DMC

Debt Management Plan

Strategically eliminate your unsecured debt.

What is debt management?

A DMP or debt management plan refers to a strategic effort for the elimination of unsecured debt such as medical bills, credit cards etc. It is not a loan, but a program under which credit counsellors informally talk to creditors and negotiate on your behalf. It aims at reducing monthly payments, interest rates and waiving or reducing any penalties related to unsecured debt.

How does debt management benefit you?

Offers consolidation of credit card debt without any loan

Bills and payments can be better organized

You get a realistic financial goal and monthly budget

Incentive to collectors and creditors to stop calling

Is debt management the best solution?

A debt management program might not be the best solution for everyone.
  • In the case of an unsuccessful negotiation, interest payments can accumulate and you’ll be left with a huge repayment amount
  • It might violate the credit terms with your creditors
  • Finding credit in the future might be expensive
  • It might damage your credit score/rating

Are you looking for debt relief?

 We, at Debt Mitigation Canada, welcome everyone who wants assistance with debt relief.

+1 (416)-814-6024

Call us today for help!

Rising Towards a Debt Free Future

Call for your free consultation today to learn more about a debt management plan. Our expert consultants can advise you, on the basis of your financial situation.

Frequently Asked Questions About Debt Management

As your credit accounts are closed, your credit score will dip in the beginning. Regular repayment can help improve the same over time. In case the negotiations are rejected by your creditors, your interest and repayment amount shall also accumulate.
Yes, it is necessary to include all unsecured loans on your debt management plan. This implies the closure of all revolving credit accounts, for further use.
Any credit card included in the DMP will be rendered close until the debt is settled. Creditors usually offer a lower interest rate with the condition that you close the card.

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