AR or DM reported on credit file

honeyblond

Can anyone advise on whether I can get reporting changed on my credit file please? I am getting utterly desperate now.

Having paid off lots of debt through a debt management plan, I have recently seen the defaults drop off my credit file which I was elated with because it seems at last my credit score is changing and I can re-build our life. But I see that there are numerous 'arrangements to pay' still on my file which I gather will remain for 6 years until after these debts are paid off. Is this really right?? It could take years for them to go, and then 6 years after that?? It's like my whole life has stopped now and for the foreseeable future with regards to mortgage, not being able to move house, no holiday, no way of buying a car. Surely this is unfair? I may as well have gone bankrupt or had a IVA. Help! Please:-(

grumbler

honeyblond wrote: »

...no holiday, no way of buying a car. Surely this is unfair?

Sorry, I don't know the answer to your question, but, you know, it's not uncommon to buy a car without any finance and to save money for a holiday instead of borrowing it.
Have you not learnt the lesson?

eddddy

I know people don't really come to these forums looking for lifestyle advice, but... for example, you could...

1) Have a holiday this year on credit and spend the following 12 months paying it off.

Or...

2) Put the 'credit repayments' you would have made for 12 months into a savings account, and use them to have a better, more expensive, holiday next year. (And feel smug that you haven't been lining the pockets of wealthy bankers.)


I'd always go for option 2.

lynz68

I am assuming you are still paying your DMP as it isn't really clear from your post.

If what is on your credit file is a true reflection of your financial situation then you cannot change it. That would only happen if something was recorded in error.

It is also against the terms of a DMP to seek further credit.

jonsherwood

I'd check with the Money Advice service if I were you. Personally I've been in debt, I had a plan with one card provider and paid the majority of the others off in full. Whereas I still have debt, I have begun the major repair of my credit file managing my credit properly and I haven't had a holiday in 2 years, still got a crappy car and rent a house - yet I passed the checks for those without issue. Clean up your credit and find out the real facts

Thrugelmir

honeyblond wrote: »

It's like my whole life has stopped now and for the foreseeable future with regards to mortgage, not being able to move house, no holiday, no way of buying a car. Surely this is unfair? (

You've just been through the mill on a DMP. And now want to credit binge again? This is precisely why credit history is so important. Most sensible option would be be to a light bulb moment and change your attitude to money, learn to save. Choice is yours.

Emmzy01

Hi, I'm in the same situation. Spent 7 years paying back in a DMP to be left with markers for a further 6 years. Wish I had paid less through an IVA and like other people now be able to move forward and get a mortgage. I don't want to be saddled with debt again, but throwing money at renting is frustrating. What I don't understand is why people who approach lenders and keep to an agreed payment, paying all the debt back are treated less favourably in the long term because of credit reporting than people who chose IVA or bankruptcy. Now wish I'd never done DMP. This part of it should have been more clear at the outset.

Emmzy01

I should have said, I discovered this last week and felt desperate, all those feelings I had at the original light bulb moment came back, it was like thinking your at the end of tunnel then meeting a dead end. But this week I feel more positive. With a big deposit a mortgage will be possible, times a healer, I'm going to complain to FOS and ICO because I feel strongly that it's unfair. Had a couple of nights being able to sleep through again and feel much better.

dumpyboy

Emmzy01 wrote: »

Hi, I'm in the same situation. Spent 7 years paying back in a DMP to be left with markers for a further 6 years. Wish I had paid less through an IVA and like other people now be able to move forward and get a mortgage. I don't want to be saddled with debt again, but throwing money at renting is frustrating. What I don't understand is why people who approach lenders and keep to an agreed payment, paying all the debt back are treated less favourably in the long term because of credit reporting than people who chose IVA or bankruptcy. Now wish I'd never done DMP. This part of it should have been more clear at the outset.

This is how I feel been told today to stop paying an arrangment till it defaults as nearly 8 years it would be gone from my file instead of paying for a further 3 to 4 then wait 6 more years for it to go were the fairness in that