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DMP vs partially settled debt

2 replies

Pigeonpies · 02/01/2019 12:50

Hi
I currently owe £6k on a DMP that has been running for almost 5 years.

I want to remortgage but the DMP is obviously causing a few issues with credit score. I am in a position to pay £4400 to all creditors as full and final settlement to which they have all agreed

My question is whether there is much impact on my credit score when showing as partially settled as opposed to being on a DMP.
I'm hoping partially settled will actually repair a bit of my very low score, or will it make no difference at all? Am I better to just stick with the DMP if it makes no difference?

Thank you

OP posts:
AnotherEmma · 02/01/2019 12:57

I suggest contacting Citizens Advice, PayPlan or Stepchange for advice on this.

The MoneySavingExpert also has great advice on debt and credit scores, there is something called the credit club I think.

AnotherEmma · 02/01/2019 12:58

The MoneySavingExpert website

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