What happens if your income changes while you’re on a debt management plan?
Been trying to understand how flexible debt management plans are in real life. So for people who have been through a dmp, what happened if your financial situation changed during the plan?
For example, your income decreased because of a job change, your expenses suddenly increased, or maybe you missed or struggled with a monthly payment? Were you able to adjust your payment amount, or was it difficult to make changes once the plan started?
I’m also curious what happened with any creditor arrangements or reduced-rate terms during those situations. Did the agency or creditors allow adjustments, or did you have to find another way to manage the payments? Thanks in advance!