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

[Anonymous]

I think it depends on the program you enroll in and the company you sign on with. I just checked the rules and there is nothing that says you cannot, they just say the strongly recommend you dont acquire any new debt. So with ACCC you can open new lines of credit. 

I heard some credit card issuers will cancel the agreement if you open more accts while enrolled. I dont know if its true or not, one of the rumoured companies is BOA and they have not kicked me. 

Either way i say be very careful about new credit, it is tough to not fall back into bad habits. 

editted to add:

This is the paragraph from ACCC FAQ page:

While you are on the program, some creditors may place a notation on your credit report indicating that your account is being managed through credit counseling. This is a neutral notation that does not affect your credit score, which is what most lenders use to determine creditworthiness. The way this notation is viewed by individual creditors varies. Some creditors may view the “CC” notation as a negative when making a decision to extend new credit; however, you are strongly advised against opening any new lines of credit while participating in the program, as your ultimate goal is to become debt-free.

[Anonymous]

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@Anonymous wrote:

I think it depends on the program you enroll in and the company you sign on with. I just checked the rules and there is nothing that says you cannot, they just say the strongly recommend you dont acquire any new debt. So with ACCC you can open new lines of credit. 

I heard some credit card issuers will cancel the agreement if you open more accts while enrolled. I dont know if its true or not, one of the rumoured companies is BOA and they have not kicked me. 

Either way i say be very careful about new credit, it is tough to not fall back into bad habits. 

editted to add:

This is the paragraph from ACCC FAQ page:

While you are on the program, some creditors may place a notation on your credit report indicating that your account is being managed through credit counseling. This is a neutral notation that does not affect your credit score, which is what most lenders use to determine creditworthiness. The way this notation is viewed by individual creditors varies. Some creditors may view the “CC” notation as a negative when making a decision to extend new credit; however, you are strongly advised against opening any new lines of credit while participating in the program, as your ultimate goal is to become debt-free.

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I appreciate you answering my question. Best of luck!

[Anonymous]

Your welcome!

[Anonymous]

Update as of today! whoohooo!! The discover card will be paid off on 9/10 so next month I will have 4 accts left.

Creditor NameClient Reported BalanceCreditor Start BalanceCreditor Start Balance DateProposed PaymentProposal AcceptedCurrent ESTIMATED Balance**Program Interest Rate

Bank of America - VISA (RPS)	$2,245	$2,298	1/6/2014	$48	Yes	$655	4.44%
Discover Card (RPS)	$6,001	$0	NP	$421	Yes	$421	6.99%
GAP / Synchrony (RPS)	$4,050	$4,122	1/8/2014	$76	Yes	$777	0.00%
PayPal Buyer Credit / Synchrony (RPS)	$3,533	$3,782	3/12/2014	$65	Yes	$965	0.00%
Wal-Mart Dual Card / Synchrony (RPS)	$3,858	$3,965	1/8/2014	$73	Yes	$753	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 Name

Capital One (RPS)

Capital One (RPS)

Citibank - Mastercard (2) (RPS)

Macy's - All Divisions / Citibank (RPS)

OneMain Financial (NY, Yonkers) (MA09)

Target VISA (RPS)

[Anonymous]

I am FREEEEE!!!!!

Last payment posted today. I'm so happy to move past this. 

It was hard,  i struggled/stressed at the beginning of the program but overall it as a positive experience and I wuld recommend it to anyone who is serious about paying off their debts. 

[Anonymous]

I'm sure it took real discipline to make it through that process. Congratulations!

[dajewa1]

Congrats!!

[sjt]

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@Anonymouswrote:

I am FREEEEE!!!!!

Last payment posted today. I'm so happy to move past this. 

It was hard,  i struggled/stressed at the beginning of the program but overall it as a positive experience and I wuld recommend it to anyone who is serious about paying off their debts. 

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Congratulations!

I have been following this thread and your progress. Im so happy that you paid it all off and completed the program!

[Anonymous]

Thanks it did. But as soon as the acounts started being paid off one by one last year, it was almost addictive watching it happen.

[Anonymous]

Thanks!