DMP, how will affect my credit rating?

cherrypie556

I know that it will affec it, but for how long and to what extent? DH is self employed and he has numerous trade accounts that he needs to be able to continue to work, will it affect these? Also, how long does it stay on your file for/ At the moment we rent but do eventually want to buy.

Thanks

churchrat

not an expert in the outcomes, but as far as I undrstand it your credit rating will be in tatters for 6 yrs after the last late payment. when on a dmp I understand that each payment is regarded as late, even tho it has been agreed.
could be wrong tho-- I'm sure other people will know better.

also--does your dh trade as a ltd company, sole trader etc?? as I believe this makes a difference

RAS

Are the debts in his name, your name or joint names?

If they are joint names, any debt arrangment will wreck his credit and yours.

If they are in your name and you separate your accounts (no joint accounts or bills), then his credit record can be protected as long as he disassocoates himself from you. But get your credit records first to make sure it have happened.

cherrypie556

He is a sole trader and the debts are in both our names. Some are his, some mine and then we hae a joint loan. Thanks