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Create a detailed post-divorce budget based on your individual income and expenses. This clarifies your new financial reality and helps identify potential overextension risks early.
DMPs primarily include unsecured debt like credit cards, personal loans, medical bills, and some private student loans. Secured debts like mortgages or auto loans, and most federal student loans, cannot be included.
You must proactively contact your creditor's customer service department, often asking for the "hardship" or "loss mitigation" department. Clearly explain your situation, be prepared to provide details, and politely ask what options are available.
Each application causes a hard inquiry, which can temporarily lower your credit score by a few points. Multiple applications in a short span compound this damage and signal desperation to lenders, severely hurting your approval chances. Strategy requires being highly selective.
An ideal candidate has a steady income, possesses primarily unsecured debt, and is struggling with high interest rates and fees but can afford to make a consolidated monthly payment that is less than what they were paying individually to all their creditors.
