How does a DMP Work

anon30

How does a DMP work and what affect does it have on future credit? Thanks in advance all.

CLAPTON

to be able give good advice you need to tell us your full financial circumstances

see
http://forums.moneysavingexpert.com/showthread.html?t=107280

Crown

anon30 wrote: »

How does a DMP work and what affect does it have on future credit? Thanks in advance all.

If you enter a DMP you will receive default notices on your credit record what could affect you obtaining credit. These would only stay on your file for 6 years though and then you should have a clean file again. If you take the Bankruptcy/IVA route these may have to be declared on forms for years.

Also with a DMP you make reduced payments to your creditors each month. You need to provide a breakdown of living expenses and details of all your income. Normally the creditors will freeze interest for a term why you try and sort out your financial situation.

As Clapton said please post a SOA for more advice as everyones situation is different.

scitech_2

help please....I paid off all my defaults in Nov 2004, most having been on my credit report since 2002. My problem is Call Credit has not received any info from Barclaycard , Abbey, Egg, Wescot and all of these say I have not satisfied the accounts until Nov 2004. Call Credit gives me a rating of 550- most info seems to be out of date, Experian give me a rating of 500 showing 7 defaults all being classed as satisfied in Oct 2002 and will disappear off my credit report in November 2007...yippee.
1. What do I do with Callcredit...info not up to date
2. Do defaults stay on your account from the first day you default for 6 years or from 6 years afetr you satsifed the accounts. Experian and Callcredit seem to be working it both ways.....
3. Also which banks use callcredit?
thanks