We use cookies to give you the best browsing experience. If you close this message or continue browsing, we will take it that you consent to this and we won't remind you again. You can disable cookies in Privacy Policy.

Close
  • Start Live chat
menu

Will debt management affect my credit rating?

Debt Management Plan | Guide

One of the disadvantages of a Debt Management Plan is that it will have a negative impact on your credit rating. Debt management involves making smaller payments to your lenders each month than you originally agreed to, and this will stay on your credit report for six years. During this time you might find it harder, or more expensive, to obtain further credit.

Debt Management Plans are designed for people who are struggling to meet their current monthly debt repayments. If you are struggling to meet your unsecured debt repayments, you may end up missing payments, paying them late or not paying the full amount required, which will impact your credit rating too.

Next: What are the alternatives to a Debt Management Plan?

Back to top

Further advice & support...