Sainsburys bank turned down my dmp proposal..help!

DaveK1971

Just entered into DMP and have Sainsbury's credit card so I guess I have all this to come!! Have spent a fortune in their stores over the years so will boycott if they create problems!! Saying that I shop in Aldi these days anyway!!

eyeopener2

penpar wrote: »

I work for a debt management company and you absolutely do not have to have a default registered in order for a DMP to be accepted. A lot of the time a DMP can prevent a default as reduced payments tend to get registered as AP (Agreed Payments) on your credit file. Defaults will depend on the reduced amount being paid and the total amount of the debt. Also each creditor is different in how they register your credit history with them.
It's worrying that you've been advised to stop paying your creditors to take your credit to default :mad:

I know this is an old thread but your right, I do worry about the mis information regarding DMPs. The best way forward is usually to ask the people who are actually on DMPs or have been on them. There are various threads on here and on the diary page where people can give your there experience and not heresay.

Good post.