How to File a Debt Management Plan in Missouri

Missouri reports on its website that a debt management plan is a written agreement between you and a "debt adjuster," such as a nonprofit credit counseling agency. The state reports that the agreement establishes that the debt adjuster will perform debt management services for you for a fee. The terms of the agreement are negotiated by you and the debt adjuster. The agreement becomes a contract and is considered official--or filed--when both sides agree and sign.

Instructions

1

Search the database for the U.S. Trustee Program to find a government-approved nonprofit credit counselor in Missouri (see Resources). Approved agencies specialize in debt management plans.

2

Schedule a visit with the agency in Missouri. Take a list of all your debts including recent copies of billing statements. Ask for details about debt management plans. Typically the plans require you to authorize the counseling agency to manage your budget and pay your bills. You are charged a monthly management fee and must also send the agency a lump sum check each month covering your debts. The agency then makes direct payments to credit card companies and other creditors.

3

Agree on a plan and sign the contract.