DMP mutual support thread part 13 !!

natlie

Hi @DebtFreeWannabee88

Would be useful to see your debts and total owed with % if you are still paying interest to help with the payments Qs 

but 

All Credit Reports will be updated on different dates may explain some discrepancies, as with yours I had to access a number of reports to see the full picture. 

DM is debt management and AR is the arrangement to pay, these markers will stay on your report and will not drop off after 6 years like a D Default marker will. Ideally, you want all of your accounts to go to D.

Yes you can clear your Intrum debt of £22

The numbers on the Lowell account are missed payments

Your best bet at this stage might be to stop all payments and the DMP take some breathing space with your creditors and wait for the Defaults you could in the meantime save a lump as an emergency fund or ue it to clear one of your smaller debts 

Hols2021

Hi, 
I’m looking for a little bit of help as this is our first income and expenditure we are completing with cabot. Do we put all our details as a household and we both pay half the bills or Al would we be better to do it separately as they are not joint accounts? Only one account is with them now but we have another 10 accounts between us that have still to default, what i’d like to know is how I complete our debts part, it asks what we owe and how much we’re paying. At this point we’re not paying anything to these debts until they default so we have £400 spare to pay all these but won’t that look like we have all this spare cash? I’m just not sure how I complete this? Do we make an offer to pay the payment plan and explain the rest of the cash left over is for the other debts? 

Thanks 😊 

jwil

Hols2021 said:

Hi, 
I’m looking for a little bit of help as this is our first income and expenditure we are completing with cabot. Do we put all our details as a household and we both pay half the bills or Al would we be better to do it separately as they are not joint accounts? Only one account is with them now but we have another 10 accounts between us that have still to default, what i’d like to know is how I complete our debts part, it asks what we owe and how much we’re paying. At this point we’re not paying anything to these debts until they default so we have £400 spare to pay all these but won’t that look like we have all this spare cash? I’m just not sure how I complete this? Do we make an offer to pay the payment plan and explain the rest of the cash left over is for the other debts? 

Thanks 😊 

I did mine as an individual.  You could do either.

In terms of the £400 you have to service your debts, you can divide it proportionally across all the debts.  Add all the debts together and work out the percentage each forms of the total.  That debt then gets that same percentage of the £400.  Then you can allocate the rest of the £400 proportionally across the other debts.  The NEDCAB website will do it all for you.  Cabot don't need to know whether you are actually paying them or not.   So if your Cabot debt is 5% of your total debt, then they get 5% of the £400.

Twins

Hi, please can somebody help me.

I had a DMP back to 2011 and in 2017 I decided to self manage the payments.   Whilst I wrote to all the creditors I made £1 token payments.   Looking at my statement I did this for June, July and August and then started paying the arranged amount.   My question is, will those token payments be registered as a 2nd default despite paying £1 whilst I set up my new payment plan?  Can an account default more than once?

We have applied for a remortgage and now getting lots of questions back from the underwriters telling me that I've got 2 consecutive defaults.  I just don't know where they are seeing these as these are not showing on my credit reports as all have fallen off.  I don't know where to start looking for these if they exist?  

When a debt is passed onto another credit agency to manage can they re-register a default?  

Sorry for all the questions, just trying to get to the bottom of this as this is causing me sleepless nights and stress.  Please help!

sourcrates

Twins said:

Hi, please can somebody help me.

I had a DMP back to 2011 and in 2017 I decided to self manage the payments.   Whilst I wrote to all the creditors I made £1 token payments.   Looking at my statement I did this for June, July and August and then started paying the arranged amount.   My question is, will those token payments be registered as a 2nd default despite paying £1 whilst I set up my new payment plan?  Can an account default more than once?

We have applied for a remortgage and now getting lots of questions back from the underwriters telling me that I've got 2 consecutive defaults.  I just don't know where they are seeing these as these are not showing on my credit reports as all have fallen off.  I don't know where to start looking for these if they exist?  

When a debt is passed onto another credit agency to manage can they re-register a default?  

Sorry for all the questions, just trying to get to the bottom of this as this is causing me sleepless nights and stress.  Please help!

The word "default" gets banded around quite a lot on here, it can actually have more than one meaning, allow me to explain a little bit more.

Firstly, if you are behind in your payments, the creditor can refer to that as being "default sums in arrears".

If the situation continues, the creditor can then send you a "default notice" which is an official letter sent under sec 87, consumer credit act, informing you that you are behind with your contracted repayments, and giving you 14 days to rectify the matter.

If you fail to do so, then a "default" can be placed on your credit file, and your agreement with the creditor/lender will officially come to an end.

A credit account can only "default once", the word "default" means the relationship between you has ended, and your account will either be sent to collections, or sold on.

Once this has happened, it makes no difference to your credit file, if you pay the debt, make token payments, or ignore it completely, as no further credit file reporting takes place, "default" is the way your account will be marked for 6 years, after that the whole entry vanishes from your file.

Occasionally the same default may be registered by two different creditors, when a debt is sold for example, the old entry of the original creditor would show the original date of default, and a zero balance, the new entry of the new owner would show the same date of default, and the outstanding balance.

Mistakes also happen, say for example, an old debt, defaulted early, more than 6 years have passed, and the original default has vanished from credit files, if this debt is sold again, the new owner may not know it originally defaulted years earlier, and so then apply their own default, doesn't happen often, but there have been instances in the past.

You need to check if any of the above may apply to you.

You should also apply for a copy of your statutory credit report from each of the 3 main CRA, Experian/Equifax and Credit Karma.

Twins

sourcrates said:

Twins said:

Hi, please can somebody help me.

I had a DMP back to 2011 and in 2017 I decided to self manage the payments.   Whilst I wrote to all the creditors I made £1 token payments.   Looking at my statement I did this for June, July and August and then started paying the arranged amount.   My question is, will those token payments be registered as a 2nd default despite paying £1 whilst I set up my new payment plan?  Can an account default more than once?

We have applied for a remortgage and now getting lots of questions back from the underwriters telling me that I've got 2 consecutive defaults.  I just don't know where they are seeing these as these are not showing on my credit reports as all have fallen off.  I don't know where to start looking for these if they exist?  

When a debt is passed onto another credit agency to manage can they re-register a default?  

Sorry for all the questions, just trying to get to the bottom of this as this is causing me sleepless nights and stress.  Please help!

Occasionally the same default may be registered by two different creditors, when a debt is sold for example, the old entry of the original creditor would show the original date of default, and a zero balance, the new entry of the new owner would show the same date of default, and the outstanding balance.

Mistakes also happen, say for example, an old debt, defaulted early, more than 6 years have passed, and the original default has vanished from credit files, if this debt is sold again, the new owner may not know it originally defaulted years earlier, and so then apply their own default, doesn't happen often, but there have been instances in the past.

You need to check if any of the above may apply to you.

You should also apply for a copy of your statutory credit report from each of the 3 main CRA, Experian/Equifax and Credit Karma.

Hi Sourcrates, thank you so much for your response.

Well I contacted Westcot (whom managed the Santander debt) to see if they added a default after the debt as passed to them and they said no, they don't deal with credit files and simply just manage the debit on behalf of Santander.

I have also checked all 3 main CRA's and there is no defaults showing at all.   My broker just told me that they are referring to something from within the last 24 months but I can 100% confirm I've not defaulted on any payments, my credit score is in the high bracket as I've made it a priority to rebuild my credit score and keep up with all payments so where they are seeing this information is a mystery.     

My broker has now gone back to them to ask if they can explain where they are seeing these defaults so we at least know what they are referring to.

Newmum92

Hi everyone 

Just a quick question. NatWest are offering £175 switch fee for a basic bank account so I’m tempted to take advantage… but I had a credit card with Lloyds and they agreed to write off my balance. Are these two banks linked and could they use the right to offset? Thanks 😊 

sourcrates

Newmum92 said:

Hi everyone 

Just a quick question. NatWest are offering £175 switch fee for a basic bank account so I’m tempted to take advantage… but I had a credit card with Lloyds and they agreed to write off my balance. Are these two banks linked and could they use the right to offset? Thanks 😊 

Google is your friend Newmum 

Newmum92

sourcrates said:

Newmum92 said:

Hi everyone 

Just a quick question. NatWest are offering £175 switch fee for a basic bank account so I’m tempted to take advantage… but I had a credit card with Lloyds and they agreed to write off my balance. Are these two banks linked and could they use the right to offset? Thanks 😊 

Google is your friend Newmum 

sourcrates said:

Newmum92 said:

Hi everyone 

Just a quick question. NatWest are offering £175 switch fee for a basic bank account so I’m tempted to take advantage… but I had a credit card with Lloyds and they agreed to write off my balance. Are these two banks linked and could they use the right to offset? Thanks 😊 

Google is your friend Newmum 

I have looked and it’s hard to tell some sites say they are but the NatWest website doesn’t say they are! 😵‍💫

Hols2021

jwil said:

Hols2021 said:

Hi, 
I’m looking for a little bit of help as this is our first income and expenditure we are completing with cabot. Do we put all our details as a household and we both pay half the bills or Al would we be better to do it separately as they are not joint accounts? Only one account is with them now but we have another 10 accounts between us that have still to default, what i’d like to know is how I complete our debts part, it asks what we owe and how much we’re paying. At this point we’re not paying anything to these debts until they default so we have £400 spare to pay all these but won’t that look like we have all this spare cash? I’m just not sure how I complete this? Do we make an offer to pay the payment plan and explain the rest of the cash left over is for the other debts? 

Thanks 😊 

I did mine as an individual.  You could do either.

In terms of the £400 you have to service your debts, you can divide it proportionally across all the debts.  Add all the debts together and work out the percentage each forms of the total.  That debt then gets that same percentage of the £400.  Then you can allocate the rest of the £400 proportionally across the other debts.  The NEDCAB website will do it all for you.  Cabot don't need to know whether you are actually paying them or not.   So if your Cabot debt is 5% of your total debt, then they get 5% of the £400.

Hi, Thank you for getting back to me. Ok I think I will tell my husband to do it with just his salary, sorry but what I’m not sure about is that if he’s not paying any of these debts just now but he puts down on the form that he pays say £25 to them then Cabot gets the account would they not ask why we put down £25 when we weren’t paying it at that point or do we just complete the form as if we are paying them all so we know where we are and what we’re going to be paying to them all?