life after Debt Management Plan

gingerfeathers

Hi there

i completed a DMP with payplan in Jan 2011 and now i am wondering how to get some good credit - the reason i ask is that i need to get a new car and i would like to get a house with my husband (living in his house he brought in his name)

i was with payplan and when it finished i didnt get any advice what to do next - have read different things online and not really sure what to do to get a good credit record or do i really have to wait 6 years?

any advice would be appreciated

newby on this site!

Hannah

dancingfairy

Martins guide to your credit rating and how to improve it:
http://www.moneysavingexpert.com/loans/credit-rating-credit-score

You may have to wait for the defaults to drop off your record but there's no reason why you can't try some of the measures - ie get on the electoral role, perhaps get a prepaid credit card that goes on your credit rating or go for someone like Vanquis or someone that has a less stringent criteria and slowly build your record back up. Oh and make sure the info on your credit record is at least factually correct.
df

saltnvinegar

Hi Hanna

Heres another thought........... after being on a DMP and finally paying it off (big congratulations by the way!) why would you ever want to get credit again?!!!

I appreciate the wanting to get a mortgage thing, but do you really want to get credit out for a new car? If you have been driving an old car while on a DMP what is wrong with continuing to drive something similar while you save up the money to buy something outright rather than taking credit out to get it?

If you feel that you have learned your lesson, and won't take on too much credit again then thats fine, but ask yourself, after being burned, do you really need it?

Best

SnV

happyhaddock_2

Sorry Hanna, but I agree with S&V, when I get to the end of my DMP (5 years to go) there is no way I will ever touch or want credit again. The money we've been paying into the DMP will be ours and if we want something we'll save for it (mortgage excepted).

Gordon_Hose

I agree with S&V too. Saving up for a new car will be FAR more rewarding than using the evils of car finance.

Cash is king, and you can easily haggle your way to a better deal on a car rather than paying through the nose on the list price and interest on top.

HayleyLou_2

dont do it...!!!! Dont do it!!! xx