question category: Debt Management

Does a debt Management plan effect my credit rating when i am paying more than just the min?
Submitted on: 17th Nov 2009 by Non-Member | Total Answers: 1

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Re: Does a debt Management plan effect my credit rating when ...

That depends on the creditor and the terms of your credit agreements with them. I'd ask them.

Normally it wouldn't in the circumstances you describe - but they often have the right to issue a default notice if you enter into an arrangement with them. If they are freezing the interest for example.

If you are in a debt management plan where you pay fees, although you might be paying a considerable sum into the plan - you might not actually be paying as much to the creditors as you think. Debt Advice Foundation usually only recommends free debt management.

Submitted on: 17th Nov 2009 by Darren Member

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