DMP advice

[Anxiousbean247]

Hi all,

Im about to enter a DMP with a debt charity and I already feel lighter knowing I’m dealing with it. I researched lots and felt it was the right way forward.

I went to do some further investigating and on the MSE forums and they all say I should’ve been doing this ‘self managed’ and defaulting etc… and that using a charity will mean it stays longer on my report. So now I’m back to worry again that it will affect me longer than 6 years that was advised?

can anyone share experience of using Payplan or step change? I don’t want to post again on MSE I found them quite standoffish and not really helpful to a worried mother!

thank you

Any account that has defaulted will stay on your credit report for 6 years, those that haven't defaulted yet will stay on your credit report for 6 years from the default date. There are a few creditors that take a while to get a default so that account could be on your report longer than 6 years.

By the time some people call stepchange or paypal for support their accounts may have already defaulted.

I've dealt with stepchange before and found them very helpful.

Yes this is what I have researched. But further searches state that if they include arrangement to pay markers they will not drop off until 6 years after it’s fully paid 😧Just seeing if this has been the case for anyone or not to panic and it’s the 6 years.

I do not currently have any defaults but am only scraping by with the minimum payments

Let then default first, then start dmp