what is worse for my credit score PLEASE HELP

ianlfc1

Lover_of_Lycra said:

That's not what I said. It doesn't matter how you set up a DMP in terms of your credit files, you're going to default and those defaults will be recorded in your credit history. I'm saying that if you don't want to manage the DMP yourself use a debt charity to set it up and not a debt company that will charge you for the privilege. 

sorry i understood that part regarding a company which does not charge me for setting up a DMT   

ianlfc1

ianlfc1 said:

Also if i set up a DMP prior to defaulting on any payments or having any late payment markers on any of my accounts will this insure that none of these marks will appear on my credit score whist im in the DMP? or will they still appear as collectively i will not be making the original minimum payments each month so in return will it show up each month as a default?

Finally what is the position regarding this point?

Thrugelmir

Did you provide any form of security in signing the personal guarantee? Are you a homeowner? 

DCFC79

ianlfc1 said:

ianlfc1 said:

Also if i set up a DMP prior to defaulting on any payments or having any late payment markers on any of my accounts will this insure that none of these marks will appear on my credit score whist im in the DMP? or will they still appear as collectively i will not be making the original minimum payments each month so in return will it show up each month as a default?

Finally what is the position regarding this point?

A good idea is to post on the debt free wannabe board.
I believe once you default then interest is frozen but you will need to research that bit yourself. 
Like I say the entries could be added to your credit file not score but generallythey are added as its a true reflection of your finances. Speak to stepchange, national debtline or christians against poverty, theres more though.
You speak to a debt charity, fill a soa in, the debt charity will contact your creditors and they mark your credit file.

[Deleted User]

Forget your credit score, it's just a marketing tool from ClearScore.  If you enter into a DMP you are going to default.  I'm not sure how much clearer I can make that to you.  It doesn't matter to your credit files if you set up a DMP with PayPlan before you default on any of your accounts or after.  As soon as you start paying back less that you contractually agreed to in the first place you will default and it will be recorded on your credit files.  There is no way around that.

https://www.nationaldebtline.org/EW/factsheets/Pages/debtmanagementplans/dmpadvice.aspx

DCFC79

Its better to speak to a debt charity, Ive pointed you in the direction of a few of them.