Full @ final settlement v DMP?

Ginger77

Hi folks,
I am new to this site and looking for some advice.

I have been in a DMP with a charity since 2012, currently paying 400 a month. The debt was all unsecured (credit cards). I have never defaulted on other mortgage, council tax debts ect.

Anyway at the current rate my debt will not be cleared until 2021.

My question is when will the default start on my credit file?
Does the 6 years start when my DMP ends meaning my credit score will be poor until 2027. I feel this is unfair as I have made a commitment to paying every penny back that I owe.

If this is the case would I be better borrowing from family and offering full and final settlement just now (couldn't raise the full amount). Thus starting the 6 years from this

I'd like to repay in full to be responsible for my actions (gambling debts accrued over 6 months) but don't want to have such a poor credit rating for another ten years.

Thanks in advance.

[Deleted User]

Are you saying that NONE of the accounts in your DMP have defaulted?

Ginger77

Hiya,
I don't really understand the question. All of the credit card accounts (6 in total) had defaulted prior to me entering the DMP.
Thats why I set it up.
Since I started on the DMP in 2012 I have not missed any payments agreed.

Does this mean that I continue to default every month as I'm not meeting the minimum payments or is it okay as I meet the agreed payment every month?

Will they all continue to default until the last payment on the DMP/all balances cleared?

Cheers

[Deleted User]

The accounts and the defaults will drop off your files 6 years after they defaulted.

MrsTinks

The only way they will re-appear on your credit file is if the creditors seek CCJs for the debts. So long as you keep paying then this is unlikely.

As zx81 says - defaults drop off your file 6 years after they were registered on your credit file.

Ginger77

Thanks folks, I think that I will check my credit file to see when the default notices were applied.

All of the debts have been sold on to 3rd party's during the DMP.

So I am assuming that the defaults must have been applied early, around 2012/2013.

Seems strange that the defaults will drop off my file whilst I'm still paying into a DMP for another 4 yrs.

However, that is good, I will not offer full and final settlement and will continue to pay the debts on the DMP until 2021. Then I can build my credit rating back up knowing there will be no defaults.

Does this all sound correct?

Thanks again folks.