Debt Management Program (DMP)
Learn how a debt repayment program can help you.

Get Professional Debt Help

The journey to becoming debt-free can be hard, so why walk it alone? When you have multiple unsecured debts that you’re struggling to make payments on, a Debt Management Program (DMP) will simplify and ease the process by having you make just one monthly payment for all those debts. An expert credit counsellor and their team will negotiate this arrangement on your behalf and make sure you can afford your payments based on a budget they’ll help you create. When your creditors know you have the support of a non-profit credit counselling organization, they’ll often greatly reduce the interest on your debt or even make it zero going forward.

Couple looking at their finances and considering filing a consumer proposal to deal with their debts.

Is a Debt Management Program Right for You?

The only way to know if a DMP is right for you is to speak with a non-profit credit counselling organization like us. Our credit counsellors will only sign you up for a DMP if they think it’s the best option given your unique financial situation. That’s why when you’re on a DMP, you can rest easy knowing that you’re on the right track.

If a DMP makes sense for your situation and you decide to go ahead with one, we do everything we can to help you succeed and pay off the debt as fast as possible. This includes working to get your interest rates greatly reduced or waived completely, guiding you towards a budget that fits your needs, and offering any financial coaching you may need along the way.

What a Debt Management Program Covers

Like many other forms of debt consolidation, a DMP can only be used for unsecured debts, which are debts that you haven’t put up collateral for. That’s because creditors have no reason to accept less for your debt than if you just sold the collateral to pay them back. If most of your debts are secured, then a DMP may not help you much. However, if most of your debts are unsecured, then a DMP might be the solution you need.

How a Debt Management Program Works

The first step to entering a DMP is to contact us. When you first give us a call, send us an email, or chat with us online, a member of our in-house team will ask about your situation and see how we can help you. Ask about our DMP and we’ll be happy to book you a confidential appointment, where you’ll meet a licensed credit counsellor in-person or by phone at a time that’s convenient for you.

In the appointment, your credit counsellor will review your financial situation with you to see if a DMP is right for you. If it is and you agree to enter the program, the counsellor and their support team will negotiate with your creditors to combine all of your unsecured debt payments into one monthly payment.

This monthly payment will be tailored to what you can afford based on your budget, with the interest rate often greatly reduced or turned to 0. You’ll make the monthly payment to us and we’ll split it up and disburse it to each of your creditors.

The average person completes a DMP in about 3 years, but you’ll have 5 if needed. Once your DMP is complete, you’ll officially be debt free. However, you’ll also continue to have our support if you need it, including a credit rebuilding program that can help you get approved for new loans like a mortgage as quickly as possible. Finally, all records of the DMP and debts paid off through it will be erased from your credit report 2 years after you complete it. That means you can get on with your life without worrying about future employers or others drudging up a past that you took care of and fully dealt with.

Feel overwhelmed by debt?

We’re here for you.

When facing a difficult challenge like debt, there’s no need to try and overcome it by yourself. One of our professional credit counsellors would be happy to help you find the right solution by carefully reviewing your whole financial situation with you and answering any questions you have. Speaking with our certified counsellors is always free, confidential and without obligation. 

Cost and Considerations of a Debt Management Program

To cover administration costs, non-profit credit counselling organizations charge a nominal fee for their repayment programs. Ours is a sliding fee scale (capped at $75 a month) and your counsellor will explain it to you in detail as you figure out your best option. Overall, a DMP will save you money because you pay much less interest and your payments are affordable to ensure your debt is paid off in a set time frame.

A DMP doesn’t change who your debts are with, but rather combines your monthly payments. It also reduces or eliminates the interest charged by your creditors going forward. If your DMP fails, your debt payments will return to how they were before the DMP started and in some cases penalties or interest from your creditors may apply. However, we don’t let anyone start a DMP unless we’re confident they’ll succeed. If your situation unexpectedly changes, then we’ll work to make a new plan and renegotiate with your creditors if needed. Whatever happens, we’ll support you every step of the way.

A DMP affects your credit report until two years after its completion. While this may not sound like good news, it’s far better than letting your debts keep your credit rating down indefinitely. The fastest path to reaching a stable financial future is to gain freedom from debt, and a DMP can be an excellent way to achieve this goal.

Cost and Considerations of a Debt Management Program

To cover administration costs, non-profit credit counselling organizations charge a nominal fee for their repayment programs. Ours is a sliding fee scale (capped at $75 a month) and your counsellor will explain it to you in detail as you figure out your best option. Overall, a DMP will save you money because you pay much less interest and your payments are affordable to ensure your debt is paid off in a set time frame.

A DMP doesn’t change who your debts are with, but rather combines your monthly payments. It also reduces or eliminates the interest charged by your creditors going forward. If your DMP fails, your debt payments will return to how they were before the DMP started and in some cases penalties or interest from your creditors may apply. However, we don’t let anyone start a DMP unless we’re confident they’ll succeed. If your situation unexpectedly changes, then we’ll work to make a new plan and renegotiate with your creditors if needed. Whatever happens, we’ll support you every step of the way.

A DMP affects your credit report until two years after its completion. While this may not sound like good news, it’s far better than letting your debts keep your credit rating down indefinitely. The fastest path to reaching a stable financial future is to gain freedom from debt, and a DMP can be an excellent way to achieve this goal.

It changed my life

When I came to the Credit Counselling Society three years ago I was terrified to answer my phone, my job was in jeopardy because creditors were calling me at work, and I avoided checking my mailbox for fear of the horrors that might await me there. CCS was able to negotiate with my creditors and relieve the immediate stress. Having all of my debt payments rolled into one manageable payment changed my life. CCS has helped me to turn my life around.

Caitlyn

I would recommend this program to anyone

The counsellors made everything very accessible to me and really made me feel like it was possible to get out of debt! I’ve been on the program now for over a year and I feel so free! I’ve learned how to manage my money better, be accountable for my spending, and track my expenses. The people at CCS have shown me a lot of kindness, and I really feel like they genuinely want to help. I would recommend this program to anyone who needs help managing debt.

Ryan

Find out how to get back on track.

Get the help you need. Find the right option that will work for your specific set of circumstances. Feel free to give us a call or chat with us online. We're here to help.

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Speak with a non-profit credit counsellor.

Whatever your financial challenges are, don’t face them alone. At a time like this, it can be helpful to sit down with an knowledgeable credit counsellor who can talk through all your options and make a plan to resolve your difficulties. Once you can see your way out, you can regain your peace of mind and move forward with confidence.

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