Want to improve Rating & be debt free

monkquito

Hello,
I’m looking for some advice to get

• Get debt-free
• Improve my credit rating

Basically, and correct me if I’m wrong, I have defaulted on my debts since September 2008. Now from what I understand that the default is only marked against my account from the first default and clears after 6-7 years, but the debt can still be chased.
The debt is about £25k for reference.
Would I be able to set up a DMP to

• Reduce my debt
• Stop anybody chasing the debt in future
• Stop any future defaults
• Improve my credit score.

I would presently have about £100 spare a month at present, but can expect that to increase later in the year.
Or does anyone have any better suggestions for me?
Many thanks in advance
M

[Deleted User]

The debt clears after six years only if you have not acknowledged the debt in writing or made payments towards the debt in that time. The the debt becomes 'statute barred', and even though the creditor can ask for repayment, they cannot legally enforce repayment through any legal means.

Back_on_budget

The default mark on your credit file will drop off after 6 years after it was first registered, but if you have been making payment - even if only £1, then the debt will continue to be owed.

A DMP won't stop people chasing the debt, but is an informal arrangement to pay. If you can show your creditor(s) that you can only afford £100 per month by doing an income and expenditure list, then they will probably accept the plan.

Check out the DMP mutual support thread on the forum, and try going through debt remedy on Step Change website. It's annonymous, and will give you the options.

If you do go for a DMP, make sure that you go through Someone who doesn't charge.