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    • jerseyluke
    • By jerseyluke 27th Dec 17, 2:27 PM
    • 10Posts
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    jerseyluke
    DMP - help with recording of debts...
    • #1
    • 27th Dec 17, 2:27 PM
    DMP - help with recording of debts... 27th Dec 17 at 2:27 PM
    Happy Xmas to MSE DFWs and wishing you all every success for the coming year!

    I started a self managed DMP in October this year and so far, it's gone really well. All of my creditors have played ball and all accepted their respective repayment offers. My question is now more set on limiting the impact of the DMP on my financial future.

    At this time, my DMP will end in last quarter 2019 to Jan 2020 as I benefit from a reasonably good income and with the frozen interest and charges, can make good inroads to my debt. At the moment, all my debts are being recorded with AP markers. Based on the fact it will be less than 6 years for my plan, is this the right way forward or should I withhold payment to induce default? I've read conflicting information as to which is preferable...

    Creditors within the DMP are: RBS, Barclaycard, 118 Money, Aqua, Marbles and Vanquis.

    Thanks for any help you can offer :-)
Page 1
    • sourcrates
    • By sourcrates 28th Dec 17, 12:00 AM
    • 13,091 Posts
    • 12,391 Thanks
    sourcrates
    • #2
    • 28th Dec 17, 12:00 AM
    • #2
    • 28th Dec 17, 12:00 AM
    AP markers stay on your credit file 6 years after the debt has been satisfied.

    Whilst defaults stay on your file for 6 years, then drop off, regardless of what you do.

    So if you settled your debts in 5 years time, they would still show as AP for a further 6 years, so 11 in total, which is not good.
    Last edited by sourcrates; 28-12-2017 at 12:03 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
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    • jerseyluke
    • By jerseyluke 4th Jan 18, 11:24 PM
    • 10 Posts
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    jerseyluke
    • #3
    • 4th Jan 18, 11:24 PM
    • #3
    • 4th Jan 18, 11:24 PM
    So I should contact my creditors and ask them to default me instead?

    Doesnít that make CCJs more likely? Iím making payments to them all now on accepted payment plans. I always thought they auto defaulted after 6 months anyway but Iím guessing this is wrong?

    Thanks
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