American Consumer Credit Debt Management Program ( ACCC DMP) - My Experience so far

[Anonymous]

And why is that? 

[syeb]

I am suspicious about the poster who recommend bankruptcy over a debt management plan. That is the worst financial or credit advice I have ever heard. A bankruptcy is essentially the epitome of bad credit actions and does the worst damage to one's credit over anything else.

A debt management plan is a wonderful tool for both maintaining decent credit while paying off credit card debt. If someone ruined their credit while on a DMP it is almost certainly because he or she did not follow the rules or payment plan.

Note I am referring to a debt management plan where the DMP company (like ACCC) negotiates reduced interest rates and arranges a payment schedule. This is not a debt settlement agreement which reduces balances - that is a BAD thing.

Please everyone, if there is a possibility of paying off your debts through a DMP, do not even consider bankruptcy.

[Anonymous]

Update on my progress so far. Two accts paid in full with a 3rd one to be cleared in January!

Creditor                                                                                EST Start Actual      Start             Payment                  BALANCE  RATE

Bank of America - VISA (RPS)		$2,245	$2,298	1/6/2014	$43	Yes	$972	4.44%
Capital One (RPS)		$746	$736	1/6/2014	$151	Yes	$1	1.90%
Capital One (RPS)		$756	$760	1/6/2014	$15	Yes	$250	1.90%
Discover Card (RPS)		$6,001	$0	NP	$127	Yes	$2,436	6.99%
GAP / Synchrony (RPS)		$4,050	$4,122	1/8/2014	$76	Yes	$1,386	0.00%
Macy's - All Divisions / Citibank (RPS)		$1,407	$1,540	2/21/2014	$38	Yes	$485	8.00%
PayPal Buyer Credit / Synchrony (RPS)		$3,533	$3,782	3/12/2014	$65	Yes	$1,621	0.00%
Target VISA (RPS)		$3,626	$0	NP	$85	Yes	$650	0.00%
Wal-Mart Dual Card / Synchrony (RPS)		$3,858	$3,965	1/8/2014	$73	Yes	$1,337	0.00%

Accounts Paid in Full:

According to our records, the following accounts are now paid in full and your monthly payment and maintenance fees have automatically been allocated to the remaining accounts in the program. This allows you to maintain your schedule to pay off your debt. Congratulations on your progress!

Creditor NameLast 4 Acct#

Citibank - Mastercard (2) (RPS)
OneMain Financial

[sjt]

Congrats on your progress!

Great news!

[Anonymous]

Thank you!! its been tough but the end is in sight. 1 more year and I should be all done by Jan 2018

[sjt]

The second year will go alot faster. 

[919Rissa]

Did you apply for the new cards with Capital One while you were enrolled in the DMP? I just signed up with ACCC myself and sent in my first payment just a week ago. I have about 8 or 9 accounts enrolled and so far 4 proposals have been accepted.  

[Anonymous]

If you have a Cap 1 card in the program they will not let you get any new cards from them directly until you finish paying off and the account is closed out. You can only receive affiliate cards (GM Cap 1, Playstation or sony cap 1 for example). Since you are newly enrolled I suggest you wait at least 6 months after full enrollment before you apply for any new cards. The first card I got outside the program was from Credit One with a $500 CL. 

[Anonymous]

I am going to state the obvious, dont get any cards if you dont need them. I needed a card for work purposes. 

[Anonymous]

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@Anonymous wrote:

I am going to state the obvious, dont get any cards if you dont need them. I needed a card for work purposes. 

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Hey riychu070! Thanks for sharing your story. Pardon my ignorance, but I thought you weren't allowed to apply for credit while enrolled in a DMP.