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.
Hear What Our Clients Have to Say
Emma Taylor
I was able to write off over $70,000 of debt thanks to Canadian Debt Relief
Kenji Endo
Canadian Debt Relief we're very easy to talk to and not judgemental. I was able to finally feel comfortable about my financial situation.
Mike Smith
Canadian Debt Relief saved me from my over $200,000 debt. I am so thankful for them.
Jon Masseti
William at Canadian Debt Relief made me feel so comfortable about discussing my debt. He helped me figure out a plan and become debt free.
