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Debt Management Plan (DMP)

A Debt Management Plan (DMP) is a proposal made through a credit counsellor to your creditors, allowing you to consolidate your debts into one affordable monthly payment. 

In some cases, you may not have to continue paying interest on your debt. The credit counsellor works with your creditors to negotiate lower interest rates, reduced fees, or extend your repayment period. 

Benefits of a Debt Management Plan (DMP)

  • Consolidated Payments: Combine multiple debts into one affordable monthly payment, simplifying your financial management.
  • Lower Interest Rates: Credit counsellors negotiate with creditors to reduce or eliminate interest rates, saving you money over time.
  • Reduced Fees: Late fees and penalties may be waived, helping you pay off debts faster.
  • No Legal Consequences: Unlike bankruptcy, a DMP is an informal solution that won’t involve court proceedings or legal ramifications.
  • Improved Financial Health: Consistent payments help reduce debt and improve your credit score over time.

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