What effect will a Debt Management Plan (DMP) have on my credit rating?
If you are not making your contractual monthly payments to your creditors it is likely that your credit rating has already been affected. If you are making reduced payments through a Debt Management Plan many creditors will record this on your credit file.
How long does a DMP last?
This depends on the amount of debt and level of repayment agreed with your creditors. As a rough guide, if you divide your total debt by your monthly DMP payment amount, this gives you the total number of months it is expected to last.
Who will Know I am on a DMP ?
Unlike bankruptcy, a DMP is not reported in local legal notices.
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