DMP mutual support thread part 13 !!

Harlequinn87

Hi Deano1506 - ah ok from what i can see 4 of the debts had months at time of being put as late payments while on the DMP and 2 missed payments  in November 2019 as that is when my partner stepped in to help and we cancelled the DMP   

Harlequinn87

Ah just checked the 2 open accounts as well and they are also late payments as well  - only improved to payment on time since start of this year!

deano1506

Harlequinn87 said:

Hi Deano1506 - ah ok from what i can see 4 of the debts had months at time of being put as late payments while on the DMP and 2 missed payments  in November 2019 as that is when my partner stepped in to help and we cancelled the DMP   

have they been defaulted though - if not and you have settled the debts - then they will come off your record 6 years from the day it was settled. hope this helps. 

Willing2Learn

deano1506 said:

Harlequinn87 said:

Hi Deano1506 - ah ok from what i can see 4 of the debts had months at time of being put as late payments while on the DMP and 2 missed payments  in November 2019 as that is when my partner stepped in to help and we cancelled the DMP   

have they been defaulted though - if not and you have settled the debts - then they will come off your record 6 years from the day it was settled. hope this helps. 

The default is the important question here.

@Harlequinn87
When you look at both 'Open' or 'Closed' accounts, you need to look at 'Account Details' as opposed to 'Payment History'.  It is on 'Account Details' where any default will be recorded.  It will also show the date of default (if you have any that is) 

Harlequinn87

Oh ok as far as i can see none of them are recorded as defaulted.. 

Willing2Learn

It appears as though you do not have any defaults recorded on your Equifax credit file.  You need to check your other two credit files as well.  Just to confirm whether missing payments and late payments are the only negative markers on your three files.


To get back to your original question though.  With negative data you are more likely to fit the lending criteria of sub-prime cards such as CapitalOne or Aqua.  You can use one of these cards to build positive data on your files.  You just need to use the card to pay for things that are in your monthly budget such as groceries.  You then pay off the statemented valance in full each month so that you do not build debt.


As far looking at your prospects of buying your first home with your partner, then you may require the services of a good mortgage broker who specialises doing this for customers with adverse credit files.

deano1506

@Harlequinn87 I have signed up to every free credit report available

• Credit Karma (Transunion)
• Capital One Credit Wise (Equifax)
• Experian
• MSE Credit Club (Experian)
• Equifax (£7.95 per month but I like to check it every day)
• Clearscore (Equifax)
• Moneysupermarket Credit Monitor (Transunion)
• Totally Money (Transunion) 

Yes i'm a sad man and obsessed but I like to know whats going on. 

Harlequinn87

@Willing2Learn and @deano1506 you've been fantastic and great help! I'm definitely a bit clueless when it comes to all this stuff so this has helped massively - i will definitely be signing up to other free credit report sites as i really want to be in control of everything. I will also look into a credit building card soon i think i will try and enjoy actually seeing money going into a savings account for a bit     thanks so much!!

deano1506

Harlequinn87 said:

@Willing2Learn and @deano1506 you've been fantastic and great help! I'm definitely a bit clueless when it comes to all this stuff so this has helped massively - i will definitely be signing up to other free credit report sites as i really want to be in control of everything. I will also look into a credit building card soon i think i will try and enjoy actually seeing money going into a savings account for a bit     thanks so much!!

@Harlequinn87 I don't know why i was getting involved !! but I'm sure @Willing2Learn would have put me straight if i gave some wrong advice - happy if i've helped - making a Friday afternoon a bit more pleasurable :-)

Norfolk_Jim

Hi all, I'm now 3 months into my DMP and all but one debt is now defaulted and I have had my first debt sold on to PRA. It's all been very pain free so far and the advice on here is good advice. If any lurkers / browsers are reading this. For me, it took a long time to admit I could never repay my debts as things stood (short of winning the lottery or selling my house and moving into a cardboard box). I was making payments but then running up the bill again as insufficient to live on and pay cards. Effectively I was only ever paying the interest and nothing off the debt and I could see that I would be dead before I ever repaid these debts, they were effectively unrepayable but never having missed a p[ayment to anyone in my life (Im 55) I hated the idea of defaulting. I have mental health issues and a complicated family life with holding down a full time job while looking after a wife & daughter who both have disabling conditions (Really I want to be a full time carer) so I would have bursts of optimism where I felt that by some miracle I'd find a way to pay and crushing lows where I felt If I could find a way to kill myself without it looking like suicide all this would go away and my life insurance would clear my debts ; a pretty miserable life.

The best thing about going on DMP for me is that the interest charges have stopped so now I see the total owed going down each month - thats a relief. I can also look forward to retirement without the fear that all my retirement money will be taken by my creditors. I'm happy to go with Stepchange now but one day in the future I would like the option to makle F&F offers, though I dont think I will ever need or want credit of any sort again n(Though i do miss having the section 75 protection of a crediot card on some purchases) so I dont need to make F&F offers, I can just let the DMP plan run its course and if I die in the meantime, as I understand it my debts will die with me (Not that I have a death wish any more). I just wish more desperate people knew about all these "solutions". I've tried sharing this with a few people I know but some people just wont be helped! They just dont believe me and all I can do is refer them to this board. I do wonder why Sourcrates and Willing2learn devote so much time to these pages - many repeats than are answered somewhere in the threads - but they are long threads and a big read - but then, if you need the help it's worth devoting the time 'cos thats all it costs.