Find a path out of debt
Choosing which bills get paid this month? 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
View our Debt Management Plan Roadmap to see what this process looks like in practice.
Is There a Fee for This Service?
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, but fees will not exceed $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.
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.
What DMP Success Looks Like
Learn how Rod and Bonnie’s Debt Management Plan made a positive impact on their lives.