Confused and frustrated

Foxy-Stoat_3

johnny80 wrote: »

So on my credit history only my initial defaults that were recorded during the whole process starting back in 2009 will show anyway?

Would this still be the case if I was to successfully change my current DMP to a DRO/IVA now based on the remaining debts?

Defaults stay on for 6 years from the latest one.

Again, how much disposable income do you have ans whats your salary level at the moment?

Tixy

johnny80 wrote: »

So on my credit history only my initial defaults that were recorded during the whole process starting back in 2009 will show anyway?

Would this still be the case if I was to successfully change my current DMP to a DRO/IVA now based on the remaining debts?

The defaults/accounts will still drop off 6years after the original default dates.
But if you enter a DRO or IVA now then either of those would show on your file for 6years from the date of order/agreement

UpToMyNeckInIt

...OK so a DMP is merely 'flagged' (whatever that means) for the duration. Still means that you will struggle to get 'mainstream' financial products though.

Just depends if you want a quick-ish 6-Year debt solution - albeit with a badly damaged 'file, or (in my case) a 20-Year proposed DMP (I told CCCS as they were back then what I thought of that advice!), with a slightly less badly damaged 'file.

To each their own.

Tixy

UpToMyNeckInIt wrote: »

...OK so a DMP is merely 'flagged' (whatever that means) for the duration. Still means that you will struggle to get 'mainstream' financial products though.

No a DMP is not flagged on people's credit file, the only evidence of being in repayment difficulties is the record of missed payments, occasionally an arrangement to pay marker and defaults. All of those drop off 6years after the default date.

To each their own.

Everyone's circumstances are different and so different options are suitable for their circumstances. In some cases an IVA may be the best solution, in others it could be a DMP or bankruptcy or a DRO.
I do think its always advisable to seek advice from more than one source, not just to take one advisor/company's advice.

johnny80

Foxy-Stoat wrote: »

Defaults stay on for 6 years from the latest one.

Again, how much disposable income do you have ans whats your salary level at the moment?

I'm not really prepared to go into my exact finances here, suffice to say that I'm left with very little disposable income per month after paying essential and basic living expenses, if any at all and any extra goes towards my present DMP.

Unfortunately I've obviously made a grave mistake following the informal DMP for so long and trying to get things back on track. I should have formalising something sooner by going for an IVA or DPO earlier.

Thanks again.

longtermplanner

johnny80 wrote: »

BR wasn't an option for me back when i split as I was in the final stages of joining the Police and this would have been an instant dismissal,

I know this is all water under the bridge, but I want to correct this in case anyone else reads this thread in future. You can stay in the police if you go bankrupt. Indeed you will not be dimissed unless there are other disciplinary problems as well.

at I should have done is went for an IVA or DRO at the time and I'd have been almost done now! I do feel this could have been made cleared at the time but I'm entirely to blame for being too willing to go along with the casual DMP i've been following which has ultimately drawn out the process and made things worse!

This is sadly common. the DMP feels like such a relief and you don't focus on the other "more difficult" choices.

I think I still qualify for DRO so I will look towards that and black cloud over me for 6 years!

what black cloud ? Honestly you are likely to find it much better than you expect.

Thank you again for all your help.[/QUOTE]

johnny80

longtermplanner wrote: »

I know this is all water under the bridge, but I want to correct this in case anyone else reads this thread in future. You can stay in the police if you go bankrupt. Indeed you will not be dimissed unless there are other disciplinary problems as well.

It depends upon the constabulary but in most cases BR or even any financial issues can absolutely be something that prevents recruitment, as in my case. If I was already in and settled in the job, then yea I would imagine it probably would be another story.

Unfortunately as I was still classed as a recruit in the final stages of the recruitment process (for my local and small constabulary) with no other issues, it was made quite clear to me that this was the reason my application was terminated and why I have been unable to reapply since.

Anondebtadvisor

Regarding the police recruitment - this is taken directly from The police pre recruitment document:-

Vetting Checks
The vetting process is entirely confidential and the outcomes (other than pass/fail) are not shared with anyone else in the organisation (including trainers, future line managers or fellow trainees) or outside the organisation (including family).

We will carry out security checks on you and your:
◆◆ Spouse/Partner
◆◆ Father
◆◆ Step father/mother’s partner
◆◆ Mother
◆◆ Stepmother/father’s partner
◆◆ Brothers/sisters (full/half/step)
◆◆ Children/children of your partner (only those age 10 years and over)
◆◆ Any other adult living at your address
◆◆ Financial circumstances – applicants will have their financial status checked.

These checks are carried out because Police Officers have access to privileged information, which may make them vulnerable to corruption.

Applicants with outstanding County Court Judgements (CCJs), Individual Voluntary Agreements
(IVAs) or who have been registered bankrupt with outstanding debts, will be REJECTED.

If you have discharged bankruptcy debts then you will need to provide a Certificate
of Satisfaction with your application. At least three years will need to have passed
since the date of discharge. Applicants with cautions/convictions/reprimands, other
than some motoring offences, may not be accepted.

johnny80

Anondebtadvisor wrote: »

Regarding the police recruitment - this is taken directly from The police pre recruitment document:-

Applicants with outstanding County Court Judgements (CCJs), Individual Voluntary Agreements
(IVAs) or who have been registered bankrupt with outstanding debts, will be REJECTED.

If you have discharged bankruptcy debts then you will need to provide a Certificate
of Satisfaction with your application. At least three years will need to have passed
since the date of discharge. Applicants with cautions/convictions/reprimands, other
than some motoring offences, may not be accepted.

As was my experience back in 2009/10, rejected for DMP.