When you are neck-deep in debts and do not know where or who to turn to, turn to us. We have credit counselors who specialize in this kind of operations. You can leave the matter to us tom come up with the best plan under the circumstances. Debt management plan is created to facilitate repayment of credits a credit counseling agency. The debt management solution makes a list of unsecured creditors and the money you owe them and the minimum payment every month. This, you will find, is lesser than regular payment. That is because the credit counselors that are by your side to help you out of the tight situation would have worked out the new program for your minimum payment.
Under this scheme of debt management, you pay one payment of some significant amount to the credit counselor and from then on, he takes over sending the payments to the creditors. What you need to remember is the punctuality factor that plays a vital factor in this scheme. You just cannot afford to be late in your payment. It would probably reflect on your creditworthiness or worse, your trustworthiness. The next step will unpleasant to you. Your debt management plan may get terminated and it is back to square one for you.
Debt management plans usually have time duration of not more than 5 years. Many creditors choose to send your records to credit bureaus but they are entitled to do it. You need not worry about your credit score being affected by this. Relax, that will not happen. FICO says so.