DMP - another question, sorry!!!

Kazonline

Can someone please tell me how long being on a DMP will affect my credit for?
Don't get me wrong, it's not so I can borrow on cards again, just to have the option of being savvy by shopping for a good interest rate when my capped rate mortgage is up, or clearing the lot with a new mortgage if/when I'm finally in a position to return to work IYKWIM.

Also, I'd like to train to become a midwife once my children are old enough - any ideas how the DMP will affect my ability to get a goverment student loan?

Sorry to be a pain, but at the moment my head says the DMP is the right way, but my gut instinct says it isn't......

Kaz x

mophead

As far as i am aware it's 6 years after you've finished payments, not sure about the student loan though.

Kazonline

Yikes! I thought it might be..... At the current rate it'll take me 40 years, so by the time I'm 80 I'll have a clean credit record.....
Unless of course I get the CSA arrears paid (duck, there be flying pigs overhead!)

Donedoingdebt

If you're on a DMP then it's likely that your accounts will be defaulted. These stay on your file for 6 years from date of default. Details of your accounts will stay on until 6 years after settlement date. Usually, the last 36 months of account activity is recorded & updated monthly. I can't advise you about your student loan query.

sgx.saint

Your credit rating will have no affect on your obtaining your Student Loan either.

Also, your credit file will be clear 6 years from the date of a default or CCJ. Not payments.

wazza24

Hi there i am in the same boat as your self, with dmp's. i started at university in september as a mature student and there wasnt a problem with student loans or Grants awards..... it was never mentioned:j

lou_lou_skinty_poos

i have 5 defaults and they will drop off my file 6 years from the day they were given to me if you pay your debts off earlier than that then you can ask your creditors to mark your debt as settled on your credit file and although its still on your file it looks better and tells people youve paid the debt hope that helps a bit

Kazonline

Thank you so much guys - that makes me feel heaps better!

I really want to do the DMP so that the debt can start moving in the right direction, but equally I don't want to stuff up the rest of my life.
I did consider going to one of these companies that buy your house then rent it back to you - but having read a few posts on here I realised that it would be cheaper to keep paying full on my cards and sliding further into debt (it should only be for another few years). However I do hate the stress of having to keep ringing around to get them to lower my interest and juggling whether I pay from my account or credit cards so that there's cash available for the card payments to be met ( I usually forget and get hammered with a charge from the bank for exceeding my overdraft).

Thanks so much again for your input,
Kaz x

Kazonline

JUst in case anyone else wonders the same as I have, just for clarification I spoke to CCCS and they advised that my creditors might not apply for a CCJ immeadietly - it could be years down the line. That would then stay on my record for 6 years from the date of the CCJ.
In effect as my DMP would take 40 years to pay back at the current rate my credit could be bad for the next 46 years!
With hindsight I now wish I'd quit work as soon as I'd got divorced, not struggled on, and I certainly wish I'd not paid my ex off, and that I'd been strong enough to fight for a better deal (he actually ended up with more than me!)
Ah well, we live and learn eh?
Kaz x