DMP & Credit Rating Advice

Hbxox

Hello, I wonder if you guys can help me I entered in to a DMP in March 2017, I have been avoiding looking at my credit file until the dust had settled a bit. I have now had a look and of course it is to be expected with the Arrangement to Pay and Debt Plan and late payment markers being recorded on my account.

My question is, I assume these markers will be listed each month on my file until I have finished the DMP and which will then be marked as Settled but will it then run for a further 6 years on top of that? Essentially I want to get my credit rating back to a good score within 6 years and not have to worry that these will keep rolling on my credit file for potentially longer than 6 years, foolishly I had thought that once my DMP was finished the credit file would recover a little however this looks not to be the case now. I just need some advice from somebody in the know. Thanks for reading and sorry if this has already been asked - im new here!

[Deleted User]

Ignore the score.

Accounts will drop off 6 years from default.

Hbxox

Deleted_User wrote: »

Ignore the score.

Accounts will drop off 6 years from default.

Thanks for this, that's my concern though they arent yet defaulted so if they keep placing Arrangement to pay etc on my account then technically im not in default and will have to wait longer for it to drop off my file. Sorry if i am asking stupid questions I just want to understand.

[Deleted User]

Ask for them to be defaulted, unless you expect to clear them before too long.

The default should be applied within 6 months.

List_Maker

Hi, when I went into my DMP most accounts defaulted within a month or so, but there were a few (vanquis, HSBC, virgin) that did not. I have only recently got round to writing to all of them to ask if they would default when it got to 3 month late markers, as they pretty much stayed late payments for over 30 months on some.
Can't guarantee that they will, but used the line that having fully paid off my debt to them, I am being penalised with having negative information for 6 years after final payment, when if I have ignored and not paid and had been defaulted early they would have fallen off in 18 months from now.

tgmaverick5

Hopefully this will get noticed in here rather than me starting a new topic :-) .. and sorry for kind of hijacking your thread op.

2.5 years ago I entered a dmp and by December I will be debt free for the first time in about 10 years. In the last few years I've really got things turned around financially and am now reaping the rewards of a decent salary rather than being utterly, desperately skint. I was in a real mess and my credit score still reflects this.

I'm now obviously wanting to do all of the things I've cost myself over the past decade like own a house and a half decent car etc. I know there is no correct answer to this but how soon after leaving a dmp generally would it take to be considered for mortgages and the like? I guess the size of a deposit etc are taken in to account but just wondered really. My gut is telling me 6 years when all of this rubbish has dropped off my credit report but just unsure.

Thanks.

DCFC79

tgmaverick5 wrote: »

Hopefully this will get noticed in here rather than me starting a new topic :-) .. and sorry for kind of hijacking your thread op.

2.5 years ago I entered a dmp and by December I will be debt free for the first time in about 10 years. In the last few years I've really got things turned around financially and am now reaping the rewards of a decent salary rather than being utterly, desperately skint. I was in a real mess and my credit score still reflects this.

I'm now obviously wanting to do all of the things I've cost myself over the past decade like own a house and a half decent car etc. I know there is no correct answer to this but how soon after leaving a dmp generally would it take to be considered for mortgages and the like? I guess the size of a deposit etc are taken in to account but just wondered really. My gut is telling me 6 years when all of this rubbish has dropped off my credit report but just unsure.

Thanks.

Your credit score albeit a mess is only seen by you and no 1 else.

You might be ok when debts are in the final 4th/5th or final year but a broker is best to use.

To get a really good chance then wait for all of them to be removed from your file.

KoshB5

SCOR, who are responsible for the administration and development of the data sharing rules known as ‘The Principles of Reciprocity’, that CRA’s operate under (along with other legislation) have a good document on the reporting of arrears / defaults - http://www.scoronline.co.uk/key-documents

List_Maker

To give you an update, no they wouldn't default the accounts. So waiting until 2022!!!! Best let them default while you can if you have a dmp which will last many years.