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    • Marcus Postlethwaite
    • By Marcus Postlethwaite 13th Sep 17, 10:51 AM
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    Marcus Postlethwaite
    DMPs
    • #1
    • 13th Sep 17, 10:51 AM
    DMPs 13th Sep 17 at 10:51 AM
    Please can anyone confirm this from a website I have been reading?


    Can a DMP affect the people that I live with?

    Your credit history is likely to be affected by being on a DMP but it will not affect the people that you live with unless you have joint financial products. This would be something like a loan, bank account or household bills that are in joint names.

    If this happens there will be a ’financial association‘ linking your credit files. This means your record of making reduced payments may affect the other persons credit file and their ability to get credit.
Page 1
    • StopIt
    • By StopIt 13th Sep 17, 10:59 AM
    • 1,371 Posts
    • 1,167 Thanks
    StopIt
    • #2
    • 13th Sep 17, 10:59 AM
    • #2
    • 13th Sep 17, 10:59 AM
    That is correct.


    Your credit file is yours and yours alone. It doesn't matter who else lives with you. Your debts and assets are yours only, unless if you have a joint bank account, mortgage, loans etc.


    If you enter a DMP it will not affect anyone but you, unless if any of the debts included are in joint names.
    • Marcus Postlethwaite
    • By Marcus Postlethwaite 13th Sep 17, 11:06 AM
    • 4 Posts
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    Marcus Postlethwaite
    • #3
    • 13th Sep 17, 11:06 AM
    • #3
    • 13th Sep 17, 11:06 AM
    So the fact that reduced payments are made via a DMP, the creditors recognise this as a good thing or bad thing?
    • zx81
    • By zx81 13th Sep 17, 11:07 AM
    • 14,046 Posts
    • 14,738 Thanks
    zx81
    • #4
    • 13th Sep 17, 11:07 AM
    • #4
    • 13th Sep 17, 11:07 AM
    A DMP is never a good thing, as it means you defaulted.

    But once finished, you can start to build better history.
    • Marcus Postlethwaite
    • By Marcus Postlethwaite 13th Sep 17, 11:10 AM
    • 4 Posts
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    Marcus Postlethwaite
    • #5
    • 13th Sep 17, 11:10 AM
    • #5
    • 13th Sep 17, 11:10 AM
    Sure, perhaps I worded it incorrectly - does the fact that a DMP is in place also mean that the creditors flag as a big negative?
    • zx81
    • By zx81 13th Sep 17, 11:14 AM
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    zx81
    • #6
    • 13th Sep 17, 11:14 AM
    • #6
    • 13th Sep 17, 11:14 AM
    Your creditors will view a DMP negatively and won't be falling over each other to offer you further credit.
    • Marcus Postlethwaite
    • By Marcus Postlethwaite 13th Sep 17, 11:28 AM
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    Marcus Postlethwaite
    • #7
    • 13th Sep 17, 11:28 AM
    • #7
    • 13th Sep 17, 11:28 AM
    But it is only me who is affected by this, nobody else in the household should be affected if no joint info?
    • zx81
    • By zx81 13th Sep 17, 11:30 AM
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    zx81
    • #8
    • 13th Sep 17, 11:30 AM
    • #8
    • 13th Sep 17, 11:30 AM
    Just you, unless you are financially associated.
    • glentoran99
    • By glentoran99 14th Sep 17, 10:39 AM
    • 4,809 Posts
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    glentoran99
    • #9
    • 14th Sep 17, 10:39 AM
    • #9
    • 14th Sep 17, 10:39 AM
    and even if you are financially associated it appears to have minimal effect in my own experience
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