1. What is a Debt Management Plan?
2. What benefits can DMCC offer?
3. Does DMCC loan me money?
4. What is the difference between bankruptcy and the Debt Management Program?
5. What about home equity loans?
6. Can I pay more than my consolidated monthly payment?
7. Will I still receive harassing phone calls?
8. How does a Debt Management Program affect my credit rating?
9. How do I get started?
10. I need more information. How do I reach you?

1. What is a Debt Management Plan?
In a debt management plan, you deposit money each month with a credit counseling organization. The organization uses these deposits to pay your credit card bills, student loans, medical bills, or other unsecured debts according to a payment schedule DMCC will work out with you and your creditors.

2. What benefits can DMCC offer?
Debt Management Counseling Center can help place you in a program that can offer the following benefits (depending on the creditor and your specific debt circumstances). Creditors may agree to lower interest rates or waive certain fees if you are repaying through a DMP. In addition, with a DMP you get the convenience of a single, consolidated monthly payment that may be much lower than the total of what all of your creditors are asking for now.

These benefits allow you to: Pay more towards the principal of the real debt (as opposed to just the interest) and, therefore, get out of debt in a much shorter period of time than it would currently take by continuing to make minimum payments. While on the program, you may not use your credit cards. It is also important that you make your single consolidated monthly payment on time. It’s as easy as that.

Establishment of a plan may adversely affect the individual’s credit rating or credit scores; and Nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation.

3. Does DMCC loan me money?
No. We do not ask you to sign up for a loan that may make your current situation even worse. We simply make arrangements with your creditors for payments that you can handle. We also offer all available benefits to help make those payments really cut down the debt.

4. What is the difference between bankruptcy and the Debt Management Program?
A Debt Management Program can be a wise alternative to bankruptcy. It is a repayment plan to help pay off your unsecured debts at a pace you can handle.

Bankruptcy is a proceeding in a federal court in which an insolvent debtor’s assets are liquidated and the debtor is relieved of further liability. Chapter 7 deals with liquidation, while Chapter 13 deals with reorganization. If you have questions concerning bankruptcy, you should seek the advice of a licensed bankruptcy attorney. Also, see http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/process.html

5. What about home equity loans?
Beware! Many companies offer home equity loans to promote what they call debt consolidation. Usually these loans only add to your total debt, in addition to the fact that you can lose your home if you have trouble paying! That will never happen with a Debt Management Plan. If you are considering a home equity loan to pay off your debts, think twice. Currently, if you are unable to pay your unsecured debts your home is not at risk. If you receive a home equity loan and are unable to pay, the lender can foreclose and take your home. With a Debt Management Plan your home will never be at risk for credit card debt.

6. Can I pay more than my consolidated monthly payment?
Absolutely, the more you send in, the sooner you will be debt free.

7. Will I still receive harassing phone calls?
Once your participating creditors receive your first payment made through Debt Management Counseling Center’s Debt Management Plan, you should stop receiving collection calls from these creditors. Not all Credit grantors/debt collectors comply with our request, and may still call you even after arrangements have been made on your behalf.

8. How does a Debt Management Plan affect my credit rating?
Some lenders may view a credit counseling notation negatively. Fair Isaac is the company that invented the FICO credit risk score that lenders use. They have stated that in calculating your FICO credit score, they do not consider "whether or not you are participating in a credit counseling of any kind". What this means is that by entering a Debt Management Plan, there will be no negative impact on your FICO credit score. Please see the following sites for more information:

http://www.bankrate.com/brm/news/debt/debtmanageguide/report-myths1.asp?caret=39#3

http://www.myfico.com/CreditEducation/WhatsNotInYourScore.aspx

9. How do I get started?
To get started, fill out our "Contact Us" Form. Once complete, your information is submitted over a secure server to our office. We will review your information and contact you within 2 business days. There is no cost and no obligation to call and speak to one of representatives - either to get additional information, or to inquire how to join the Program.

10. I need more information. How do I reach you?

You can reach us via e-mail at:
counselingcenter@dmcounseling.com

You can also reach us by calling us toll free at
1-800-689-9026

You can write to us at:
Debt Management Counseling Center, Inc.
777 E. Atlantic Ave., Suite C2 #370
Delray Beach, FL 33483