Query re credit file entries & DMP

anna_1977

Hi,
I am about to start my DMP with SC.
say for example Virgin money issue me with a Default that goes in the creidt file for 6 years (from date is issue). Will they also put Arrangement to pay markers on my credit file for the remainder of the payments...does that make sense? It will take me yrs (prob about 10) for my DMP to finish and I'm just wondering what happens once the default drops off but I'm still paying the debt?
thanks for any advice

glentoran99

if its defaulted as soon as the 6 years are up as far as your credit file is concerned it never existed

fermi

I believe the CRAs were going to make some changes so the an AP marker could be added in addition to any default, as previously that was not the case. Not sure if that has been sorted yet?

In the end though it doesn't matter, as when the default drops off the whole account goes. All the markers, history, balances. Everything. As far as anyone checking your report is concerned, they will see no sign the account ever existed.

anna_1977

thank you, that's cleared that up!
Assuming that all my defaults are registered soon then my credit file will be 'clean' 6 years from the last default date? I had visions of not getting any form of credit for about 15 years!
(not that I want credit, more mortgage shifting etc...)

Puzzcat

That is the ideal, unfortunately some of the creditors like to tease you with default notices and not actually default you.. BC are the leaders in this field I believe.. With luck they are not one of your creditors!!

anna_1977

sadly they are

Movingon5464

I have been on a dmp with stepchange for 10 years. Most creditors defaulted me pretty quickly so those records fell off my file 6-7 years later. I had one who defaulted me 5 years into the dmp but i recently complained and they agreed to backdate the default so it should fall off my credit files in the next month. Barclaycard never defaulted me but put 5 years of late payment then AP markers. Then they sold the debt to a DCA who continued to add AP markers. I recently complained to Barclaycard and after quite a fight they finally agreed to ask the DCA to remove the record from my credit files. I still think they should have added a backdated default to the debt but i suppose i got what i really wanted which was the debt removed from the files. The DCA have written to me saying it will be actioned in 4- 6 werks. I was lucky as some people just get nowhere complaining and are stuck with late defaults or AP markers showing for many years. My advice is to stop payments until they default you and then start your dmp. They will probably continue to add charges and interest until the dmp starts but in my opinion it is worth it to get the defaults quickly so the 6 year countdown to a clear credit file can begin.