Find a Path Out of Debt with Our Nonprofit Debt Management Plan
Choosing which bills get paid this month? Dealing with credit card debt? Debt collectors won’t stop calling? Feeling stressed about money? Don't wait...take action now. An LSS Debt Management Plan (DMP) may lower your payments and reduce interest rates by consolidating your debt into one monthly payment.
What is a DMP?
A Debt Management Plan is an agreement made between you and your creditors to pay off outstanding debts. You create a plan with a financial counselor, then make one payment to LSS each month, and we send the funds to your creditors.
Payments for a DMP are typically lower than your current payments, and most creditors will significantly reduce interest rates and stop fees once you are on a DMP. With on-time payments, your debt will be paid off in five years or less. This timing depends on the amount of your balances.
A Debt Management Plan with LSS Financial Counseling will:
- Provide you an affordable payment plan and the simplicity of one payment
- Typically lower your interest rates
- Help you pay off your debt faster
- Result in full repayment of your debts
- Take the fear out of answering the phone and opening your mail
- Include ongoing support from a dedicated Support Team and your LSS Counselor
Is There a Fee?
Your debt counseling sessions with a financial counselor are completely free. If you choose to start a Debt Management Plan (DMP), you will pay a small monthly fee to LSS. This can vary by the state you live in and amount you owe. 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.
What Do I Need for Counseling?
In order for your financial counseling session to be as productive as possible, it is helpful to have the following information available:
- Your monthly income
- Typical monthly expenses
- Statements from your creditors
- Any other information you believe would be helpful in understanding your financial situation
Don't have everything? Don't worry — contact us anyway!
Learn more about how a Debt Management Plan works.
Contact Us & Get Started
Our free and confidential services are available nationwide by phone or virtually. For in-person appointments view our office locations to find a location near you!
We have counselors who are fluent in English, Spanish and Hmong. Interpretation, Telecommunications Device for the Deaf (TDD), and TeleTYpe (TYY) services are available as needed.
Phone, Virtual or In-Person Appointment
Call 888.577.2227 to schedule a phone appointment at a time convenient for you or an office appointment at one of our Minnesota or Wisconsin locations.
Please note: to limit the spread of the coronavirus, we are currently offering phone, virtual and online appointments only. We will reintroduce in-person appointments at a later date.
Get all your support by email.
To get started:
- Create your financial profile online any time of day with an email address and a password.
- Next, share your financial goal(s) and any other information you believe would assist us in understanding your financial circumstances.
- Then provide the amount of your household take-home income, balances and payment amount for credit card and unsecured debts, and monthly expenses. Click Finish to submit your information. Once submitted, your financial profile cannot be changed or updated.
- Finally, a counselor will email you within two to three business days to provide options and work with you to determine next steps to reach your goal(s).
If you are seeking guidance for student loan debt or housing issues, please call us at 888.577.2227 to schedule a phone appointment.
Please note: we do not provide retirement planning services or investment advice.