Debt Management Programme

garethgoodfellow

Hi,

I'm new to the forum and after some advice. A few years back I decided to enter into a debt management programme.

Subsequently I've realised that this was a stupid decision that i didn't think about properly.

As a result I've had defaults registered against my name (which are now satisfied).

However my credit rating is shocking, I've missed out on banking jobs and feel that this is going to be a trend for the rest of my life.

How long (if at all) will it take to get myself back in a position where I can think about having normal credit arrangements (mortgage etc.)?

Any tips on the best course of action?

Tixy

Defaults drop off your credit file 6 years after the default dates shown.

If all are satisfied then once they are 5years old you should find you can get a subprime card to use and repay each month to start building a positive credit history. Then once you have used that for a while and the defaults have gone, then you should be able to get mainstream credit again.

Have you got any active credit agreements currently?

garethgoodfellow

Tixy wrote: »

Defaults drop off your credit file 6 years after the default dates shown.

If all are satisfied then once they are 5years old you should find you can get a subprime card to use and repay each month to start building a positive credit history. Then once you have used that for a while and the defaults have gone, then you should be able to get mainstream credit again.

Have you got any active credit agreements currently?

Hi i currently have 2 cards active with sub-prime. However I've had issues getting other credit facilities such as mobile phone contracts and Car lease.

Tixy

You will likely struggle until the defaults have dropped off.

But the 2 cards you are currently using will help for once the defaults have gone.

garethgoodfellow

Tixy wrote: »

You will likely struggle until the defaults have dropped off.

But the 2 cards you are currently using will help for once the defaults have gone.

Thanks, i have missed the odd payment date but paid it a couple days after, one occasion due to disastrous bank account change will these have a serious effect?