DMP and Credit Rating

Bluediamond

Hello everyone
We have been on a DMP with Payplan now for almost 4 years now and I have had a nagging question that I hope you can help me with

When we went onto the DMP all that time ago, I was told that your credit record is completely null and void but after 6 years it should be better as the Defaults fall off or something like that !

Is this right and what about our creditors who serve Defaults during the payment plan. For example, we have had a couple of debts bought by other firms and they have then sent us yet more Defaults ! I thought once you have the initial one from the companies involved then that is it until the plan has finished

Can anyone help us with any advice please?

Tixy

You should only ever get one default for each debt, which will be a set date and will stay on your credit report for 6years only. Some DCAs can act incorrectly and try to put another newer default on your credit report, if they do this you must complain.

Other DCAs might find the original creditor never placed a formal default (some mark arrangement to pay instead) and so automatically enter a default notice - again you should be able to complain about it as it is unfair to put on a default 3-4years after you truly defaulted (a default should be placed between 3-6months after you default on the agreement according to OFT guidelines).

Have you checked your credit reports and have some of them got much newer default dates?

Bluediamond

Hi Tixy
Thanks for this. I have never looked at our credit report to be honest as I didn't see the point but it may be worth getting one and checking it with our agreement with Payplan
Thanks for your advice

BD

bottleofred

Hi Bluediamond,

You can get a copy of your credit report by sending £2 (I think its still £2) to experian or equifax who will then post it to your home. Alternatively, you can get a free copy if you sign up online to these copies, but will have to cancel it within 30 days or they will charge a fee.

mummytofour

What is annoying me is that I have an od with smile and am paying via cccs. Each month smile mark I am 6 months in arrears on my account, yet I have been in this arrangemnt for 2.5 yrs, I really dont like smile!