Debt Management FAQ
Since 1987, TCA has been helping consumers around the country manage their finances. To find out if a debt management plan (DMP) is right for you, fill out the free debt assessment. A certified credit counselor will guide you through the process.
The initial consultation and debt review are free. If you enroll in a DMP, a certified counselor will advise you of any fees. These fees typically include a one-time set-up fee and a modest monthly fee, which is included in the monthly debt management payment.
Most creditors will close accounts when you enter a debt management plan. If you decide to enroll in a DMP, we suggest you contact creditors first to request accounts closed "at consumer request."
We recommend that clients enrolled in a DMP do not open new lines of credit until the current debt is cleared. Creditors may discontinue benefits if you do. Vehicle and housing loans are unique and may be necessary while enrolled in the program. Our certified counselors will work with lenders to assist with such loans.
We recommend that you keep all accounts current or continue making payments until the debt management agreement is officially activated with TCA.
Prior to enrolling in a DMP, explain to creditors that you plan to take part in the program. Once enrolled, you can refer all creditor inquires to Take Charge America.
Mortgages, vehicle loans and other secured loan payments will be included in a personal budget, but they will not be placed in the program. Student loans and IRS payment can be included in the program at the regularly scheduled (not reduced) fixed payment amount.
Every situation is unique. The length of the plan will depend on a number of factors such as accuracy of creditor balances, finance charges and any debt added to the program at a later date.