Barclaycard AP instead of Default

mistertml

dazla wrote: »

A default is worse than an AP marker. Your credit history, i.e. dmp marker, will still be visible for 6 years anyway. I'm in a dmp and have AP markers from Barclaycard, but would rather keep an AP than a default. Mortgage providers for example will look more favourably on someone with an AP than a Default. With an AP it shows you are making an effort to repay.

Hi There

As I already have defaults on the other 7 accounts which drop off my credit file in the next year or so it is better for me to have this defaulted otherwise it will stay with an AP on my file for another 6 years after I settle the account, which Im hoping is in the next few months.

dazla

mistertml wrote: »

Hi There

As I already have defaults on the other 7 accounts which drop off my credit file in the next year or so it is better for me to have this defaulted otherwise it will stay with an AP on my file for another 6 years after I settle the account, which Im hoping is in the next few months.

Hi

Yes but all your last 6 years worth of credit history will be visible anyway. So even if your account is changed to a default say tomorrow, for the next 6 years your credit position of today will still be visible anyway, so for the next 6 years any lender would still see that you were in a dmp

double_mummy

dazla wrote: »

Hi

Yes but all your last 6 years worth of credit history will be visible anyway. So even if your account is changed to a default say tomorrow, for the next 6 years your credit position of today will still be visible anyway, so for the next 6 years any lender would still see that you were in a dmp

actually that is incorrect

6 years after a default is logged it comes off the credit file even if you were in a dmp for the next 30 years after those 6 years the debt will no longer be visible during credit searches

whereas with AP markers it will be visible until 6 years after your last payment

mistertml

double_mummy wrote: »

actually that is incorrect

6 years after a default is logged it comes off the credit file even if you were in a dmp for the next 30 years after those 6 years the debt will no longer be visible during credit searches

whereas with AP markers it will be visible until 6 years after your last payment

Hi double mummy

Thanks for the clarification.

Cheers

dazla

Just bear in mind the following....even on a AP, once you have made your final payment, that debt is marked as 'settled' (non-defaults) or 'satisfied' (defaults), so lenders would be able to see that you have repaid your debts in full.

mistertml

dazla wrote: »

Just bear in mind the following....even on a AP, once you have made your final payment, that debt is marked as 'settled' (non-defaults) or 'satisfied' (defaults), so lenders would be able to see that you have repaid your debts in full.

Thanks for the info.

I guess this is all food for thought.

Cheers

Stewart_78

dazla wrote: »

Just bear in mind the following....even on a AP, once you have made your final payment, that debt is marked as 'settled' (non-defaults) or 'satisfied' (defaults), so lenders would be able to see that you have repaid your debts in full.

But surely, 6 years after a default the account is removed from your credit file? It's gone. Settled, satisfied or whatever. Having AP markers just makes that time longer and longer, which is why they like it.