Friday, February 14, 2014

What happens if you move to another state while on a DMP?

If you have a Debt Management Plan agreement with a national agency, your move will likely be smooth. Just be sure to keep the agency informed about your new contact information.

However, if you are with a local agency or one that is not licensed in your new state of residence, there could be some details to take care of.

Be proactive. Speak to your credit counselor and get some advice about what you need to do as you complete your move.

Here are some important questions to ask:

  1. Will it be necessary to sign up with a new agency that is licensed in the new state? 
  2. Will it be necessary to change the payment dates?  Remember that there are legal limits on the number of times an account can have the due dates changed so check into that issue right away. 
  3. Will the new agency have different fees or requirements that you may have to consider?  

Above all, don’t ignore your Debt Management Program! A few minutes of planning before you finish packing will keep everything on track and your credit rehabilitation alive and well.