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Looking on specific advice on the details of the DMP process and personal experiences.

Have a large debt load that is strategic and business related, prior to Covid BS. Bankruptcy is not currently a topic, as I am well versed on the rules and details of the process, but do have non primary property issues, that I am not ready to deal with in the bankruptcy process. Also situation is not dire, just the income from business has been extremely constrained and uncertain, but I've dealt with this before.

Have about 170K in revolving, 100k in installment debts.

I do NOT care about getting credit in the next several years. I am NOT optimistic about the future of the economy going forward, and have switched to complete self-reliance on personal and business sides.

Only issue at this point is to simply pay off the debt load in the most economical fashion, meaning at the lowest % possible over 3-5 years. If something goes drastic and not as planned I can always file BK.


Specific questions:

1. Have bank relationships that are important to me. Navy being an example as well as another CU or two. Do not care about the major bank cards at all.

Can the CCCS non-profits FORCE me to close out all accounts, or (rather) not sign me up for the DMP if I decline?

I have some revolvers at 3-6% fixed for life BTs, and there is no benefit on trying to get these lower in terms, nor is it likely.


2. Is there a list of creditors from experience that DO NOT deal with non-profit DMPs. I know Amex and Disco have their own programs, but would like to hear personal experience with the likes of Navy,USAA,PSECU,PENFED and other CUs.


3. Have a Navy relationship with CCs at 6-8% Fixed APRs, with balances carried at <3% bt promo currently.

Also a personal loan with them at 18% which was supposed to be short term, hence the APR didn't matter to me at the time.

Would a DMP be accepted on loan only but not the cards in this case?

I understand it is Navy's choice to close CCs, which they may likely do.


4. Haven't seen specifics on DMP acceptance on the personal loan side, so the installment side of debt. Would love to see some experience on the topic.




The basic premise is to get into a fixed payment, reduce all APRs to <5%, selectively keep certain accounts from inclusion in to DMP, and simply keep paying off the principal balances for the next 5 years.

Batch of initial negotiations with creditors directly didn't bring about anything interesting. They all want you to default first, which is what I remember from the 2008 era.

I can afford the 4.5-5k+ monthly payment on a rough calculation of 270k/60mo.

I do NOT want to pay the exorbitant APRs on some of the revolvers after BT ran out, considering the mess we are all in with the pandemic due to no fault of our own.

Not planning to sell assets to pay off debt ASAP, as I do not see this to be beneficial in the current environment.


Replies can be judgmental, I do not care, but would prefer them being informative. I do not see any ethical issues here, as I am trying to repay in full, but if you do, please kindly stay on topic.




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given that debt load, have you considered BK? keep in mind many DMP are terrible and in general being in one is just as harmful for credit as BK yet gives you none of the legal protections.  Why wait for what may be inevitable? My greatest regret about my BK is not filing sooner.


and screw Navy or any other issuers; you need to focus on 1) dealing with the debt and 2) moving forward so you never get in this situation again. There is no need to fret about burning any particular creditor at this point.


there is an outfit called green path or something like that which has helped people here on CB. This is not a recommendation, just a note that @Pam and others have mentioned it before.


good luck.



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3 hours ago, psycho13 said:

Appreciate your input. BK is not out of the question, pending consultation with a decent attorney.

be sure to interview more than one. I didn't and got stuck with a drunk.

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