dmp

hopeless_case_2

Hi all can i just ask if you go on a dmp how long does it last and can you not get any more credit until you come off it?

misspoppy

HI

I'm concerned that you are in a situation of negative income to outgoings every month yet you are still concerned about your ability to get credit in the future.

Surely you wouldn't want credit for a very long time and therefore it doesn't matter how long it takes to improve your credit rating.

chipbeck

hopeless_case wrote: »

Hi all can i just ask if you go on a dmp how long does it last and can you not get any more credit until you come off it?

Depends how much your paying back and why would you want credit as that's what will have got you on the DMP in the first place probably certainly was the case with me.

hopeless_case_2

hey i was just wondering i do not want credit but how do i know in three years time if i am still on it and say my car packs up and need to get one.thats all just a general enquiry

jillie1974

how long the DMP will last depends on how much you owe and how much you can pay monthly. you are encouraged to have a rainy day fund and save a set amount every month tocover things like christmas. birthdays, haircuts, clothes and anything that you may need money for.
as for credit you are advised not to get anymore credit over the period of your DMP bth as it will state on your credit file that you are in a DMP its unlikely you would get credit anyway. some companies may give you credit but you will have a higher interest to pay as you have had credit problems in the past.

hopeless_case_2

thanks jillie1974 that was just what i was looking for.

rustybucket

It would be unwise to consider getting further into debt while on a DMP. You're not meant to as part of the agreement.

I'm on a DMP, I hate the thought of more credit and will never take any out.

If my car packs up, it will be repaired. If I can't afford it, then I will cycle. I never ever want to have any unsecured debt again.

When did you have your lightbulb moment? Remember the feeling? Awful fealing for me. Well keep that in your head, hopefully will stop you getting more debt once you have hopefully cleared what you owe.