My debt management plan

joerama

Hi,

I have a DMP with cccs and have about £5000 left to pay.

My question is, when this is paid off how long will it be before i can start to rebuild my credit file?

What is the best way to rebuild the credit now or can i not do that as i have a DMP?

Any advice?

Thrugelmir

Pay off your debts as quickly as possible. Do not fall into the trap of using the DMP as an interest free loan. As it doesn't pay off in the longer term.

Tixy

In terms of rebuilding your credit - whilst in the DMP it is against the terms to take out any more credit.

Do you have any accounts on your credit files that were not part of your DMP (such as utilities/phone contracts etc) and if so are you ensuring those are all paid on time every month?

Once your DMP has finished then a good way to start rebuilding your credit rating is to try to obtain a credit card and then use that each month for a few transactions and repay in full each statement.