DMP mutual support thread part 13 !!

StMatthias

sourcrates said:

Matt,

You will have defaults, and/or arrangement to pay markers on your credit file, an unfortunate effect of debt management that cannot be helped, you should be able to re-mortgage with the same lender, as credit checks are not performed on existing customers usually, if you went to another lender, you would most likely need the services of a good mortgage broker.

Hi Sourcates,

In fact I am not interested in remortgaging at all. I just mentioned that mortgage as further info for someone to answer. Like I said, I am looking to remove my name from it and the associated property so that it is solely in my ex-wife's name.

In terms of credit file, is there a rough idea of just how bad it hits? It is more so for my curiosity rather than in the case of a mortgage or anything else (not intending to be buying a house or getting any new credit cards for a long time).

Thanks,

Matt

sourcrates

Yea, as above, you will have defaults, and/or arrangement to pay markers on your credit file, an unfortunate effect of debt management that cannot be helped, they will stay for 6 years, AP markers for longer, that`s why defaults are better in the long run.

Suseka97

StMatthias said:

sourcrates said:

Matt,

You will have defaults, and/or arrangement to pay markers on your credit file, an unfortunate effect of debt management that cannot be helped, you should be able to re-mortgage with the same lender, as credit checks are not performed on existing customers usually, if you went to another lender, you would most likely need the services of a good mortgage broker.

Hi Sourcates,

In fact I am not interested in remortgaging at all. I just mentioned that mortgage as further info for someone to answer. Like I said, I am looking to remove my name from it and the associated property so that it is solely in my ex-wife's name.

In terms of credit file, is there a rough idea of just how bad it hits? It is more so for my curiosity rather than in the case of a mortgage or anything else (not intending to be buying a house or getting any new credit cards for a long time).

Thanks,

Matt

Your current credit rating status will start to nose-dive as each AP/AR marker is applied - they'll come first and will probably stay that way for a good 3 - 6 months, depending on the lenders approach to debtors.  What you need to do is keep a check, regardless of the fact that Payplan are managing your DMP and push for defaults if they haven't appeared once you reach the 3-month point.  
To clarify the reason... AP/ARs remain on your credit file for 6 years on from whenever you eventually settle the account (or partially settle). So if, in the worse case scenario, yours never defaulted and your DMP ran for 3 years and your accounts cleared at that 3-year anniversary date then your file would be negatively impacted until 2029.  If, however, those accounts are defaulted this year then your credit file will be cleared of defaults in 2026 and your credit file status will start to improve again.

StMatthias

Suseka97 said:

StMatthias said:

sourcrates said:

Matt,

You will have defaults, and/or arrangement to pay markers on your credit file, an unfortunate effect of debt management that cannot be helped, you should be able to re-mortgage with the same lender, as credit checks are not performed on existing customers usually, if you went to another lender, you would most likely need the services of a good mortgage broker.

Hi Sourcates,

In fact I am not interested in remortgaging at all. I just mentioned that mortgage as further info for someone to answer. Like I said, I am looking to remove my name from it and the associated property so that it is solely in my ex-wife's name.

In terms of credit file, is there a rough idea of just how bad it hits? It is more so for my curiosity rather than in the case of a mortgage or anything else (not intending to be buying a house or getting any new credit cards for a long time).

Thanks,

Matt

Your current credit rating status will start to nose-dive as each AP/AR marker is applied - they'll come first and will probably stay that way for a good 3 - 6 months, depending on the lenders approach to debtors.  What you need to do is keep a check, regardless of the fact that Payplan are managing your DMP and push for defaults if they haven't appeared once you reach the 3-month point.  
To clarify the reason... AP/ARs remain on your credit file for 6 years on from whenever you eventually settle the account (or partially settle). So if, in the worse case scenario, yours never defaulted and your DMP ran for 3 years and your accounts cleared at that 3-year anniversary date then your file would be negatively impacted until 2029.  If, however, those accounts are defaulted this year then your credit file will be cleared of defaults in 2026 and your credit file status will start to improve again.

Thanks for that. Apologies but what are AP/ARs? And what do you mean push for defaults? 
Thanks,
Matt

Suseka97

StMatthias said:

Suseka97 said:

StMatthias said:

sourcrates said:

Matt,

You will have defaults, and/or arrangement to pay markers on your credit file, an unfortunate effect of debt management that cannot be helped, you should be able to re-mortgage with the same lender, as credit checks are not performed on existing customers usually, if you went to another lender, you would most likely need the services of a good mortgage broker.

Hi Sourcates,

In fact I am not interested in remortgaging at all. I just mentioned that mortgage as further info for someone to answer. Like I said, I am looking to remove my name from it and the associated property so that it is solely in my ex-wife's name.

In terms of credit file, is there a rough idea of just how bad it hits? It is more so for my curiosity rather than in the case of a mortgage or anything else (not intending to be buying a house or getting any new credit cards for a long time).

Thanks,

Matt

Your current credit rating status will start to nose-dive as each AP/AR marker is applied - they'll come first and will probably stay that way for a good 3 - 6 months, depending on the lenders approach to debtors.  What you need to do is keep a check, regardless of the fact that Payplan are managing your DMP and push for defaults if they haven't appeared once you reach the 3-month point.  
To clarify the reason... AP/ARs remain on your credit file for 6 years on from whenever you eventually settle the account (or partially settle). So if, in the worse case scenario, yours never defaulted and your DMP ran for 3 years and your accounts cleared at that 3-year anniversary date then your file would be negatively impacted until 2029.  If, however, those accounts are defaulted this year then your credit file will be cleared of defaults in 2026 and your credit file status will start to improve again.

Thanks for that. Apologies but what are AP/ARs? And what do you mean push for defaults? 
Thanks,
Matt

Sorry I sometimes forget that not everyone knows what some of the acronyms mean.  Anyway, AP and AR markers simply mean that you are on an 'arrangement to pay' - which is effectively what it is (a DMP that is). But those markers impact on your credit file for far longer than a default would.  So when I said 'push for defaults' I meant that in a few months time you should contact your creditors and ask them to default your account.  Now, some will anyway and others need a bit of a push, sometimes a BIG push.  Some creditors refuse to default accounts, but if a debt gets sold onto a debt collection agency (DCA) they tend to be defaulted at that stage.  Also I should add that when a default is applied to a debt, it also means that all interest and charges stop - which is another reason to get them.

StMatthias

Suseka97 said:

StMatthias said:

Suseka97 said:

StMatthias said:

sourcrates said:

Matt,

You will have defaults, and/or arrangement to pay markers on your credit file, an unfortunate effect of debt management that cannot be helped, you should be able to re-mortgage with the same lender, as credit checks are not performed on existing customers usually, if you went to another lender, you would most likely need the services of a good mortgage broker.

Hi Sourcates,

In fact I am not interested in remortgaging at all. I just mentioned that mortgage as further info for someone to answer. Like I said, I am looking to remove my name from it and the associated property so that it is solely in my ex-wife's name.

In terms of credit file, is there a rough idea of just how bad it hits? It is more so for my curiosity rather than in the case of a mortgage or anything else (not intending to be buying a house or getting any new credit cards for a long time).

Thanks,

Matt

Your current credit rating status will start to nose-dive as each AP/AR marker is applied - they'll come first and will probably stay that way for a good 3 - 6 months, depending on the lenders approach to debtors.  What you need to do is keep a check, regardless of the fact that Payplan are managing your DMP and push for defaults if they haven't appeared once you reach the 3-month point.  
To clarify the reason... AP/ARs remain on your credit file for 6 years on from whenever you eventually settle the account (or partially settle). So if, in the worse case scenario, yours never defaulted and your DMP ran for 3 years and your accounts cleared at that 3-year anniversary date then your file would be negatively impacted until 2029.  If, however, those accounts are defaulted this year then your credit file will be cleared of defaults in 2026 and your credit file status will start to improve again.

Thanks for that. Apologies but what are AP/ARs? And what do you mean push for defaults? 
Thanks,
Matt

Sorry I sometimes forget that not everyone knows what some of the acronyms mean.  Anyway, AP and AR markers simply mean that you are on an 'arrangement to pay' - which is effectively what it is (a DMP that is). But those markers impact on your credit file for far longer than a default would.  So when I said 'push for defaults' I meant that in a few months time you should contact your creditors and ask them to default your account.  Now, some will anyway and others need a bit of a push, sometimes a BIG push.  Some creditors refuse to default accounts, but if a debt gets sold onto a debt collection agency (DCA) they tend to be defaulted at that stage.  Also I should add that when a default is applied to a debt, it also means that all interest and charges stop - which is another reason to get them.

Ah! Thank you! That's actually super useful to know. Will definitely push for defaults then.
Thanks,

Matt

deano1506

StMatthias said:

Suseka97 said:

StMatthias said:

Suseka97 said:

StMatthias said:

sourcrates said:

Matt,

You will have defaults, and/or arrangement to pay markers on your credit file, an unfortunate effect of debt management that cannot be helped, you should be able to re-mortgage with the same lender, as credit checks are not performed on existing customers usually, if you went to another lender, you would most likely need the services of a good mortgage broker.

Hi Sourcates,

In fact I am not interested in remortgaging at all. I just mentioned that mortgage as further info for someone to answer. Like I said, I am looking to remove my name from it and the associated property so that it is solely in my ex-wife's name.

In terms of credit file, is there a rough idea of just how bad it hits? It is more so for my curiosity rather than in the case of a mortgage or anything else (not intending to be buying a house or getting any new credit cards for a long time).

Thanks,

Matt

Your current credit rating status will start to nose-dive as each AP/AR marker is applied - they'll come first and will probably stay that way for a good 3 - 6 months, depending on the lenders approach to debtors.  What you need to do is keep a check, regardless of the fact that Payplan are managing your DMP and push for defaults if they haven't appeared once you reach the 3-month point.  
To clarify the reason... AP/ARs remain on your credit file for 6 years on from whenever you eventually settle the account (or partially settle). So if, in the worse case scenario, yours never defaulted and your DMP ran for 3 years and your accounts cleared at that 3-year anniversary date then your file would be negatively impacted until 2029.  If, however, those accounts are defaulted this year then your credit file will be cleared of defaults in 2026 and your credit file status will start to improve again.

Thanks for that. Apologies but what are AP/ARs? And what do you mean push for defaults? 
Thanks,
Matt

Sorry I sometimes forget that not everyone knows what some of the acronyms mean.  Anyway, AP and AR markers simply mean that you are on an 'arrangement to pay' - which is effectively what it is (a DMP that is). But those markers impact on your credit file for far longer than a default would.  So when I said 'push for defaults' I meant that in a few months time you should contact your creditors and ask them to default your account.  Now, some will anyway and others need a bit of a push, sometimes a BIG push.  Some creditors refuse to default accounts, but if a debt gets sold onto a debt collection agency (DCA) they tend to be defaulted at that stage.  Also I should add that when a default is applied to a debt, it also means that all interest and charges stop - which is another reason to get them.

Ah! Thank you! That's actually super useful to know. Will definitely push for defaults then.
Thanks,

Matt

Hi Matt, from my personal experience - I had to complain to Creation and Barclaycard as they did not add a default and were marking my file as AP / AR  - eventually after a bit of a battle (ombudsmen with Creation) they added defaults back to near the start of my DMP. I also had to complain to Halifax, Tesco and Nationwide as they added defaults but over a year after the start of my DMP. Eventually I got defaults dates changed mostly to 2013 / 14 - my last default dropped off my credit files in March - I still owe about £5k but i have an Experian score of 999. :-)

cherokee

Can someone explain how you push for a default please? I have 2 accounts on dmp with NEXT and AQUA (NEW DAY) neither of which are showing as D (default).  Do I need a reason for or do I contact them and ask for default? thanks

sourcrates

cherokee said:

Can someone explain how you push for a default please? I have 2 accounts on dmp with NEXT and AQUA (NEW DAY) neither of which are showing as D (default).  Do I need a reason for or do I contact them and ask for default? thanks

Write and ask them to default you as you are been penalised for repaying your indebtedness, been marked as in an arrangement to pay,  you are been treated worse than someone not paying anything at all.

Follow through complaints procedure if nessessary, if all else fails stop paying them, mind you that doesnt always work either, you have to be very forceful with these companies, otherwise they just walk all over you.

cherokee

sourcrates said:

cherokee said:

Can someone explain how you push for a default please? I have 2 accounts on dmp with NEXT and AQUA (NEW DAY) neither of which are showing as D (default).  Do I need a reason for or do I contact them and ask for default? thanks

Write and ask them to default you as you are been penalised for repaying your indebtedness, been marked as in an arrangement to pay,  you are been treated worse than someone not paying anything at all.

Follow through complaints procedure if nessessary, if all else fails stop paying them, mind you that doesnt always work either, you have to be very forceful with these companies, otherwise they just walk all over you.

Thank you Sourcrates.  Will do.  I paused my SC DMP and Next have whacked on a load of interest this month as the April payment was missed.   I had arranged it with SC but going to have to do some work to get them to refund it, they don't have to I suppose as I "broke" the arrangement.  I will go for it now and get the account defaulted too.  Thanks so much you always give great advice.