A Complete Financial Analysis
The Debt Management Program (DMP) emerges as a real alternative to avoid the possibility of having to file for bankruptcy. As part of the counseling received by the consumer, a complete Financial Analysis is performed in order to determine the client's actual financial condition. This includes an analysis of income vs. monthly expenses, an updated financial profile, and a tight budget.
Then the counselor determines the surplus or deficit that the client presents. Based on the information gathered during the session, the counselor will make recommendations aimed at helping the client improve their financial situation.
- Eliminate or reduce late fees
- Lower your monthly payments
- Eliminate collection calls from your creditors
The documents required for the guidance session are the following:
- Evidence of your income: paycheck stubs or bank statement
- Most recent credit card statements or a list of your creditors' names, balance, and monthly payment
- Notebooks of your personal loans, mortgage and/or car
- Receipts for your monthly expenses: water, electricity, telephone, cell phone, etc.
Lower Monthly Payments
If you are a candidate for a Debt Management Program (DMP), CONSUMER will contact each of the creditors who sponsor our services to discuss the possibility of reducing your monthly debt payments to control the crisis and help you regain control of your personal finances.
After setting aside a certain amount of your net income for monthly household expenses, you would deposit with CONSUMER the money that will be disbursed to your creditors on a monthly basis under the proposed payment plan.
CONSUMER is a private, non-profit organization dedicated to providing consumers with the highest quality financial education and counseling services.
