Estimated DMP Timeframe

Debt management plans are generally designed to fully repay the enrolled accounts by the end of the program term. The major credit card issuers require their accounts to be paid-in-full within 60 months (5 years), subject to minimum payment amounts that may pay off the accounts faster.

When you enroll in a debt management plan with DMCC, you are provided an estimate of the length of time required to complete the program and meet your creditors’ requirements. The estimate you are provided is based on the account information you initially provide us, including the creditor names and account balances. After you enroll in the program, we contact each of your creditors to verify your account balances and request a reduction in your interest rates. Any deviation in the actual creditors or account balances you initially provided us, will change your estimated program length. Some of your creditors may also provide varying rates of interest based on your previous account history with them, which will also cause a change in the estimated program length.

During your debt management plan program, there are several factors that may result in the shortening or lengthening of your estimated program term. Among the more common factors are untimely or missed monthly payments. Failure to make your monthly program payments to DMCC every 30 days will cause your creditors’ monthly interest calculations to fluctuate. Missed payments will increase the amount of interest charged by your creditors and lengthen the time required to repay your accounts.

It is important to remember that while on a debt management plan, your accounts remain with your creditors. Your creditors continue to manage your accounts, including the charging of interest and posting of payments. That is why it is imperative that during your debt management plan program you continue to monitor the account statements you receive directly from your creditors to verify that interest is being charged at the agreed rates, payments are being posted properly, and no other fees or charges are being incurred. DMCC does not receive account statements from your creditors.

If at any time during your debt management plan program you would like to get an updated estimate of the time remaining to fully repay your enrolled accounts, you may use your creditor account statements and our online calculator. Below are step-by-step instructions on using our online calculator for this purpose. If you have any questions or need any assistance with this calculator, please call our Client Service Department at 866-619-3328 and one of our counselors will help walk you through the process.


Step 1:

Go to Credit Card Payoff Calculator.

Step 2:

Input the total of the current balances from your creditor statements for all the accounts enrolled in the DMP, except student loans and payday loans1, in the field labeled “Credit Card Balance”. Alternatively, you can input and compute payoff amounts for each of your enrolled DMP accounts individually.

Step 3:

Input the weighted average interest rate for all the accounts enrolled in the DMP, except student loans and payday loans, in the field labeled “The annual percentage interest rate on my card is:”

Step 4:

Input your monthly DMP payment for all the accounts enrolled, except student loans and payday loans, less the monthly service fee, in the field labeled “Each month I plan to pay:”

Note:     If you would like to pay off your accounts faster than your current estimate, you may increase the monthly payment amount input in Step 4 and see the difference in the estimated time required. Once you determine how much extra you would like to pay each month, contact DMCC and make arrangements for the higher payment amount.

1. The monthly payments for student loans and payday loans on your debt management plan are not necessarily based on an annual interest rate or amortization schedule that will fully payoff the accounts. Accordingly, including these accounts in this calculation will skew the results.

2. The results of this calculator represent estimates based on the variables input. Actual results may differ for many reasons, including varying interest rates and calculation methods used by your creditors.