The major difference between a Debt Management Program and Debt Settlement Program is that through a DMP creditors are being paid monthly whereas in a DSP the creditors are no longer being paid. At least not until the debtor has built up sufficient funds to allow the DSP company to initiate negotiation procedures to reduce the amount of the debt and enact a lump sum settlement.
- Lower Monthly Payments.
- Get out of debt quickly.
- Eliminate Fees and Interest Charges.
- Eliminate Harassing Phone Calls.
- Improves Debt to Income Ratio.
- Negative effect on credit.
- Need to close all enrolled accounts.
- Need to rebuild own credit at the end of the program.
For more information or questions please feel free to contact our Financial Resources Group at 1-800-435-1945.