DMP mutual support thread part 13 !!

sourcrates

gerrard88 said:

Got 4 credit cards with lots of debt

currently added breathing space to all for 60 days bur going past that now until they default so can then go with step change

anyone know from experience etc how long should go before they are defaulted?

thanks in advance

Again, another one that would be best suited to the general thread.

FCA guidance states a default can be registered after between 3/6 missed contractual repayments.

In practice some lenders default sooner, some default later, there is no way of predicting when it will happen, but you will be informed in writing when a creditor is proposing to take this action.

CONC 7.3 FCA Handbook explains more, unfortunately it is not that DMP friendly in that guidance states creditors should show forbearance with those in debt, and not apply defaults too quickly.

CONC 7 - FCA Handbook

Ok if your issues are short term and you want to use the account again, not so good if you want to enter debt management.

Best advice is use your common sense and treat each lender individually.