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

Established Member

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

And why is that? 

Message 11 of 24
Regular Contributor

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

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.
Message 12 of 24
Established Member

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

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$2,2981/6/2014$43Yes$9724.44%
Capital One (RPS) $746$7361/6/2014$151Yes$11.90%
Capital One (RPS) $756$7601/6/2014$15Yes$2501.90%
Discover Card (RPS) $6,001$0NP$127Yes$2,4366.99%
GAP / Synchrony (RPS) $4,050$4,1221/8/2014$76Yes$1,3860.00%
Macy's - All Divisions / Citibank (RPS) $1,407$1,5402/21/2014$38Yes$4858.00%
PayPal Buyer Credit / Synchrony (RPS) $3,533$3,7823/12/2014$65Yes$1,6210.00%
Target VISA (RPS) $3,626$0NP$85Yes$6500.00%
Wal-Mart Dual Card / Synchrony (RPS) $3,858$3,9651/8/2014$73Yes$1,3370.00%
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 
Message 13 of 24
Valued Contributor

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

Congrats on your progress!

 

Great news!

 

 

Message 14 of 24
Established Member

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

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

Message 15 of 24
Valued Contributor

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

The second year will go alot faster. Smiley Happy

Message 16 of 24
Established Member

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

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.  

Message 17 of 24
Established Member

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

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. 

Message 18 of 24
Established Member

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

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

Message 19 of 24
Community Leader
Senior Contributor

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


riychu070 wrote:

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


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. 

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Message 20 of 24