I'm on a DMP; Can I Change My Debit Date?

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I'm on a DMP; Can I Change My Debit Date?

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We are answering our customer's top questions regarding their participation in the Debt Management Plan (DMP).

We want our customers to find continued success throughout the plan by understanding what it takes to be successful.  

This month's question is: Can I Change My Debit Date?  While changing your debit date, or making two DMP payments in one month may seem like a good idea, doing so may affect your DMP. 

Here are some things to consider before changing your debit date.

  • Payments need to be made every 30 days. Your creditors expect a payment every 30 days just as if you were paying them on your own. Due to various billing cycles if you make two payments within the same cycle and none in the next cycle, a creditor may consider it as a missed payment.
  • Extra payments. You can make extra payments, but keep your regular payments scheduled for every 30 days.
  • 15 calendar days.  If you need to change your debit date it should be done at least 15 calendar days in advance of your regularly scheduled payment.
  • Urgent situations.  If a more urgent situation arises, you can contact us as long as it is at least 2 business days in advance.
  • How to change your debit date.  You can change a debit date at any time by logging into your My CareOne account. Along the top of your screen, in the grey toolbar, you will find the My Program tab, and then click on Change My Payment Date.

We want to make sure you are successful on your DMP. Changing your debit date may be a necessity at times we just want to make sure you understand the right way to make the change and how this can affect your DMP. If you have a question you would like to see posted please feel free to leave it in the Comments section or, ask directly in our Ask the Expert Forum.

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  • i-want-to-keep.my-payments-on-time-dont-change-nothing

  • Can I delete a payment from the plan?

  • @wayne.echols Will do! We will keep it the same.

    @janis1954 If you mean miss a payment, yes but we do not recommend doing so as creditors expect a payment every 30 days or you may loose benefits. If you need to miss a payment please notify us as soon as possible; at least 2 days in advance.

  • If I move the date ahead 6 days to land on a pay day, will that affect my benefits?

  • @Robin As long as the creditor receives payment within 30 days or less you should be fine. If you are still waiting for proposals to be accepted you may want to continue to pay the difference to avoid late fees.

  • if i have automatic payments coming out of my checking account .how do i stop them?

  • Yes! By 14 days only.

  • When one of my bills is paid off does my payment go down or do you apply the amount to another account?

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