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Dmp partial settlements and credit record
Zoeb2727
Posts: 2 Newbie
We have been on a DMP for the last 3.5 years and are now down to the last £12k which will be paid off by the end of 2015. We recently got several PPI claims come £5k which would clear some of the debt and we could be debt free within the next 6 months.
A few of the companies have offered us partial settlements to get rid of the debt. if we do this it will go against our credit record for 6 years I'm guessing our credit record is already poor due to being on a dmp which means we already have defaults, are we better off just getting the settlements and taking the hit on our already poor credit or should we just continue to pay off the balance in full. Will taking the partial settlements make our credit record worse than it already is or will it make little difference due to the defaults from being on a dmp?
We are not planning on ever going down the credit route (cards/loans) again but we do want to move house in the future.
A few of the companies have offered us partial settlements to get rid of the debt. if we do this it will go against our credit record for 6 years I'm guessing our credit record is already poor due to being on a dmp which means we already have defaults, are we better off just getting the settlements and taking the hit on our already poor credit or should we just continue to pay off the balance in full. Will taking the partial settlements make our credit record worse than it already is or will it make little difference due to the defaults from being on a dmp?
We are not planning on ever going down the credit route (cards/loans) again but we do want to move house in the future.
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