fishbjc wrote:
It seems that most dmp are for 60 months. I'm sure they all allow additional payments if you're inclined to make them. I've almost got one paid in full. I'll take that point hit....I plan on being pif in 48 months. It does feel good, but it IS a sacrifice. Review EVERY statement to make certain there are no payment issues.
Agreed! Mine allows me to make additional payments with the creditor. Whenever I have the extra cash I send it through my CU's bill pay. My CCs post the payment just like when they were open. I'll be PIF within the next year at my current rate, 18 months ahead of schedule! I just send a copy of my CC statements every 3-4 months to my counselor and that keeps my balances with them accurate.
Before you make this decision, sit down and write up your expenses, so you have it all on paper. They're going to go over everything with a fine tooth comb....down to haircuts, pet expenses, medication costs, gas costs, whether or not you get peds or manicures....
My credit counselor and I sat for a few hours and worked out a budget. Talk about the most frightening and relieving conversation! I had to come clean, be honest, and ready to make sacrifices. It was really scary to see how I was spending my money, but in the end it was the best financial conversation I think I ever had, and I've got a business degree and am pursuing an MBA! Making the lifestyle changes was difficult at first, but after a little over a year it feels natural. I really don't miss the things I had to cut out.
Good Luck, it's exciting to finally get things under control.
Definitely good luck with your decision and situation. Making the decision to start isn't easy, but in hindsight its the best thing I've done and would recommend it to anyone in a similar situation. I can also agree that its a wonderful feeling to look at my statements and actually see my balance going down without having to stress to make it work.
Edited because I never learned how to spell (in addition to managing my credit the first time around 
)
I bought a house with about 9 months left on my dmp. It was new construction, not started yet, and by the time I move in I only had 2 1/2 payments left on the DMP...it made no difference, other than debt to ratio...which didn't matter because I had less than 10 months left. Was very good timing for me.
The only issue I have had is that I was recently denied a AMEX because I was less than 2 years out of a CCCs (or it may have only been a year, can't remember and don't have the letter with me). Was also other reasons, mainly my stupid Spiegel that shows 25 late over 90 day payments...still working on getting that one resolved. That was not the DMP's fault, only shows on one credit report
But, as others have said, check your statements -- but I would recommend every month. I did have a "floating" payment day on my Chase account, so one month it was missed. Moved that date to later in the month. But would not have caught in and possibly might have gotten dinged for it.
Good luck ! It worked great for me.
Starting Score: EQ 679, TU 697
In my case, I didn't have an Amex...I just want the Costco one. Probably a good thing I didn't get it.