Is a DMP right for me?
Managing debts through a DMP will have a negative impact on your credit score as you won’t have maintained contractual payments with your creditors once your debts are managed via a DMP.
A credit report may uncover debts being managed through a DMP. The time this will remain on your credit file for will vary based on how long the DMP lasts. On a DMP your creditors will normally send correspondence to the firm managing the plan. If you miss or make late repayments then your creditors may contact you directly to discuss it further.
If you try to obtain credit in the future it may be at a less competitive rate, or at an above average rate, because of the impact a DMP will have on your credit score.Continue to the next section DMP FAQs