Debt Management Program
At Become Debt Free Canada we offer our clients debt management solutions that are tailored specifically to each individuals unique financial situation, we then provide a structured program that allows our clients to fulfill their financial obligations to each of their creditors.
Debt Management Program: This program provides clients with a structured repayment plan that conveniently combines all payments into one monthly payment. The DMP will typically reduce or eliminate interest rates, late charges along with other penalties and most importantly eliminate collection calls. This service generally requires clients to fulfill their financial obligation for a period of three months in order to demonstrate to their creditors that they are serious about the repayment program before any benefits are applied by their various creditors.
The Debt management program offers the following benefits:
- Reduce your interest rates and penalties
- Lower your current monthly payments
- Consolidate your debts into one monthly payment
- Shorten your repayment time
- Stop all harassing phone calls from creditors
What to expect during the enrollment process
Our primary objective is to ensure we assist our clients into a position that turns their financial burden into a well structured repayment program that is catered to their specific needs.
Through education and a solid financial plan of action our clients can be assured that they will have the proper tools to meet all of their financial obligations.
During the enrollment process you can expect the representative to ask for some basic background information on your debts such as the names of your creditors, outstanding balances, whether the debt is secured or unsecured, interest rates, etc.
This information is gathered to help determine the best plan of action regarding your situation.
Second the representative will go through a series of questions to get a better understanding of what your current financial situation looks like such as your current income, and various monthly expenses and obligations you have in addition to your debts.
The information gathered will provide us with a financial analysis that will help us develop a repayment plan that fits within your financial means.
After the information is gathered a Debt management plan is developed and various proposals are developed for submission to your creditors. Every person’s financial situation is different and acceptance of the submitted proposal will vary based on numerous factors and sometimes requires successful fulfillment of agreed payments for three months before the proposal is completely accepted.
With a structured repayment proposal in place, our representatives will work with you to ensure you continue to meet your new obligations and stay on the right track to becoming debt free.
What is needed to be successful in the program?
Always be sure to have payments in on time in order to ensure that the agreed upon proposal is not breached which can result in the interest or penalty relief being revoked.
Review statements regularly to ensure waiver of interest rates and penalties are being applied in correspondence with the agreed terms and conditions.
Do not accept new credit cards or apply for more credit as this may cause creditors to revoke the agreement, which can lead to being dropped from the program.
