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  • FIRST POST
    • bunnymtg
    • By bunnymtg 16th May 19, 6:50 PM
    • 53Posts
    • 16Thanks
    bunnymtg
    DMP paid in 4 months?
    • #1
    • 16th May 19, 6:50 PM
    DMP paid in 4 months? 16th May 19 at 6:50 PM
    Hi guys,

    I wondered if i enter a DMP now (£32k on credit cards) and paid it off within say 4/5 months, what kind of state is my credit file likely to be in? Will the creditors have slapped my with 6 defaults? Will they still be on my file even though they are paid in full?

    Just wondering on the damage really as I want to buy a property next year.

    Thank you!
Page 1
    • Willing2Learn
    • By Willing2Learn 16th May 19, 6:55 PM
    • 2,960 Posts
    • 2,504 Thanks
    Willing2Learn
    • #2
    • 16th May 19, 6:55 PM
    • #2
    • 16th May 19, 6:55 PM
    Hi bunnymtg,

    It all depends on whether you would be able to keep to the terms and conditions of your credit agreements. If you do not, then I believe the guidance says that debts should be defaulted once they are 3-6 months in arrears.

    Are you currently in arrears or had any missing/late payments?

    Find yourself a good mortgage broker. A good broker should be able to help you get a mortgage, even with an adverse credit history.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Carrot007
    • By Carrot007 16th May 19, 7:01 PM
    • 2,263 Posts
    • 1,906 Thanks
    Carrot007
    • #3
    • 16th May 19, 7:01 PM
    • #3
    • 16th May 19, 7:01 PM
    If you can pay off that much so fast why would you need a DMP?
    • TommyTBFC
    • By TommyTBFC 16th May 19, 7:44 PM
    • 12 Posts
    • 8 Thanks
    TommyTBFC
    • #4
    • 16th May 19, 7:44 PM
    • #4
    • 16th May 19, 7:44 PM
    Hi Bunnymtg,

    I’m slightly confused by all this, a DMP is a verbal contract between you and your creditors to allow you to make payments less than your agreed contract, this in turn will trash your credit rating (mine literally hit 22 on clearscore) as your paying less than agreed, however doesn’t show on your credit rating that you are in a DMP.

    If you are looking to pay off 32k in 4-5 months I wouldn’t say a DMP is for you, also I wouldn’t know where you’d stand either as a DMP is tailored around your finances and spendatures to make it affordable, 32k in 5 month is nearly 6.5 a month, seems really high
    • worried jim
    • By worried jim 16th May 19, 7:48 PM
    • 10,184 Posts
    • 15,830 Thanks
    worried jim
    • #5
    • 16th May 19, 7:48 PM
    • #5
    • 16th May 19, 7:48 PM
    Hi Bunnymtg,

    I’m slightly confused by all this, a DMP is a verbal contract between you and your creditors to allow you to make payments less than your agreed contract, this in turn will trash your credit rating (mine literally hit 22 on clearscore) as your paying less than agreed, however doesn’t show on your credit rating that you are in a DMP.

    If you are looking to pay off 32k in 4-5 months I wouldn’t say a DMP is for you, also I wouldn’t know where you’d stand either as a DMP is tailored around your finances and spendatures to make it affordable, 32k in 5 month is nearly 6.5 a month, seems really high
    Originally posted by TommyTBFC
    Nicer problems to have.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • sourcrates
    • By sourcrates 16th May 19, 8:01 PM
    • 17,198 Posts
    • 16,213 Thanks
    sourcrates
    • #6
    • 16th May 19, 8:01 PM
    • #6
    • 16th May 19, 8:01 PM
    Hi guys,

    I wondered if i enter a DMP now (£32k on credit cards) and paid it off within say 4/5 months, what kind of state is my credit file likely to be in? Will the creditors have slapped my with 6 defaults? Will they still be on my file even though they are paid in full?

    Just wondering on the damage really as I want to buy a property next year.

    Thank you!
    Originally posted by bunnymtg
    If you can pay 32k of debt off in 4/5 months you do not require the services of this forum my friend.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • MovingForwards
    • By MovingForwards 16th May 19, 9:36 PM
    • 978 Posts
    • 1,177 Thanks
    MovingForwards
    • #7
    • 16th May 19, 9:36 PM
    • #7
    • 16th May 19, 9:36 PM
    Have a look at all her other threads, it gives context to this reworded question.
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