How It Works

How a Debt Management Plan Works

dmp appointment

A Debt Management Plan (DMP) through LSS Financial Counseling can lower your payments and reduce your interest rates by consolidating your debt into one monthly payment.

Our advice is tailored to fit your goals. You review the recommendations and options and decide what next steps are right for you.

Get started today!

There is no charge to set up a debt counseling appointment. Choose the best option for you:

Over the phone logo.Phone or In-Person Appointment

Call 888.577.2227
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 and online appointments only. We will reintroduce in-person appointments at a later date. 

Online logoOnline Appointment

Get all your support online. Begin your appointment by creating your financial profile online any time of day. Just create a login name and password, then complete your financial profile with your income amount, monthly expenses, amounts owed to creditors, and any other information you believe would be helpful in understanding your financial circumstances. After that, a counselor will be in touch within two to three business days via email to offer some options and determine next steps. 

Also note: If your debt is predominately student loan debt, please call us at 888.577.2227 to schedule an appointment.

What to Expect after Starting a DMP

Determining Your Payments

The purpose of a Debt Management Plan is to help you get out of debt. Your financial counselor will work with you to establish a budget that includes a realistic monthly debt payment to your creditors. Your DMP payment will be based on the amount you owe and individual creditor guidelines. It is important that no further charges are made while you are on the program. You can discuss any concerns with your counselor during your sessions.

Making Payments

You can make your monthly payments by mail, electronic payment service/ACH, in-person, or online. Dropping off or overnighting a money order or cashier’s check is the method that will be processed the fastest. We encourage you to pay extra on your DMP payments when you are able, but keep in mind it’s important to build up emergency savings at the same time.


Once you’ve set up a DMP, creditors may continue to you contact you until they agree on the monthly payments, or until they’ve received up to three consecutive payments. You will continue to receive statements from each of your creditors, as well as a monthly statement from LSS. This will allow you to monitor your progress and ensure your monthly interest rates remain as your counselor described.

Your Credit Score

Credit scoring is based on several factors. Participants who consistently make their DMP payments on time and do not incur new debt while on the DMP are likely to have a higher score over time. Participating in a DMP may also improve your chances of getting credit in the future since your debts will be paid in full.

Each creditor will have their own policies on reporting DMP participation to credit bureaus. Fair Isaac Corporation, which calculates the FICO scores most lenders use, are on record that they will not deduct points from your credit score for participating in a DMP.

More Resources

To learn more about reducing your debt and Debt Management Plans:

  • Review our online resources and fact sheets.

  • Ask a certified LSS financial counselor! We are happy to answer any questions you may have, without obligation. Any information you share with an LSS financial counselor is confidential.