Debt management plan (DMP) is a special program introduced by most credit
counseling agencies to help the serious debtors work their way out of debt. But
not all debts can be included in a debt management plan. Although you have
chosen to enroll into a debt management plan, you must do your own debt
management for other debts that are not included in the DMP. Here are 6 debt
management tips for you to work toward debt relief:
Tip #1: Keep record
of your other bills.
A debt management plan typical will include only
unsecured debts such as credit card and personal loans. If you have taken
secured loan such as mortgage or car loan, be aware that those loans normally
will not be handled by a debt management plan. Make you understand which debts
are being paid by your monthly payment to the DMP. For those debts which are not
covered in DMP, make sure you keep a record on the bills.
Tip #2: Make sure
your payment reach your creditors on time
Although you make a single payment
to DMP, it is your responsible to ensure the money is reached to your creditors
on time, else if your payments late, you may incur additional late charges. Find
out when your DMP will disburse payment to creditors and make sure the
disbursement is matched with your billing cycle; if not, you must do an
adjustment either with the DMP agency or notified your creditors and get their
approval to reset the billing cycle to inline with DMP.
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