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Debt Management Plan (DMP)
This brief video explains the ins and outs of a DMP.
If you are struggling to keep up with your monthly credit card payments, a Debt Management Plan (DMP) with a CareOneSM service provider can help by consolidating all of your unsecured debt into a single monthly payment. We negotiate with your creditors for better repayment terms, such as lower interest rates and waived late fees, which can save you considerably each month.
Our DMP includes comprehensive debt counseling from certified counselors nationwide, superior customer service, and technical expertise. When you successfully complete our plan, you will have fully paid off all of the unsecured debts you started the plan with, and will be armed with the knowledge necessary to manage your finances on your own.Get Started Now
Debt Settlement Plan (DSP)
This brief video explains the ins and outs of a DSP.
The Debt Settlement Plan (DSP) is recommended for those who simply cannot afford the monthly payments of a Debt Management Plan, and who are looking for an alternative to bankruptcy.
With a Debt Settlement Plan, your monthly payments are held in an FDIC-insured bank account while lowered settlement amounts are negotiated with your creditors, with the goal of allowing you to repay only a percentage of your debt - typically around 50% over a 3-5 year period. While settlement usually offers a much lower monthly payment than the DMP, it also carries with it more severe considerations, including possible increased collection activity and a negative impact to your credit.
Just like the DMP, this debt relief option provides you with access to comprehensive debt counseling and superior customer service, online account access, and a payment structure which guarantees that you don't pay us until you receive benefits.
CareOne Services, Inc. provides Debt Settlement Plans in some states.
Bankruptcy is usually a last resort that involves a complex legal process created by Congress to provide relief from financial distress when you can no longer pay even a portion of your debts. Our hope is that after we review your situation, we can find an alternative to bankruptcy. If bankruptcy appears to be an option that you may want to consider, you will want to talk through that process with an attorney.
There are two types of bankruptcy cases designed for consumers: Chapter 7, which erases most of your debts and is filed if you have insufficient income or property to pay your debts, with no prospect of creating additional income. The US Bankruptcy Code was revamped in 2005 to make it more difficult to qualify for Chapter 7 relief. Chapter 13 involves the creation of a debt repayment plan for approval by the bankruptcy court. A trustee is appointed to collect your plan payments and distribute them to creditors.
Bankruptcy may show on your credit report for up to 10 years. This may affect your job and loan applications, because job and credit applications sometimes require you to declare if you have filed for bankruptcy in the past. There is also a limit as to how often you can file for bankruptcy. You will need to consult with an attorney to determine if you qualify.
We make it our job to explain the fine print, and our full-disclosure policy guarantees that you are educated about managing debt, from start to finish. We point out the challenges and truths about your debt relief options by disclosing possible increased collection activities, as well as potential impacts to credit, that could affect you.
No matter which plan you choose, we will work with you to successfully resolve your debt in a reasonable time period. It's that simple.
Although we hope you choose CareOne, we encourage you to educate yourself and compare us to other providers before making your decision. After all, this is an important choice to make. It's the first step you'll take on your journey toward becoming debt-free.
Providing more than a service, CareOne offers a meaningful experience, a dependable commitment, and a supportive community.
To help you succeed, we provide unparalleled customer service throughout your Plan. Beyond our comprehensive support and customer service, we empower you with the knowledge needed to successfully complete your Plan and achieve financial freedom. We provide a variety of rich and diverse educational materials and resources, offering the kind of support you need to play an active role in your financial future. These include a personalized My CareOne page and 24/7 online account management. We also offer money management and budgeting tools, financial tips and articles specific to your plan and life stage, as well as monthly, plan-specific newsletters, communications, and webinars.
You can also access our extensive online community to connect with financial experts, CareOne employees, and other customers in similar situations. Our inspiring CareOne Community provides not only the opportunity for you to learn from other members, but to also share your own trials and achievements.