Money Management International Reviews
Sarah Edwards | April 27, 2023
Summary: Money Management International is a nonprofit organization that offers credit counseling and debt relief services. MMI’s services are extensive and convenient, though some debtors may prefer to negotiate a settlement on their own terms with the help of SoloSuit.
If you’re struggling with debt, you’ve no doubt stumbled across Money Management International. The organization offers a variety of financial services, from budgeting help to debt relief. Here’s what you need to know about Money Management International so that you can make an informed decision when it comes to debt management.
What is Money Management International?
Founded in 1997, Money Management International (MMI) is a nonprofit organization that provides credit counseling services and debt relief in all 50 states. Its website claims that it is the largest nonprofit credit counseling service in the United States.
MMI provides a variety of services, including:
- General budgeting and financial advice.
- Debt management planning.
- Student loan management.
- Housing counseling.
- Bankruptcy counseling.
The fees for these services vary, though users can receive general budgeting advice for free. Some housing counseling services are available for free, though fees can climb to $199, depending on the service. Debt management planning can cost up to $50 per month.
Is Money Management International a scam?
MMI is a legitimate agency. It is a member of the National Foundation for Credit Counseling, an external organization that regulates financial counseling agencies.
As of 2023, MMI had an A+ score with the Better Business Bureau, with whom it is accredited. Additionally, MMI has physical offices in 25 states.
How MMI attempts to reduce your debt
Users can start the intake process through MMI’s online portal, though they can request assistance from a counselor through the chat feature or directly by phone.
MMI offers debt management plans that help you get out of debt. This is a type of debt consolidation. You’ll make a payment to MMI each month, and the organization will pay your creditors on your behalf.
The advantage is that MMI will negotiate with your creditors for you. As a result, you could see lower interest rates or even a reduction in your total debt. These services allow you to get out of debt faster, with plans designed to eliminate your debt within five years.
Learn how to confirm your debt with your creditor with SoloSuit.
Consider the pros and cons of Money Management International
MMI is a secure choice for those looking for debt relief programs or financial counseling. But before you contact MMI, consider some of the advantages and disadvantages of its services.
There may be benefits to working with Money Management International
MMI offers users:
- Affordable debt relief solutions.
- Free initial consultations.
- Financial counseling programs and budgeting help.
- A simple user interface and strong customer service.
- Availability in all 50 states, with physical locations in 25.
As a result, MMI clients can streamline debt repayment, save money, and receive guidance on how to plan their financial futures.
Working with Money Management International has drawbacks
Despite these advantages, there are still a few drawbacks to be aware of:
- MMI charges fees for some services.
- MMI charges monthly fees for debt relief programs.
- Using MMI may decrease your credit score.
- Users will still need to manage their payment schedules.
- Not all creditors will participate in a debt relief program.
You might consider using MMI if you’re struggling with debt. Just make sure that the cost of a debt relief program is offset by the amount you’ll save by resolving your debt quickly. Otherwise, you might consider alternatives to using a service like MMI.
There are alternatives to Money Management International
If you’re buried in debt, MMI can help you, but it might not be the best option. Instead, you might consider settling the debt on your own. You can negotiate a settlement with your creditor directly. This helps you avoid going to court, and you may even be able to set up a repayment plan.
Learn how to send a Debt Settlement Letter from this helpful video.
If you’re being hounded by a collection agency, you may be able to settle your debt for as little as 1% to 60% of the original amount, all without paying for outside assistance.
Take a look at an example of debt settlement
Let’s look at an example.
Example: Rick has been struggling with credit card debt for a while now. He just received word that he is being sued for the debt. Fortunately, Rick uses SoloSuit to file his Answer, then negotiates a settlement. Once the creditor agrees, SoloSuit helps Rick make payments, getting him out of debt for a lower amount.
Learn more about how SoloSuit can help you settle your debt.
Respond to a lawsuit quickly
If you’ve been sued over past debts, a debt relief program alone can’t help you. SoloSuit can. Our app-based service helps you craft your Answer and respond to your creditor. Once complete, you can send the Answer to your creditor and file it with the court — or even have one of SoloSuit’s experienced attorneys review it.
What is SoloSuit?
SoloSuit makes it easy to fight debt collectors.
You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.
SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.
>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate
>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)
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