DMP nightmare begins ... my first default ... help?

woody24

OKay, so far I had only had correspondance from CCCS but this morning I have my first Default notice from Barclays loans :-(

I dont really know what to do with it if im honest ... the annoying thing is that i havent even actually defaulted yet because iv been making all my payments up to date, never late and even my last one i made my full payment ... and the next one isnt due until 1st march ... they are keen!

So, in a nutshell - what do I do apart from be completely terrified? Iv never defaulted on anything before :-(

dreamdreamer

Defaults are unfortunately nearly inevitable on a DMP. It's actually good they've done it fast as they last 6 years from the date of issue so the sooner they're issued the sooner they're gone! How long will your DMP last? The defaults may be gone by the time you finish, or shortly after. You can't take out credit in a DMP anyway do while you're on it the defaults will have little to no effect on your life.

fermi

Agreed. If a default is going to happen anyway, sooner rather than later is better.

woody24

thabk you - well i guess thats something. My DMP is 5 years 8 months .. but obviously thats with no interest so that might not be the case by the time all creditors are on board. im hoping to get that down even quicker by upping payments when iv sorted myself out a bit and get back on my feet

i called CCCS and they told me to do nothing about the Default .... nothing at all. Which makes me feel nervous because the letter said I had a number of actions I could take ... this is all so daunting :-(

Mrs_Arcanum

Defaults can occur just because of timing. Your money goes to CCCS then they pay your creditors. If this falls over bank holidays or weekends causing a delay you will get a default notice from some as they are automatically produced.

Superbiatch

I felt just as you did about a month ago after receiving my first default, until I realised the sooner you get them the quicker they leave your credit record

Now I've got 4 out of 6 and i'm hoping the last two will default me soon (both Halifax!)

mozzyc

Hey Woody24

We've got a forum going on here called DMP Mutual Support Thread - Part 7 - you'll get loads of advice and support there too for all DMP related issues

Goodluck