We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Nearing 6 Years of DMP
Options
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
0
Comments
-
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.
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards