My DMP

Parki_2

[FONT=Verdana, Arial, Helvetica]Im nearing the end of my debt management programme and just have one creditor left for a small amount now I will be debt free in 3 months.

A Year ago I couldnt even open a new bank account as I wanted to change from who I am with now but the only one I could get was a basic one so I decided not to change. I applied to a few different places.

This week as I am coming to the end of the debt programme I decided to check my credit report with experian. I have 3 defaults which are to be removed in May 2009 and February 2010. And 3 satisfied ones which show I have been making payments and they have the green 0's on them for 12 months showing ive not missed any payments. My credit score with experian is 845.

Would it be worth applying for credit now and also opening a bank account elsewhere or am I likely to still be refused?

According to the site it said my credit score was fair and I kind of thought it would be appalling. Also on my credit report the was no information as to my current account which I thought there would be as a couple years ago I went over my overdraft limit a lot and got charges etc.

Also..

[/FONT][FONT=Verdana, Arial, Helvetica]Just noticed something else on my credit file :-

It relates to a credit card.

Special Instructioins Indicator - Debt Management programme.
Special Instructions start date - 01/11/2003
Special Instructions End Date - 01/11/2008
Current Balance - £0
Credit Limit - £3000

With my defaults they will be removed next year. Is still going ti stay on my file untill 2014? As if thats the case it would have been better to have let it default wouldnt it?

Also how can I tell what accounts I have that are still active as opposed to not closed? It just says satisfied on the others but would they still be open if its a credit card.

Many thanks David
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Karen_30

Hi David,

Congratulations on coming to the end of your dmp :T I'm not too sure re your questions of accounts but hope someone can help.

I'm a year into my dmp and am hoping it was the best decision to be made by me. Could you tell me did you administer it yourself or through an organisation?

Sorry to be a pain.

Karen

Parki_2

Ah not a pain at all thats what these things are for.

I went though a company. Gregory Pennington. I should really have done it myself but with how I was with my money at the time it just seemed to leave less to temptation. Now I am completely happy with how I manage my money and with just 2 months left its great to feel free. Best decision I ever made as I dont have any money worries at all. Just want the freedom of a clean credit file next year when the defaults go off.

Anyone know why I have one credit card on my file that doesnt show as a default and another that does as they are both paid off on the DMP.

Toffee_Penny

Just wanted to say well done for 'nearly' being debt free!

Parki_2

I have been reading that when a debt is paid off. They have to remove the fact that it was with a DMP. Can anyone confirm this and if this is the case how does one get this done as it has not. Thanks

Treacle1983

I too went with gregory pennington - I have ditched them and am doing it all myself....

I think if you check that your credit file will show you have been on a DMP and will show reduced payment plans etc...

I would give it as long as you can possibly 6-12 months before applying for anything. Even with a FAIR rating - you may not get credit with the economy as it is and if turned down it could worsen your credit file.