As you scramble to avoid the worst pitfalls of debt, such as the need to file for bankruptcy protection, you’re probably looking at a myriad of tools and debt relief programs designed to move yourself out of the red and into the black. One such method, enrolling in a debt management plan, has been popular as financially stretched consumers look for a way to control their debts. In the same manner that bankruptcy petitioners must verify their eligibility to file for protection, debtors looking at entering into a debt management plan must also prove eligibility. So, you might be wondering, “Am I eligible for a DMP?”
Am I Eligible for a Debt Management Plan?
Once you have decided that you need to get a hold of your outstanding debt, you’ll want to sit down and determine your eligibility to participate. Specifically, we will look at your total debt and income picture to discover whether you have the ability to repay your debts. Towards that end, a credit counselor will analyze:
- Your total outstanding debt
- Your income flow
- Ability of your income to meet the plan’s obligation
If you are sincere in your desire to pay down your debt, and you have a steady income that will allow you to meet the plan’s obligations, then you should be eligible to participate in a DMP.
Am I Eligible for a DMP?
Am I eligible for a debt management plan? If you’ve asked yourself that question, you are one step closer to getting the debt relief. If you are ready to take that next step however, you need to reach out to the experts at Americor Financial to get your questions answered. If you have a large debt and the willingness and ability to repay your obligations, you should be able to enroll in a debt management plan that works for you.