Just a few (dumb?) questions.

Beaded_Lady

Am currently in the process of writing to my creditors, but have some silly questions at the same time and would be grateful if anyone can help.

• What Am I allowed to discuss with my creditors while still with my DMC?
  
• As I am with a DMC, how would it have affected my credit rating?
  
• As I cannot obtain any credit while with the DMC, am I allowed to enquire/apply for a credit card prior to cancelling with them?
  
• Once the debt has been paid off how would I go about fixing my credit rating, as my DMC had offered this service upon completion of the debt?
  
• Also does anyone have any tips on what I should include in my letters to my creditors?

Muchos Muchos Gracious!!

Wonder_Girl

DMC??? this some kind of debt management plan?

Wonder_Girl

You can discuss anything you like with them, they are YOUR accounts.

Just being on a plan of some kind won’t show in itself on your credit rating, however you may have had defaults since being on that will show.

There is no law stopping you from applying for credit, it’s just an agreement you have with whatever company your with, it might mean however if they found out they would cancel your plan.

There isn’t really a way of “fixing” your credit, and they can’t do anything that you wouldn’t be able to do yourself for free.

Depends on what your trying to achieve from the letters

Broken_hearted

Fixing credit takes a long time, it can't just be fixed in a week or even a year. Defaults stay there for 6 years. You can however pay off your debts and run other small accounts.
The way credit operates is strange OH defaulted on more than £12,000 worth of debt. The accounts he didn't default on keep putting his credit limit up and his rates stay low. If he applied for a similar card to the ones he has still got, they either turn him down or want a stupid rate of interest.

Beaded_Lady

Wonder_Girl wrote:

You can discuss anything you like with them, they are YOUR accounts.

Just being on a plan of some kind won’t show in itself on your credit rating, however you may have had defaults since being on that will show.

There is no law stopping you from applying for credit, it’s just an agreement you have with whatever company your with, it might mean however if they found out they would cancel your plan.

There isn’t really a way of “fixing” your credit, and they can’t do anything that you wouldn’t be able to do yourself for free.

Depends on what your trying to achieve from the letters

What I am trying to achieve is to pay off just under 3k of debt by either using a credit card and paying off my creditors and paying this back at my own managable pace or alternatively, to cut out the middle man and pay my creditors by direct debit.