Debt Articles DIY - Do It Yourself DIY DMP - DIY Credit Counseling

DIY Credit Counseling. You Can Do It.

Facing money troubles and thinking about reaching out to a credit counseling program? It might be possible to create a DIY credit counseling program yourself.

Credit counseling repayment programs are called debt management plans (DMP). A DIY DMP is completely within your grasp.

In order to help you put together a repayment strategy I’m going to publish information in my DIY directory to help you get an idea about the types of terms and options may be available when you contact the creditors directly.

The guide is in the ballpark but may have changed since last updated. Creditor policies are somewhat fluid and dynamic. However this information will give you an idea of what may be possible.

There is so much free help and advice available on that it can be overwhelming. But let me steer you to some important sections.

  1. DIY Credit Counseling and Creditor Index – Want to find a specific creditor and their DIY credit counseling terms, click here.
  2. DIY Debt Settlement – Want to see if settling your debt might make more sense for you in your situation. Visit the DIY debt settlement section of the forum and speak with an expert for free.
  3. Talk With a Debt Coach – Have a question you’d like to ask an experienced debt coach to get you headed in the right direction, just ask Damon Day here for free.
  4. Ask Steve Your Question – Do you have a debt related question you’d like to ask me directly? You can do it right here.

A Warning About the Negative Credit Impact of DIY Credit Counseling

Any time a creditor agrees to make a concession in the payment or terms, they generally want to lob out a little bit of credit pain as well. This may include reporting your account late for a number of months, they may close your account, and the closed account can negatively impact your credit score and credit report.

Generally creditors do not offer reductions in payments or interest rates to people who are current and on-time with their payments. Those folks have not shown they are struggling. But when people do fall behind that is negatively reported on their credit report, will reduce their credit score, collectors may/will call and creditors may avail themselves of any action to collect that is legally available.

Creditor DIY Terms

See also  How can I negotiate with a credit card company and get the same type of terms that a consumer credit counseling for fee service might get?

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.


  • Creditors are driven by policies and procedures depending upon the client account as it stands. Calling collections today is the quickest way to get you access to the hardship programs the creditor may have available and collections will know all of the programs available and not just those through the credit counseling department. If you want access to the credit counseling terms, call a credit counseling provider. If you want access to the internal hardship programs you have to go through collections and be vetted by them.

Leave a Comment

Scroll to Top