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We get many questions this time of year on how to pay off a creditor or pay off the plan early when you get a tax refund. Of course, using those funds to pay down or pay off your debt is always a great idea!
We strongly encourage you to continue making all of your payments including final payments through the program. Inconsistent or direct payments can result in original creditor terms reinstated. This is important as many creditors have recently increased, in some cases doubled their minimum monthly payments for accounts not enrolled on the Debt Management Program.
I have listed instructions below of how to make extra payments, increase your payments, pay off a creditor early or pay off the plan completely for all DMP participants.
To make extra payments, increase your payments:
You can do so by:
• Mailing in a money order or cashiers check with instructions on how to apply the payments.
• Increasing your regularly scheduled payment three business days prior to the debit. To schedule an extra payment, simply call us at 1-800-CARE-123.
• Access your online account through My CareOne along the top toolbar under the blue quick links toolbar, click on update payment info. You will have the option to apply it to just one payment, or all future payments.
1. Access your online account through My CareOne along the top toolbar under the blue quick links toolbar, click on update payment info.
2. You choose which creditor you want the extra payment distributed to
3. Click Apply to Next Month’s Payment only or Apply to all future payments
You will be taken to a confirmation screen, press Submit
You will receive a message Update Successful.
To pay off a creditor early:
Please Contact DMP Customer Care at 1-800-CARE123 or use our online chat each time you are ready to pay off a creditor. Please provide the balance form your creditor statement, if available, this will ensure that we do not overpay nor underpay the creditor for the final payment. We will set up the pay off on your behalf. Once a creditor has been paid in full you can reallocate the funds to another creditor. We encourage that you reallocate your funds and keep your payment the same until you are debt free. Once you choose to reallocate your funds here are a few suggestions; creditor with the highest opening balance, creditor with highest interest rate, creditor with lowest balance.
To pay off the plan completely:
When you are ready to make your final payment I suggest that you review your most recent statements from the creditors or contact the creditor for a payoff balance and then Contact us with the final balances. This will ensure that we do not overpay nor underpay the creditor for the final payment. However, if for some reason you do not contact the creditor we will pay the final balances that we have on file. We make this process as easy as possible for you so there is no paperwork to sign nor is there a prepayment penalty! Your final debit will also include your final monthly service fee. Once you complete the program, we will mark your account as paid in full, stop all debits and send you and the creditors a completion letter.
Our contact information:
Operating hours are:
Monday through Friday 8:00am to 11:00pm EST
Saturday 9:00am to 6:00pm EST