getting a loan when on a debt management plan?

Question

if your on a debt plan is there any way any one could get a loan for a buisness.

Answer 1

No if you are on a debt plan then you are not allowed any further forms of credit until the plan is complete

Answer 2

I doubt you'd get a loan at least not one with a good interest rate whilst on a debt management programme.

More importantly, if someone is on a debt management plan they really shouldn't be thinking about a loan, didn't loans and things like get them in trouble in the first place?!

Perhaps go on a money management course before taking on any more debt.

Answer 3

A person who is currently on debt management plan shall not be eligible for any additional loan since you are restructuring the loan in order to settle the loan at longer period. No specific reason contribute to loan restructuring but one for sure is default in payment because of thousand of reason. Debt management plan also affect your credit record and lower down the scoring. However, banks are commercially driven and unless you get a guarantor and pledge the collateral. In retun of it, you may possible get some loan where the amount is definitely lower than collateral implicit value.

Answer 4

I doubt it because your credit is already in jeopardy as you are with a debt management team paying lower minimum payments that was originally agreed with the creditor.

When you are with a debt management team your credit rating has dropped as I am guessing, you have defaulted on the payments.

Answer 5

most likely lenders will not give you a loan because when you are on a debt management plan the goal is to get out of debt...you'd have bettter luck when you are out of the plan.

Answer 6

doubtfull, get someone to help you if your finances are under control if not wait until they are or you will end up in more trouble.