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Nearing 6 Years of DMP
Pink1985
Posts: 1 Newbie
Hi I entered into a debt management plan December 2018 for a debt which was a loan for over £20,000. I have each month via Step Change been paying the smallest amount off that loan and I believe we’re now at circa £12,000 of outstanding debt, as the account defaulted December 2018 and I have been paying the minimum amount via Step Change I wondered what happens next? I believe the default is removed from my credit file from
this date and I’m hopeful my score will increase however do I continue to pay the debt through step change or is this debt written off? Thanks
this date and I’m hopeful my score will increase however do I continue to pay the debt through step change or is this debt written off? Thanks
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Comments
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The default will disappear
The fake score, who knows, it doesn't matter, nobody sees it and it's never used in any lending decision
6 years doesn't mean your debt disappears, you simply keep paying. As you have acknowledged the debt it is not statute barredSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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