DMP Mutual Support Thread - Part 12

System

January2015 wrote: »

I understand that if it defaults now it will show until 2024, but if it doesn't default now and stays with poor AP markers, even once paid it will show as a poorly managed account (AP marker) for another 27 years :eek::eek: (27 years is 260 months which is when you are forecasting your token payments to finish PLUS the 6 years after debt paid off that your credit file will hold this record.)

Default now and it will be dropped off by 2024. Better to default now (or soonish) than to leave the status quo

New day still shows as up to date on Noddle. With a green UC....whatever that means. We have been paying £5 a month up until this month.

So am I confused by all this..? I thought if I paid it off now in full, that would be an end to it. And it would just drop off as a closed account???

Brogden

ploppy57 wrote: »

New day still shows as up to date on Noddle. With a green UC....whatever that means. We have been paying £5 a month up until this month.

So am I confused by all this..? I thought if I paid it off now in full, that would be an end to it. And it would just drop off as a closed account???

Hi Ploppy - I think Jamuary is describing the position if you just let this debt run on for 260 months paying £1 per month.

If you pay it off in one go now then it is 'closed' and will disappear from your credit files in six years from the date you pay it off.

I do think you should ask New Day the question again about what they do if you accept the settlement offer. You may have been speaking to a school leaver :rotfl:. I've never had a 'partial default' myself !!!!

Check.....if you pay the reduced settlement figure do they not simply mark the file as 'satisfied?' If you paid in full would they not mark the file 'settled?' All of mine have and regardless of whether they are 'satisfied' or 'settled' they are all disappearing from my file six years from that date.....:)

January2015

ploppy57 wrote: »

New day still shows as up to date on Noddle. With a green UC....whatever that means. We have been paying £5 a month up until this month.

So am I confused by all this..? I thought if I paid it off now in full, that would be an end to it. And it would just drop off as a closed account???

Aahhhh that nice green UC marker makes a difference. I assumed it would be marked as AP. I suspect it will be soon if you've dropped to £1 payments though. Have you checked on both Noddle and Clearscore that the marker is green UC on both? Don't assume they always update their records correctly - they have been known to make mistakes.

Closed accounts stay on your file for 6 years after the last payment date - so your New Day account isn't going away in a hurry. It will be okay if the marker doesn't change, but if it does then you really do want to get a default on it

System

Brogden wrote: »

Hi Ploppy - I think Jamuary is describing the position if you just let this debt run on for 260 months paying £1 per month.

If you pay it off in one go now then it is 'closed' and will disappear from your credit files in six years from the date you pay it off.

I do think you should ask New Day the question again about what they do if you accept the settlement offer. You may have been speaking to a school leaver :rotfl:. I've never had a 'partial default' myself !!!!

Check.....if you pay the reduced settlement figure do they not simply mark the file as 'satisfied?' If you paid in full would they not mark the file 'settled?' All of mine have and regardless of whether they are 'satisfied' or 'settled' they are all disappearing from my file six years from that date.....:)

They actually sent me a letter saying about the partial default.

So either way it will still show for another 6 years....that's bad news when the others will all be off by 2022.

Brogden

ploppy57 wrote: »

They actually sent me a letter saying about the partial default.

So either way it will still show for another 6 years....that's bad news when the others will all be off by 2022.

Oh! I think I may have been lucky in that my predators have all behaved in a fairly 'standard' way. I know Berklaycard were different and apparently N*w Day are too......

If you can pay the lower settlement amount then it saves a bit of dosh if you don't mind the 'D' appearing on file for the next six years. Otherwise its a bit more expensive?

I get really angry that there is no rod of iron in place to make these predators all follow a standard procedure .

January2015

ploppy57 wrote: »

They actually sent me a letter saying about the partial default.

So either way it will still show for another 6 years....that's bad news when the others will all be off by 2022.

It's only bad news if you want credit again in the future - otherwise those stupid credit reports and their codes aren't important for most of us on our DMPs. The challenge is to get those defaults in asap so that we will have a nice clean slate sooner rather than later. However, that doesn't mean we want credit facilities available to us in the future.

IANB77

Well had a letter from Vanquis accepting my DMP offer and that all interest is froze. How ever it is only for 12 moths. Is this standard? I am guessing its to do with a review at the 12 month stage. So everyone apart from Bamboo is sorted. Just hope work send my wage to my new account on Tuesday lol...

A feeling more upbeat Ian.

IANB77

January2015 wrote: »

It's only bad news if you want credit again in the future - otherwise those stupid credit reports and their codes aren't important for most of us on our DMPs. The challenge is to get those defaults in asap so that we will have a nice clean slate sooner rather than later. However, that doesn't mean we want credit facilities available to us in the future.

Thats my thought.. Just pay off the debts and never bother with credit again... So they can leave it as markers if they wish.. If you cant get it wont be tempted again. I am not going through all this to end up back at square one.... Besides if we really ever do need it for an absolute emergency my wife's Credit file is sound as we never had a joint account or are linked financially in anyway..

January2015

IANB77 wrote: »

Well had a letter from Vanquis accepting my DMP offer and that all interest is froze. How ever it is only for 12 moths. Is this standard? I am guessing its to do with a review at the 12 month stage. So everyone apart from Bamboo is sorted. Just hope work send my wage to my new account on Tuesday lol...

A feeling more upbeat Ian.

Glad to see you are feeling more positive :j It just gets better from here on in :T

Don't worry about the 12 months freezing of interest. They will do a review and it should be frozen again. However, it may even be sold on to a DCA - even better for you. Don't worry about it either way - you are on the road to becoming debt free.

System

IANB77 wrote: »

Well had a letter from Vanquis accepting my DMP offer and that all interest is froze. How ever it is only for 12 moths. Is this standard? I am guessing its to do with a review at the 12 month stage. So everyone apart from Bamboo is sorted. Just hope work send my wage to my new account on Tuesday lol...

A feeling more upbeat Ian.

That's good news. Most of ours stayed frozen once they had started. Although we had a small issue with B/Crd but once we addressed it, they were fine and even paid back the excess interest that they had charged.:)