Answer:
" A DMP allows you to deposit a set amount of money with a credit counseling organization each month, which is then strategically dispersed to your various creditors "
" DMPs are designed to help consumers work off their debt as quickly as possible by leaving these decisions largely to credit counseling professionals "
Before sending monthly payments to the organization handling your DMP, confirm with your creditors that they have in fact accepted the plan.
Before you make any payments to the organization handling your DMP (debt management plan) you should confirm with your creditors that they have accepted the plan.
A Debt Management Plan is a laid-out framework for settling debts that is coordinated by a credit counseling organization. A certain amount of money is deposited with these organizations that help the debtor to offset his bills in a strategic manner.
So, before making any payments to the organization handling your DMP (debt management plan) you should confirm with your creditors that the plan for repayment is acceptable by them.
Learn more about the debt management plan here:
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