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Ragdoll_kat74
Posts: 9 Forumite

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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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.4 -
Use the period in which you are waiting for defaults toBuild an emergency fund
Start affordability complaints if you think you were given products that you could not afford.1 -
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 !0
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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 nothing0 -
Ragdoll_kat74 said:Does a DMP affect my job I have a professional role and I don’t want to get into further trouble !
Unless you tell us we cannot offer an opinion.0
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