Lonely
You are right, when you enter into an DMP, all of your creditors will sooner or later issue default notices against you which will be recorded on your credit file. These will prevent you from borrowing until the account is settled in full which will thake as long as it takes. Only then will your credit rating start to repair itself.
In contrast, with IVA & Bankruptcy, a notice of the procedure will be added to your account which will prevent you from borrowing until the procedure is completed and the debts satisfied. The notice will remain on your file for 6 years from the date when the IVA or Bankruptcy is put in force.
James Falla
Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.
For more information visit
www.jamesfalla.com and visit my blog at:
http://jamesfalla.blogs.iva.co.uk