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    Debt Management Plans (DMP) FAQs


    There are several ways to get answers to your questions about reducing your debt and Debt Management Plans.


    1. Review answers to frequently asked questions below.
    2. Review online resources and fact sheets for managing your debt.
    3. Ask a certified credit counselor! We are happy to answer any questions you may have, without obligation or pressure. Any information you share with an LSS credit counselor is confidential.

    Call 888.577.2227

  • How does a DMP help?

    You make one monthly payment to LSS, which we send to all creditors on the DMP. Payments on a DMP are typically lower than your current payment. Most creditors will significantly reduce interest rates and stop fees once on a DMP. With the best outcome,  you will be out of debt in approximately 5 years!
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    Is there a fee for this service?

    Your debt counseling session is completely free. The Debt Management Plan (DMP) monthly fee varies by your state of residence and amount you owe. The maximum monthly fee is $50 per month. A small one-time DMP setup fee may also be charged. Your counselor will explain all your options and applicable fees during your counseling session.
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    Will a DMP affect my credit rating?

    Creditors have their own policies on reporting participation in a DMP to credit bureaus. Fair, Isaac and Company, who produce the FICO credit score that many lenders use, are on record that they will not deduct any points from your score for being on a DMP. A DMP may improve your chances of getting credit in the future since you will have repaid your debts in full.
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    How do I get started?

    Start with your free debt counseling session, either in-person, by phone, or online. Our financial counselors will help you explore a DMP specific to your creditors and will be glad to answer any questions you have about the plan. There will be absolutely no obligation to join the DMP or pressure from your counselor.
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    Do I have to include all of my debts on a Debt Management Plan?

    The purpose of a Debt Management Plan (DMP) is to help consumers get out of debt. To do this, it is important that no further charges are made while on the program. However, there may be exceptions. Discuss any concerns with your counselor during your counseling session.
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