I'm on a DMP, Can I Make Additional Payments?

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I'm on a DMP, Can I Make Additional Payments?

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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 reflects on making additional payments. Additional payments are an excellent way to help you pay your debts back more quickly.

There are a few things to keep in mind when scheduling additional payments. 

  • Additional payments should be made through your CareOne DMP.  To ensure that payments are applied with your program benefits, any additional payments should be made through your CareOne plan.
  • You are in control of the additional payment.  You can apply it to whichever account you choose, one time or recurring.
  • Pre-payment penalties.  There are no pre-payment penalties so you can pay the debt back as quickly as you like.
  • Regular payment.  Your regular payment will stay the same throughout the plan.
  • There are 2 ways you can make additional payments. 
    1. Contact us
    2. Access your online account through My CareOne, along the top toolbar under Quick links, click on Increase My Payment. You will have the option to apply it to just one payment, or to all future payments.

Additional payments are an excellent way to help you accomplish your goal of becoming debt free sooner. CareOne is here to help and we want to provide you with all the necessary tools to be successful. 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.

Suzanne Cramer

Suzanne is a certified credit counselor working in our Ask the Expert forums as a coach and a Social Media Specialist for CareOne. Suzanne writes for our Blended Finances and A Straight Talk on Debt blogs.  As a soon to be divorced single mom, Suzanne also writes for the Divorce, Debt, and Finances blog. Ask her questions, share your story or just follow Suzanne on her journey as she navigates dealing with divorce, debt, and finances. Suzanne is also very active on Twitter and manages two CareOne accounts: ADivorcedMom and Ask CareOne where she shares the latest debt industry news and tips to keep your finances in check.

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  • "To ensure that payments are applied with your program benefits, any additional payments should be made through your CareOne program."

    We will still get a statement from our creditors so we could see if they were applied or not, why sent them throught CareOne?  What would be the diff if we set up regular payments (automatic) through our own bank?

  • Hi phillipmdelgado,

    Making additional payments through you CareOne plan ensures your payments are applied with your plan benefits (i.e. reduced interest rates). If you pay your creditors directly they may be applied under their original terms (i.e. original interest rate). In addition some creditors may drop you from the plan if you make additional payments directly to them. Making additional payments is easy just review the post above!

    Thanks,

    Suzanne

  • Question!  I only have about 6-7 months left on my DMP with CareOne (yay!!)   My monthly payment is done by EFT. I already calculated that if I sent an additional payment via mail I can complete my program in 3 months.  Do you take out fees in the additional payments before sending it to my creditor?  Thanks!

  • @ginga123 You can actually make an additional payment without sending a check via mail. To schedule an extra payment, simply contact us or access your online account through My CareOne, along the top toolbar under quick links, click on increase my payment. You will have the option to apply it to just one payment. When you are ready to make a final payment we suggest that you contact your creditors for your final balances so that you do not under or overpay them. Congrats on being so close to debt freedom!

  • ? AFTER PAYING OFF A DBT THRU DMP ARE YOU SAYING THAT MONTHLY PAYOU AMONTS STAY THE SAVE EVEN THOUGH YOU HAVE MINUS ONE ON YOU DEBTS?

  • Just before I pay off a debt, I contact Care One & tell them which account I want the extra $$$'s to go to. So my payment stays the same.

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