Self managed DMP Defaults Help

Jeff_winter · 10 April 2015 at 10:22AM

Hi,

I am currently in a self managed DMP, I was wondering if I could have some advise on obtaining defaults on my account.

I have 10 creditors 6 have defaulted already, most within the first few months.

4 currently haven't, these are barclaycard, vanquis, payday uk and ladder loans.

I've read that a default will fall off after 6 years, however an arrangement to pay will show from 6 years until the debt is settled in full.

Any advise on how I can get these defaulted and potentially backdated would be helpful.

sourcrates · 10 April 2015 at 10:48AM

Its a typical problem with some lenders, BC are often complained about on this forum, for the reasons you describe.

A lender can default you at any time, once you have missed two or three contracted payments, but BC and the like tend to use AP markers instead.

You could write and complain that there unfair treatment leaves you at a disadvantage, and if you have no success, refer the matter to the financial ombudsman.

Jeff_winter · 10 April 2015 at 12:10PM

Thanks Sourcrates,

Have you any experience of this?

sourcrates · 10 April 2015 at 12:55PM

Only from what other posters have written on this forum.

However, i am no stranger to making written complaints when I have received bad service.

There is a procedure you should follow, and that starts with a complaint letter to Customer services, follow it through to the ombudsman, if necessary.

Bored · 10 April 2015 at 2:34PM

One strategy I have seen mentioned on this forum (although do not have personal experience of) is to stop paying the creditors monthly payments until they sell the debt on to a different company who are more likely to default you.

sourcrates · 10 April 2015 at 2:59PM

Bored wrote: »

One strategy I have seen mentioned on this forum (although do not have personal experience of) is to stop paying the creditors monthly payments until they sell the debt on to a different company who are more likely to default you.

This is also an option I have advised people to take in the past.

However, if you are fairy new to this kind of thing, or not confident when dealing with issues of this nature, it may not be the best idea, as creditor hassle can be more robust.

But if you can take the calls and letters, then it does yield results in the end.

dazla · 12 April 2015 at 2:35PM

Jeff_winter wrote: »

Hi,

I am currently in a self managed DMP, I was wondering if I could have some advise on obtaining defaults on my account.

I have 10 creditors 6 have defaulted already, most within the first few months.

4 currently haven't, these are barclaycard, vanquis, payday uk and ladder loans.

I've read that a default will fall off after 6 years, however an arrangement to pay will show from 6 years until the debt is settled in full.

Any advise on how I can get these defaulted and potentially backdated would be helpful.

HI

I complained to Barclaycard about my AP markers and told them it should have been defaulted and asked them to backdate it...but they wouldn't budge. But...what they did say to me, once my debts have been repaid they will remove all traces of the AP markers from my account, as the time it took to repay would have been the same length a default would have remained on the account. Also, AP markers are looked on more favorably by future creditors than a default, as an AP marker shows you made more of an effort to repay your debts than letting them default. This point has been confirmed to me by a number of different creditors in addition to Barclaycard

Self managed DMP Defaults Help

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