DMP future impacts

meme86

Hi

I am considering setting up a DMP with CCCS. i'm 25 and i have £14600 of debts (2 loans and 2 credit card with 3 different creditors)

I know that going into DMP will have an impact with my credit score.
How big of an impact will that be?
I don't have a house, but will want to in the future. I have missed 1 payment when paying things off, but that was around 3 years ago I think,so i have been good when making payments.

the other question is going into DMP, could that have an impact in future employment?
I am looking into going self-employed as a locksmith but doing sub contract work as well. could DMP have an impact if i was to setup a business account if i did become self employed?

this last bit is my biggest concern, which could decide what i do

thanks

fatbelly

Set up an account now, for future business use.

But be aware that you are not going to be offered credit once the debt management entries appear on your crdit file.

How long will your dmp last? How much will you be paying per month? That's the same question asked two diffferent ways!

getmore4less

Do you realy need a DMP?

Once agreed will you be able to maintain paymnts if you go self employed?

meme86

i do struggle at times, but i always make sure i have the money in the account a few days before payment is due - even if it means selling a thing or 2

i have heard back from cccs, and for paying £48 less a month, i really don't think it is worth it in the long run.

Tixy

If you are just about managing but could do with freeing up a bit more cash then it might be worth completing and posting up a statement of affairs for some tips on saving money / getting things cheaper. If you want to do this we use this calculator - http://www.makesenseofcards.com/soacalc.html and people can always find a few suggestions to make.

Or alternatively have you been through every item you pay out to see if you can get it cheaper? so check things like insurances, utilities, telephone & broadband, mobile contracts etc to see you are on the best deal - chances are if you haven't checked in the last 6months there'll be something you can get cheaper.

fatbelly

Also you could try some credit card shuffling as your credit rating is probably good at the moment.

Minimum payments vary between 1 and 5% of the balance, and if you're not already on 0% deals, maybe you could be.

Take a look at the latest deals and min payments here:

http://www.stoozing.com/0fees.php