right for me? Speak with one of our counselors at 877-964-6404 and see what program is best suited for your needs. Or contact us online by filling out the short form on the top of this page. We will answer your questions and explain your options, even if they are not services offered by us.
What exactly is Debt Management?
Debt Management is a type of debt relief program where you receive a lower interest rate and reduced fees from your credit card providers in return for regular monthly payments. The agreement is negotiated by a Debt Management company that you authorize to negotiate on your behalf.
How does Debt Management work?
You enlist the services of a professional Debt Management (DM) company that (1) Reviews your financial condition and determines how much your can comfortably afford to pay down your debts each moth and (2) Negotiates a repayment plan and a reduction or elimination of monthly fees and interest during the repayment process. The amount of fees saved is based on your total amount of debt as well as the experience of the DM company in negotiating your individual plan.
How are Creditors informed that I am in a Debt Management program?
Your Creditors are all notified that you have enrolled with the DM program by the program administrators, along with instructions explaining that they will receive a repayment proposal from us on your behalf.
How long will it take me to pay off all of my debt?
This depends on your current situation as well as the Creditors you owe the money to. The process normally can take from 2 to 5 years. You will be presented with an approximate timeline as part of the process of setting up your repayment plan so there will be no surprises.
How does Debt Management impact my credit rating?
Assuming you make your payments in a timely fashion, your credit rating will improve as you progress through the program. By making regular payments, you will not get any 30/60/90 day late payment notifications placed on your credit report. Some Creditors are willing to show your account as "Current" as long as you continue to make your payments on time through the cycle of the DM program.
Will I stop getting calls from Creditors or Collectors?
If you are late on any current payments, then entering a DM program will make those calls disappear over a period of a few months as long as you continue to make those payments. Some Creditors / Collectors keep better records than others, so it is possible that you may get a call during your repayment period. In these cases you can simply inform them of the plan that you are in and this is almost always enough to cease any future calls.
Can I be sued while in a Debt Management Program?
A Creditor / Collector always has the right to take you to court. However, if you are on a repayment plan then this is almost always enough evidence to show that you are actively paying down your debt and courts often will rule in your favor. If you stop paying debts, then legal action becomes more of an issue.
Can I use my credit cards while in the Program?
Most Creditors will not want you to use cards while you are repaying. In fact, some will ask you to sign an agreement promising that you will not. You are not required to put all of your cards into the DM Program, so if you are able to wisely use a single card then you can continue to do so.