DMP - Should I continue with it?

RaymondHo

Hi All,

I've been a reasonably frequent visitor to the forums for a few months, but have taken the plunge and decided to post a question.

About two years ago I lost my job, and the previously manageable credit card repayments became unmanageable. I took the daft path of getting payday loans to make minimum payments, and this spiralled. About 18 months ago I stopped making payments to anyone and buried my head. A year ago I got a DMP with StepChange, and for the last year have been making the payments. All the debts are unsecured, around £15K owing.

It will take several years for the DMP to pay everything off. However, I'm now trying to make the best decisions so that in a few years time I'll be able to get this all off my credit record, and the information I can find in searching online seems to be a bit murky, I was hoping for some clarity.

It's my understanding that 6 years after a default, if i don't do anything, it will drop off my credit file. If I make payments on the DMP, and everything is paid off for example in 5 years, does this mean that on the 6 year anniversary of the defaults they will still drop off. Or will it be 6 years from the debt being settled (e.g. in 11 years time)?

sourcrates

Hi,


If you are in England or Wales, defaults will drop off your file, settled or not, after 6 years.
If you live in Scotland, its 5 years.


So for example, if you had a default from 2013, settled it in 2014, it would be off your file in 2019.
The same timescale would apply if you didn't settle it.

Dandytf

If you live in Scotland, its 5 years.

Thats excellent, where did you get the 5 years info for Scotland....not sure this is accurate

Puzzcat

Have all the debts been defaulted? It is the dreaded ap/dmp markers that hang around for 6 years from when the debt is settled.

backinbusiness

The Scotland bit isn't accurate - 6 years for a default no matter where you live. I think the op is thinking about when a debt can no longer be pursued.