Debt Management plan

sourcrates

Utility bills, on the whole, are unaffected by any amount of debt you may carry, or any particular debt solution you choose to make use of, so long as those utility bills are kept up to date.

If you get into serious debt with your electric or gas, then your provider can insist on fitting a pre-payment meter.

But simply entering a DMP will not affect your other household bills in the slightest.

gerrard88

Thanks for this

so what kind of bills/credit will it affect?

sourcrates

gerrard88 said:

Thanks for this

so what kind of bills/credit will it affect?

Obviously the debts you default on, and you won`t be able to obtain new credit whist you have defaults on file, not a bad thing in most cases.

gerrard88

Just the credit cards. Nothing else 

sourcrates

gerrard88 said:

Just the credit cards. Nothing else 

The debts you default on will register that default on your credit files, the accounts will be closed, and sent to collections, you won`t be able to use them any longer for obvious reasons.

Any accounts you don`t default on will be unaffected, unless there are multiple accounts with a specific creditor and you default on one of them, they may choose to close them.

In debt management you should treat all accounts in the same way, in order to get out of debt quicker if nothing else.

As long as you continue paying your utility bills and insurances, there should be no problems with those.

New credit won`t be possible for obvious reasons.

gerrard88

Great. Thanks. So just new credit as in credit cards ?

thanks for all your help

RAS

New credit as in credit cards, hire purchase, loans, overdrafts etc.

gerrard88

Just worried about my car finance which (Psp) which end July 2026

sourcrates

Why does it worry you?

As long as you maintain the contractual payments to it, nothing will happen.

gerrard88

My psp runs out 2026