DMPs, defaults and non-defaults - anyone help?

nataz

Im on a DMP have been since beginning of last year. All going well.

Did my credit rating check today and 5 out of 8 creditors have defaulted - but three havent.

Are they likely to? And if they dont will it matter when debts are all paid up hopefully in 2012/13???

Sorry if its a basic question but Im really struggling to come to terms with slashed credit ratings well into 2020 :eek:

ExNicotineQueen

Who are the 3 creditors, banks, loan company, credit card? I would say chances are yes they will default you but the longer they take to do so, the 6 years stretches on from that date they defaut you.

In your credit file, what information does it say for those 3 accounts? Are there late payment markers marked, 1, 2, 3, 4 etc? Or does it say 'U'?

nataz

They're nationwide loan, mbna cc and m&s cc

They were all late payments of 6, although the defaults were all 8?!!

edinburgher

And if they dont will it matter when debts are all paid up hopefully in 2012/13???

As you've already got multiple defaults, your credit report isn't going to be pretty for the next 6 years anyway.

As ExNicotineQueen has suggested, the only real issue is that it could extend this 6 years beyond the current period (so if you got the other defaults last year, they would drop off in 2016, but if you get further defaults this year this will add a year on to the period before you have a clean credit report again, IYSWIM?)

nataz

Yeah I know about the 6 yrs just really worried they'll do Ot next ur or year after then its all gonna drag on for ages and I can't go that long with a rubbish credit rating.

edinburgher

When did you get the other defaults?

Scottishmummy

We started on our DMP in 2004. All our creditors except RBS Credit card and Tesco Credit Card which just happens to be RBS defaulted back then so they have all dropped off our credit file. RBS didn't default until Jan 08 and Tesco was Dec 07 so they are have just under another 2 years to go:mad:. So yes if they eventually get round to defaulting it will increase the length of time your credit file is slashed.

Superbiatch

There is a really good thread on here somewhere all about defaults which a forum poster very kindly put together. I remember reading within it that a creditor can be deemed to be acting in an unfair manner if they haven't defaulted you by 6 months after your first missed payment. I can't for the life of me find it, but do some searching as there is lots of information in there

I think it was Fermi who posted it if that helps, just had another look but can't find it

nataz

Superbiatch wrote: »

There is a really good thread on here somewhere all about defaults which a forum poster very kindly put together. I remember reading within it that a creditor can be deemed to be acting in an unfair manner if they haven't defaulted you by 6 months after your first missed payment. I can't for the life of me find it, but do some searching as there is lots of information in there

I think it was Fermi who posted it if that helps, just had another look but can't find it

Oo! That's sounds interesting thanks. My last default was Feb this year for whoever asked

gabriella90

Hi NAtaz, did you find that post by fermi, i'm in the same boat, no defaults for me just AP's all across my file!!
Thanks

fermi

It's actually just the Information Commissioner's guidance document to creditors that I copied into a thread on here. Makes it easier to refer to for people here, rather than a link to a very lengthy pdf document.

Here ----> ICO - Filing defaults with credit reference agencies

Lengthy, and in some parts it sorta contradicts itself a little, but can be very useful.