Letter from mbna - I this correct?

hitabrickwall_2

Hi all

I am on second month of token payments and may have to do a third before going onto dmp. My largest debt is with mbna and they have been a nightmare with constant threatening phonecalls (6 a day at the moment) and letters. I have received a letter now saying that they acknowledge my letter saying I will be starting dmp and that this will affect my credit rating for the life of the debt and six years afterwards. Is this correct? This could potentially screw up my rating for ten/twelve years. I do no want more credit but may need to change mortgages etc

Thanks in advance

LeeSouthEast

Yes, unfortunately it is correct. For argument's sake if your DMP lasts 5 years, then it will stay on your credit file for 11 years in total from when you started it (5+6 from the start date).

Tixy

Not entirely. If they default you now, then that default will be on your credit file for 6years. After 6years whether the debt is unpaid/partially paid/ or fully paid then the default would disappear from your credit file at that point.

Alternatively if they default you now and then in say 3years time decided to take you to court for a CCJ then that CCJ would then stop on your credit file for 6years from the date it was entered.

goingforward_3

hitabrickwall wrote: »

Hi all

I am on second month of token payments and may have to do a third before going onto dmp. My largest debt is with mbna and they have been a nightmare with constant threatening phonecalls (6 a day at the moment) and letters. I have received a letter now saying that they acknowledge my letter saying I will be starting dmp and that this will affect my credit rating for the life of the debt and six years afterwards. Is this correct? This could potentially screw up my rating for ten/twelve years. I do no want more credit but may need to change mortgages etc

Thanks in advance

MBNA are our biggest creditor too and all our correspondence has been done via letters.. Touch wood they have been pretty reasonable with us and frozen interest and have accepted the DMP payment.

We made 3 months of token payments to them and they have issued the default allready.

Hope your doing ok xxx

winner12

Hi there
MBNA are a pain to start with but ask them not to call you and remove your telephone number from your file and tell them you will only deal with them in writing if not sure what to put there is a template letter on the National Debt Line site and on here too it takes time and has people on here have said once your DMP is set up they will eventually stop interest and charges they will Default you quickly and then pass you to a DCA so fore warned is fore armed
Good Luck