DMPs and Credit Report Question

foolishqueen

Hi Folks,

Just a quick question: if you are on a DMP that say is going to take 10 years, am I right in thinking it will actually be 16 years before your credit report is wiped clean in effect?

My reason for asking is we currently rent, and I'm looking at the impact of going onto a DMP and how long it would be before we could reasonably look to getting back on the property ladder, bearing in mind that in todays market getting a mortgage is hard enough even with an unblemished credit rating!

Thanks.

fermi

foolishqueen wrote: »

Just a quick question: if you are on a DMP that say is going to take 10 years, am I right in thinking it will actually be 16 years before your credit report is wiped clean in effect?

Not likely.

Accounts stay on your credit reference files for six years from when they were or settled, whichever occurred first.

If you are in a DMP paying less that the contractual minimum then it's likely that you will be defaulted by the lender. So the account would only stay on your files for six years from that default date.