i have a few questions about a dmp....please help?

mummy2mygirls

Hi i just have a few questions to help my bil who has just started a dmp...
Does a dmp show on your crdit report??
Will it effect and other chances of taking out credit?? Also will it effect when they renew there mortage??
How long after they have completed the dmp will it show on credit report (if it does show)??

Thanks for reading and thank you for any answers.

miss_spooky

mummy2mygirls wrote: »

Hi i just have a few questions to help my bil who has just started a dmp...
Does a dmp show on your crdit report?? They usually show as an arrangement to pay
Will it effect and other chances of taking out credit?? Also will it effect when they renew there mortage?? Can do.
How long after they have completed the dmp will it show on credit report (if it does show)?? 6yrs

Thanks for reading and thank you for any answers.

Short & sweet.

HTH

MS

mummy2mygirls

thank you,
they seem to think that it will not effect them atall. And they will just be able to go and get a new car on finance (not needed...they havent really had there lbm yet...) Also think it wont effect when they renew there mortage, but i thought it must show up some how as some companies will not really be wanting to lend you money if you cant pay the full amount, including interest of the credit you already have available to you ... but i dont really know a lot about dmps. Just dont want them to be shocked when they go for a new finance......

PNPSUKNET

It will show as an AP on file, also companys may also default them and this will report for 6 years. If they think it wont effect future borrowing they are really far from it

mummy2mygirls

Just as i thought..... I cant understand how they can reduce payments and freeze interest (if the companies agree to it..) and it not make a effect.....
if it shows for 6 yrs will that be from now or when they make the last payment on the dmp????
Thanks for all the advice - i guess i just want to be able to tell them as much as possible but know what i am saying....i have told them about this site but they wont come on........

GeorgeUK

It may depend on what they've been told.
Who is the DMP with?

It doesn't sound like it's with one of the free debt charities - might be worth checking on that.

mummy2mygirls

no its not!! I Told them about the charity ones but they have gone for one where they have to pay a fee........ have told them they can go with payplan cccs etc and not have to pay......

Trollfever

You may like to show them this:

http://www.moneysavingexpert.com/loans/credit-rating-credit-score