DMP Mutual Support Thread - Part 12

Sallyforth

Hoping one of you lovely, knowledgeable people can answer me a question. We ended our DMP with SC a year ago having cleared c. £90k of unsecured CC and loan debt. We somehow managed to do this over 4 years by a combination of high monthly payments to SC (£1,200), a couple of small windfalls, a small inheritance and finally some decent Partial Settlement offers. All good and life is now on the up with just a small mortgage we hope to repay within 2 years because we have learnt our lesson and have surplus these days. That's the background but reading this thread I'm really confused about the constant reference to defaults. Some of our creditors defaulted but some did not and Halifax, despite freezing interest, never seemed to recognise our debt. Will the fact we have some non-defaults go against us in 6 years or can we assume 6 years on all the accounts will drop off our credit history? All are either paid in full or at 0 with a note on our credit file reflected they are settled. Just curious more than anything.

sourcrates

Sallyforth wrote: »

Hoping one of you lovely, knowledgeable people can answer me a question. We ended our DMP with SC a year ago having cleared c. £90k of unsecured CC and loan debt. We somehow managed to do this over 4 years by a combination of high monthly payments to SC (£1,200), a couple of small windfalls, a small inheritance and finally some decent Partial Settlement offers. All good and life is now on the up with just a small mortgage we hope to repay within 2 years because we have learnt our lesson and have surplus these days. That's the background but reading this thread I'm really confused about the constant reference to defaults. Some of our creditors defaulted but some did not and Halifax, despite freezing interest, never seemed to recognise our debt. Will the fact we have some non-defaults go against us in 6 years or can we assume 6 years on all the accounts will drop off our credit history? All are either paid in full or at 0 with a note on our credit file reflected they are settled. Just curious more than anything.

Hi,

Creditors can be strange beasts, if accounts don't default, they can mark your file how they see fit, some use arrangement to pay markers (AP) others mark your file as just OK.

And there no way of knowing how they will mark it beforehand.
AP markers stay on your file for 6 years after the debt is repaid, so potentially a very long time.

So for the avoidance of any doubt, it's best to get all your accounts defaulted prior to starting any debt repayment program, that way you know you will only be affected for 6 years.

BeingDebtFreeStartsHere

Just watching Rich House Poor House - apparently as we live on less than £140 per week we are in the poorest 10% in the country!! Oh well - I still love my DMP

BDFSH x

sourcrates

BeingDebtFreeStartsHere wrote: »

Jusr watching Rich House Poor House - apparently as we live on less than £140 per week we are in the poorest 10% in the country!! Oh well - I still love my DMP

BDFSH x

It's amazing how much money some households actually have.

I live in a very sparsely populated part of the east coast, with farming the main industry.

I see the SOA's of some people on 3 grand a month, and I think to myself, oh, that would be nice.

Still you should feel happy with your lot eh !!!

BeingDebtFreeStartsHere

sourcrates wrote: »

It's amazing how much money some households actually have.

I live in a very sparsely populated part of the east coast, with farming the main industry.

I see the SOA's of some people on 3 grand a month, and I think to myself, oh, that would be nice.

Still you should feel happy with your lot eh !!!

I know sourcrates - this family have £1700+ PER WEEK to live on!! I could not even begin to imagine what that must be like! An extra £50 per week for me would feel like a lottery win!! Guess I should stop dreaming and get back to my excel monthly budget spreadsheet!!

BDFSH x

[Deleted User]

Sallyforth wrote: »

Hoping one of you lovely, knowledgeable people can answer me a question. We ended our DMP with SC a year ago having cleared c. £90k of unsecured CC and loan debt. We somehow managed to do this over 4 years by a combination of high monthly payments to SC (£1,200), a couple of small windfalls, a small inheritance and finally some decent Partial Settlement offers. All good and life is now on the up with just a small mortgage we hope to repay within 2 years because we have learnt our lesson and have surplus these days. That's the background but reading this thread I'm really confused about the constant reference to defaults. Some of our creditors defaulted but some did not and Halifax, despite freezing interest, never seemed to recognise our debt. Will the fact we have some non-defaults go against us in 6 years or can we assume 6 years on all the accounts will drop off our credit history? All are either paid in full or at 0 with a note on our credit file reflected they are settled. Just curious more than anything.

No advice to offer on the credit file situation, sorry:o, but I just wanted to congratulate you on your amazing achievement in paying off your debt in such a short time:T:j. Life must feel so sweet now:beer:.

CP2016

Racht, thanks for your advice to complain to Next about the late default - they've now backdated it to January 2012 which is when my DMP started. That means that by the end of 2018 all the defaults will be dropped off ready for the end of my DMP in 2019.

racht

CP2016 wrote: »

Racht, thanks for your advice to complain to Next about the late default - they've now backdated it to January 2012 which is when my DMP started. That means that by the end of 2018 all the defaults will be dropped off ready for the end of my DMP in 2019.

Thanks- that's great news!!! :T

sourcrates

CP2016 wrote: »

Racht, thanks for your advice to complain to Next about the late default - they've now backdated it to January 2012 which is when my DMP started. That means that by the end of 2018 all the defaults will be dropped off ready for the end of my DMP in 2019.

Congratulations, well done, pays to complain !!!!

heavenlyharry01

Has anyone had dealings with Creation?

I have written to them some months ago informing them we are going self managed, with the budget sheet and offer of payment.
They wrote back asking for three months payslips or bank statements.
I wrote back saying that I wasn't prepared to send those etc.
The wrote back asking for three months bank statements.
I wrote back again informing them that I have already written to them, enclosed another budget sheet offer of payment and saying we are not prepared to show them payslips or bank statements.
They wrote back.....yes you've guessed it. Asking for bank statements or payslips!!
They've completely ignored my response and same the same generated letter each time.
At the moment they are getting no payment.
I don't really know what to do next!