For how long will my Debt Management Plan appear on my credit report?

Dear James,

I entered into a Debt Management Plan in 2000. I have read somewhere this will be on my credit report for six years. What happens after the six years if I am still paying the Debt Management Plan.

Tina, Derbyshire

Dear Tina,

Credit reports don't currently include separate records of Debt Management Plans (DMPs). However, many of the debts that are included in your plan are likely to be registered individually on your report and those lenders have the facility to add a flag to these accounts to show that there is a DMP in place. This will show other lenders that you are taking responsible action to repay your outstanding debts. A DMP flag can’t be used where an account defaults, so in that case you could add a statement (called a ‘notice of correction’) to your own report to explain that you are proactively dealing with your debts. Once the DMP ends, the flags will disappear within six years whether you keep the accounts in question open or you close them. During your DMP, any repayments you make will be reflected on your report each month. (November 2012)


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