Skilled Worker Visa/ILR - DMP

[babayaga96]

Hello all,

I am currently on Skilled Worker Visa sponsored by my company - finishing 1 year in August with a total of 5 years in the UK. Unfortunately, I never learnt or thought about financial management and spent all the money I earned into having fun. Took credit cards as I was earning higher commissions/incentives at work and felt like I was on the top the world but all hell broke loose. Earnings went down due to issues within the business and the market. I accumulated a handsome debt ,and was able to afford minimum payments only.

I am in a situation right now where I have no other option but to opt for a DMP - Debt Management Plan. I did seek advice regarding the debt and DMP was the solution I was offered. They have advised me to default first and then opt for a DMP as this will only leave a trace on my credit file for 6 years.

Online research said only a bankruptcy/insolvency will cause problems for visa but not defaulting and then DMP for unsecured loan. But as I am on Skilled worker visa I also need immigration advice from experts as to will defaulting on unsecured loan and paying smaller payments through DMP arrangement affect my current visa or future visa renewals or ILR.

Would greatly appreciate any advice.

Thank you

[secret.simon]

For a start, do you have enough funds to make an ILR or a Skilled Worker extension in its stead? There are no fee waivers for either of those applications.

[babayaga96]

My company pays for the visa fee and IHS