DMP. Full & final settlement

Calum555

Hello again,

I've just checked my credit file (been too scared to for months) and found that only 4 of accounts have been defaulted.

Looks like I've got some serious thinking to do.

If I carry on with DMP, I guess they'll wait till right near the end of it and then slap defaults on!

Glad I posted this though, it's given me serious food for thought!

KID77

Hello
Just wanted to add some more information to what has been said.
I would check date of defaults on the 4 accounts as if you decide to push for defaults now then the date could be alot later than the others and the default marker stays on your credit file for 6 years.

You could write and ask creditors to default you from the date you started paying reduced payments or certainly within 6 months of that date.

Then you could write to all stating salary been reduced or some other lie and that all you can afford is blah..... and reduce the £1300 down to say £300. Giving you the £1k to save for settlements in maybe a year or so once passed to DCAs.

I am no expert but in a DMP myself and just feel that once you have broken terms of agreement with a creditor, they dont appreciate you any more for paying say £100 pm rather than £10 pm, you are in the bad books regardless.

Good luck with whatever you decide x