Debt Management Plan, it is worth it?

ohenriquez

Oh, thank you very much, I will do a SOA. But I would like to know how long does the credit rating take to get back to normal? (after paying all)

Thank you very much!!

Omar

CLAPTON

defaults/CCJs etc stay on your credit file for 6 years

massivedebts

HI
I understand that your credit rating will be shot for 6 years from the date of default - correct me if I'm wrong anyone!. Therefore, if for example you enter a DMP and your DFD is 5 years, if ALL your companies default you from the outset, which is unlikely, your defaults will end 1 year after your DMP, however if your creditors don't default you until year 4 of your DMP, the defaults will stay with you until 5 yrs after finishing your DMP - hope that makes sense , I can barble at times!!:rotfl:
MD xx

Numpty_Monkey

Made sense to me, thanks for that explanation:A:T

debrag

ohenriquez wrote: »

In case that I take this DMP, how much is the credit score affected? I understand that they put a default notice in my credit filee.Will I be able to get a new mobile broadband deal? or change the car? Will I be able to remortgage at a good rate?

Thank you very much for your help

Omar

no all will default you only 2 of my 9 did.

I got a new mobile contract, bt line, phone service and broadband all while being on a DMP

Treacle1983

Some creditors can be hard to talk to yourself.

A debt management plan was ideal for me for a couple years - just one monthly payment, no post or hassle from my creditors.

The downside is that you pay a large fee to a company to do something that citizens advice or yourself could do for nothing.

I now deal direct with my creditors and use the £47 I was paying each month in fees towards more of my debts....

Numpty_Monkey

You could always use the charities aswell Treacle, but if doing it your own is working:T:j