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Topic starter
09/08/2014 2:30 pm
Slightly off topic I realise, however I know that many members on here have had experience of these also. My husband has a DMP and we are now in a position to pay this in full. 5 creditors involved in total 2 have offered a reduced settlement figure and advised that this will show as partially settled with a nil balance. What are your thoughts on paying the reduced figure as I'm assuming default still stays on for same length of time anyway and is this 5 years or 6 years from the default date??? Thank you all again.
09/08/2014 3:32 pm
Hi WIKIKEE.
I'm my view there's not a great deal you can do about credit ratings until a debt problem has been resolved.
If there's a chance to clear the debts, and in particular at a reduced rate, I'd just do it and start again.
The DMP payment can be saved each month, meaning that there's less need for credit anyway.
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11/08/2014 1:52 pm
I guess "partially settled" is not as good as "fully settled", but if your balance is showing as nil then that is the main thing. As far as I understand it, the default notice will show for the same timescale (ie 6 yrs)
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
11/08/2014 9:35 pm
Many thanks
