Credit Score on (and after) a DMP

Countdown_has_begun

Hi,

My debt free journey began in Jan 2017 when I owed an eye watering £33,531.47 (to be exact!). I have now paid off £15,710, leaving my balance £17,821.47. My debt free date is July 2020, so I’ve still got a little way to go.

Stepchange recommended a DMP and things have been ticking along nicely. However, for the last few months I have been checking my Noddle credit report and it’s really quite depressing. It’s currently 462 and showing as very poor on their scale !!!9785; I knew the DMP would affect my credit score, but I’m just worried that it will never be good again. About 80% of my creditors have registered a default (a couple back in Feb 2017, but most of them in the last three months), but the other 20% have put AP markers. I’m assuming some of the fairly recent defaults are currently having a big impact, but I would really appreciate any advice from anyone that found themselves in a similar situation and how it turned out. Or if anyone has any advice on credit scores following a debt repayment programme.

I know I probably shouldn’t be obsessing about this and just concentrating on continuing to clear my debt, but I would like to get a mortgage in the next 6 or so years and I’m so worried that I’ll never be accepted.

I don’t want to be paying for this eternally!

Thanks in advance !!!128522;

EssexHebridean

I'll say it before anyone else does - it's just a number, and means absolutely zilch.

Over time, and as things start dropping off your history, the picture will improve - remember it's not so much the DMP that has affected your credit "score" - it's the debt that the DMP is sorting out. I believe that I'm right in saying that you need any remaining creditors to register defaults as well though otherwise that will delay those debts dropping off your history, I think. Sourcrates can probably confirm?

Well done on your progress so far though - that's brilliant!

DCFC79

Your signature has a dfd of 09/19 but y9ur post says its 07/20. Is 2020 correct ? Must be as next year is ambitious, could be doable though.

Well done on what you have done so far and good luck with getting the rest paid off.

Countdown_has_begun

I forgot that I hadn’t updated my signature - thank you for reminding me!

I had to give up my evening cleaning job, due to commitments with my main job. So I contacted SC to see if I could lower my payments. Therefore it added aroun 9 months to my plan

I’m trying to save as much as I can to hopefully pay it back quicker.