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Short term DMP versus "Full Term" DMP
Homershairdo
Posts: 112 Forumite
Hi all,
I was about to start a self administered DMP, as my situation meant that meeting the debt repayments was becoming more difficult / impossible. However, there is a light at the end of the tunnel. My partner (who is a nurse) starts back at work in January 2011 in a confirmed post.
My question is am I able to negotiate a short term DMP till Jan, or should I go the whole hog and do a DMP until the debt is paid? Is the damage from a short term the same as a long term in respect of credit rating / grief from creditors?
Thanks!
H
I was about to start a self administered DMP, as my situation meant that meeting the debt repayments was becoming more difficult / impossible. However, there is a light at the end of the tunnel. My partner (who is a nurse) starts back at work in January 2011 in a confirmed post.
My question is am I able to negotiate a short term DMP till Jan, or should I go the whole hog and do a DMP until the debt is paid? Is the damage from a short term the same as a long term in respect of credit rating / grief from creditors?
Thanks!
H
People seem to like me because I am polite and I am rarely late. I like to eat ice cream and I really enjoy a nice pair of slacks. Years later, a doctor will tell me that I have an I.Q. of 48 and am what some people call mentally !!!!!!.
0
Comments
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The creditors only look at one thing - have you defaulted on your payments. That's all that interests them. If you have, then whether it's for a short amount of time or not, they will probably issue you with a default notice and the default would remain on your credit file for 6 years.
Are you able to make the payments right now? Have you posted up a SOA?After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110
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