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Coming off DMP advice
Penguin666
Posts: 44 Forumite
Hi all
Bit of knowledge on this would be most appreciated. I'm on a DMP and have been for past 2 years. This means that payments that should be £300 a month are £100.
My question is, I can now pay the £300 a month but understand that if I do, will it still show as a monthly default until balance is cleared in full? OR, iif I paid last 2 years of arrears 24 x 200, and then continue with £300 a month would that show I'm into date with original agreement despite previous defaults still showing.
sorry if I've confused things there, In short can I start building my credit now if pay arrears or will I now have to clear it in full?
Cheers!
Bit of knowledge on this would be most appreciated. I'm on a DMP and have been for past 2 years. This means that payments that should be £300 a month are £100.
My question is, I can now pay the £300 a month but understand that if I do, will it still show as a monthly default until balance is cleared in full? OR, iif I paid last 2 years of arrears 24 x 200, and then continue with £300 a month would that show I'm into date with original agreement despite previous defaults still showing.
sorry if I've confused things there, In short can I start building my credit now if pay arrears or will I now have to clear it in full?
Cheers!
0
Comments
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If any accounts had a default marker on them these will stay on for six years from date of marker regardless of if the account in paid in full or not. If you can afford to make bigger payments then speak to whoever is running your DMP and see what they advise you do.£2 Savers Club for 2022 #120
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Hi, I know it'll stay on there for 6 years, but if I paid arrears up to date, would payments going forward show as on time or not because of previous defaults? Many thanks !0
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If I was you I would continue with your original plan or perhaps increase by £50ish then save the rest. if you already have default markers on your file they will not go anywhere for 6 years so making yourself shorter every month wont have a bit of difference on that front so you may be better building up a good savings pot ready for any untoward problems that can easily push us back in to debt after we are debt free. This is just my opinion though
Love my DMP left to pay £0/ £10162.51 :beer:
Est DFD 11/2018
Actual DFD 09/2017
£2 savers club: number 88 £14 so far!
Wombling free number 41 £6 so far!!
Emergency fund £50/£10000 -
Penguin666 wrote: »Hi, I know it'll stay on there for 6 years, but if I paid arrears up to date, would payments going forward show as on time or not because of previous defaults? Many thanks !
When an account is defaulted it stays defaulted, Wont matter if you pay them early, late or not at all, as far as reporting goes it stays the same0 -
Stash yr cash away as best you can and when you have 30% go for a cheeky full and final settlement.£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
!0
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