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Debt Management Plan

A debt management plan is a type of repayment plan, typically set up by a credit counseling agency and your creditors, which allows you to pay off high-interest unsecured debt – mostly credit cards – without having to take out a bank loan.

Debt management plans reduce the interest rate on credit cards to around 8% and make monthly payments affordable, so consumers can pay off debt in 3-5 years.

The credit counseling agency will do a detailed analysis of your income and expenses and help you create a household budget that includes a fixed monthly payment for your debts. They then present the plan to your creditors, who must approve the plan. Your monthly payment is tailored to what you can afford.

Once approved, each month, you deposit money into an account with the credit counselor, and this money goes toward paying your credit card or other unsecured debt, such as medical bills. The DMP continues until your debt is repaid.

Less Than Full Balance Plan

A Less Than Full Balance Plan is a method of debt relief where either you or a third-party hire talks to your creditors and comes up with a plan to repay your debts at a reduced/full amount.

The plan is usually designed to help you free-up some money on a monthly basis so you’ll have some left to pay off your debts in a fraction of the time that it would take you just paying the minimums.

Usually, only unsecured debts are eligible for this plan. Unsecured debts are debts not tied up to an asset, such as a car or house. Examples include:

a. Credit Card Debt
b. Medical Debt
c. Some private student loan debt
d. Personal Loan Debt

Housing Debt Counseling

Housing Debt Counseling is for anyone who needs guidance regarding their home, from first-time buyers to current homeowners having problems paying their mortgage.

For would-be homeowners, the Counselors will help you navigate the homebuying journey and ensure you are financially prepared for long-term, successful home ownership.

For individuals having trouble paying their mortgage loan, the Counselors will help you assess your financial situation and help you make a plan to get you the help you need with your mortgage.

Student Loan Debt Counseling

Student loan debt counseling is all about giving you the knowledge and tools you need to understand your loans and figure out the best way to pay them back.

The student loan system is complex, and for many borrowers, extremely confusing.

If you’re feeling overwhelmed or are falling behind, our counselors can help you review your student loans, contact issuers, and find a solution to your student loan debt that’s tailored to your unique financial situation.

Chapter 7 Or 13 Bankruptcy

Bankruptcy helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. It is a legal process overseen by federal bankruptcy courts.

It may help you get relief from your debt, but it’s important to understand that declaring bankruptcy has a serious, long-term effect on your credit. Bankruptcy will remain on your credit report for 7-10 years, affecting your ability to open credit card accounts and get approved for loans with favorable rates.

Individuals may file Chapter 7 or Chapter 13 bankruptcy, depending on the specifics of their situation. Chapter 7 of the Bankruptcy Code provides for “liquidation” – the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors. Chapter 13 of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.

Financial Education

Financial Education is all about teaching people the principles of managing their money throughout their lives, arming them with the skills and knowledge they need to effectively deal with their money.

The ability to successfully handle one’s personal finances reduces stress, and helps to lessen if not prevent anxiety over financial decisions, ultimately helping to keep the focus on daily living.

Effective financial education addresses different options to work within different sets of variables. It also shows people how to maximize savings while minimizing risks and expenses. It gives people the principles of how to make money work for you and frees you from being a lifelong slave to money.

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