debt management plan

[muppeteer]

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)

[CheekyChops]

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.

[shomer42]

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.