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Hi I have been reading the threads and I see it is advised to wait for payment by a to default but I don’t understand why ? 

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  • Rob5342
    Rob5342 Posts: 2,420 Forumite
    1,000 Posts Third Anniversary Name Dropper
    edited 1 June at 11:33PM
    If you start a dmp then your credit record will be marked with either an arrangement to pay marker or a default. Arrangement to pay markers come off your credit record 6 years after the debt has been repaid but defaults come off 6 years aftet they have beem applied. Defaults are preferable because your credit report will be clean much sooner. Depending on how long your dmp lasta for that could be the difference between having a clean record in 6 years versus in 12 or more years. 

    If you contact your creditors amd ask for help they are likely to put you on an arrangement to pay. If you stop paying and don't contact them they will default you which will be far better for you in the long term. 
  • fatbelly
    fatbelly Posts: 22,979 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    edited 2 June at 4:33AM
    Use the period in which you are waiting for defaults to


    Build an emergency fund
    Start affordability complaints if you think you were given products that you could not afford.
  • Ragdoll_kat74
    Ragdoll_kat74 Posts: 9 Forumite
    First Post
    Hi thank you for your responses . Does a DMP affect my job I have a professional role and I don’t want to get into further trouble !
  • RAS
    RAS Posts: 35,627 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You need to check your contract, and try to remember what clearances you required when you started.

    Some companies only check the insolvency register, some check for CCJs, both public records. A small number want to check credit records, but that's unusual. What does your employment contract say?

    For the vast majority of people in debt a DMP is not a problem because it is an informal arrangement and not of public record but check see. Experience has been that if your assessment of the requirement is that you might be in trouble, you speak to your union or HR before they find out by checking.


    If you've have not made a mistake, you've made nothing
  • MEM62
    MEM62 Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Does a DMP affect my job I have a professional role and I don’t want to get into further trouble !
    In what field / industry?

    Unless you tell us we cannot offer an opinion.  
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