Debt Management Plan (DMP)
Credit lines over-extended? Not sure who to pay first? Borrowing from Peter to pay Paul? If this sounds all too familiar, you may be interested in our Debt Management Plan (DMP). The DMP can help you reduce your debt, provide relief through reduced interest and late charges, put an end to collection calls, and give you peace of mind.
In 2019, clients of The Village's Debt Management Plan paid off over $2.1 million in debts! 84.4% successfully completed their plan!
How does it work?
If you and your financial counselor decide that the DMP is right for you, you'll together determine how much money is available, after monthly living expenses, to pay your creditors. We'll talk to each of your creditors and negotiate monthly payments. With some creditors we are also able to negotiate reduced interest and dropped late charges.
Then, you'll send one payment to The Village each month, and we'll pay your creditors. Your Village counselor will be available to answer any questions and help you meet your financial goals.
This program is available to residents of North Dakota and Minnesota, who also may use our online counseling service. If you live outside these two states, we can connect you with a certified agency in your area. Call 1-800-450-4019 or fill out our online contact form.
The Village Financial Resource Center is a member of the National Foundation for Credit Counselors, Inc. (NFCC). NFCC agencies have helped tens of thousands of people regain control over their finances and repay their debts. In doing so, we've also earned the trust of creditors nationwide. And because of that trust, creditors are willing to work with our clients to make the job of repayment easier. One call from an NFCC agency and most creditors will stop the collection phone calls, letters, and legal actions giving you the chance you need to get back on track and regain your peace of mind.