Default help....

xambz84x

Hi I joined a dmp last year ... Wish I never did now as it has totally messed up my credit I have 3 defaults placed early this year 2 are for amounts under £ 500 ... I have recently been given a little bit of money do you think if I sent the creditors a letter sayin a will pay outstanding amount if they remove default will work!!!!???? Also should I try and go for a lower settlement amount then what is due??! Cuz I understand the default is on your account for 6 years from date of settled account so it's in my interested to pay off sooner any help would be great x

fermi

xambz84x wrote: »

Cuz I understand the default is on your account for 6 years from date of settled account

Not correct.

It's 6 years from the date the default is first placed.

eyeopener2

If you were in a situation where you were contemplating a DMP your credit rating was probably shot to pieces anyway.

Do you need actually need credit in the forseeable future? You may be wiser paying your DMP, getting yourself some savings behind you and buying things from that rather than going into debt again.

bottleofred

Hi and welcome to the forum,

Some creditors will remove defaults, but in my experience, the vast majority won't. It would certainly help to settle them, but it can normal damage your ability to get credit for at least 3-4 years after the default has been registered and they do stay on for total of 6 years. If you are hoping to try to get them to remove the defaults, then it would probably be best that you offered the entire settlement figure, but unfortunately this may involve commiting yourself to making the offer. You could send a letter saying you may be able to get money from a family member to settle the account and enquire about the chances of them removing the default, which wouldn't mean you'd be commiting yourself to anything. Hopefully someone with more knowledge than me will be along soon with better advice/suggestions, but I hope you get sorted soon.