AP/DMP markers VS defaults

cleomolly

Following this thread closely as I'm having the same problem currently. After being in a DMP since 2009 which is due to end 2016, 4 of my creditors are still marking me as AP each month. I can't believe they can do this thus giving me a bad credit rating for potentially 13 years. I'm beginning to wish I'd have let all my creditors default me before setting up the DMP, I was naive going into the DMP thinking that I would be seen more favourably to be making an effort to repay all of my debt (granted minus the interest) rather than going bankrupt or not paying them back at all! confused.com

chelle1981

Hi- I too am confused with looking at my credit report- I have 2 accounts with defaults- each month there is a default against each payment even though I am in a dmp with payplan and make my payments each month . does this mean that the default will be 6 years from my last payment or 6 years from the date the account went into default? I'm hoping it's from the 1st date as this would kill me if from last payment!!!

sirwiggum

chelle1981 wrote: »

Hi- I too am confused with looking at my credit report- I have 2 accounts with defaults- each month there is a default against each payment even though I am in a dmp with payplan and make my payments each month . does this mean that the default will be 6 years from my last payment or 6 years from the date the account went into default? I'm hoping it's from the 1st date as this would kill me if from last payment!!!

On your credit file you will have a "Default Date".
Everything from that date onwards will show as default markers.
However, 6 years from the Default Date, the account will drop off your file.


The problem with 'AR' markers, as compared to Defaults, is that they show on your file for 6 years from the last AR payment.

So, 2 scenarios:

- Account A is in difficulties and defaults after 6 months in July 2006, is paid off 5 years later in July 2011, the account is removed in July 2012.

- Account B is in difficulties and is placed in an AR in July 2006, is paid off 5 years later in July 2011, however up to the last AR payment to the account will still be visible until July 2017.