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debt management plan

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muppeteer | 20:24 Mon 10th Mar 2008 | Personal Finance
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my friend has gone to national debl line & they have suggested a debt management plan. has anyone done this? does it have a negative impact on your credit file? as it stands he has not got a great credit score anyway & has been refused credit from the bank, but will this make it worse or better?
(he is no longer getting into debt- just cannot get out & would like to buy a house in next few yrs)
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It will have a negative effect on your credit file, yes. Also it will be on his file for quite a few years, depending how long it takes him to repay his debts.
It will adversely affect his credit. Debt management Plans are difficult, they can continue until the debt is fully repaid, but sometimes the creditor will after say 5 years agree to wipe off the rest of the debt.

Only enter a DMP if he himself cannot negotiate with the creditors himself.

CCCS have a better reputation as a DMP company.
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