DMP mutual support thread part 13 !!

charhen19

Hi all the part of this thread I've read (I promise to go back and read it all) tells me you're the people to ask for advice so here goes:

*I've been on my DMP for over 8 years
*Keeping current payments I should have another 4 years 8 months to go
*my credit rating is currently at 999

So my question is: If I offer f&f's would it go down as a new default on my credit rating? Thus taking me another 6 years to get back to 999

Many thanks in advance (sorry if it's a silly question, I have no idea about how f&f's work)

January2015

charhen19 wrote: »

Hi all the part of this thread I've read (I promise to go back and read it all) tells me you're the people to ask for advice so here goes:

*I've been on my DMP for over 8 years
*Keeping current payments I should have another 4 years 8 months to go
*my credit rating is currently at 999

So my question is: If I offer f&f's would it go down as a new default on my credit rating? Thus taking me another 6 years to get back to 999

Many thanks in advance (sorry if it's a silly question, I have no idea about how f&f's work)

Assuming all your debts have defaulted - which it seems they have as your credit rating is 999 - then nothing you do now will detrimentally impact your credit reports.

Once defaulted, debts drop off from credit reports six years after date of default. They cannot be defaulted again, if you settle them with a partial settlement they will show as satisfied, rather than settled, but only until that magic six year period expires. If the six year period after default has already expired then even if you settle in full or partially, nothing else will be added to your credit reports.

Just as an aside, the 999 figure means nothing. That is just the credit reference agencies made up figure of what your credit status is based on your credit report. Individual lenders make their own judgements of your creditworthiness based on their own criteria.

[Deleted User]

January2015 wrote: »

Just as an aside, the 999 figure means nothing. That is just the credit reference agencies made up figure of what your credit status is based on your credit report. Individual lenders make their own judgements of your creditworthiness based on their own criteria.

A 999 score is still a really nice thing to have though:j. Mine is creeping up very, very slowly but is nowhere remotely near 999 yet. Each mini improvement makes me:j. I understand what you mean about it being pretty meaningless but it marks a really important stage in our debt journeys.

Debtinator

Hi guys. Im 2months into my self managed dmp, not made any payments yet as trying to get defaults. However im having problems with everyday loans, phone calls, emails and home visits.
Ive had an email saying they are going to flag my account as Not wanting to pay, rather than unable to pay. They keep requesting wageslips for both me and my wife. Any advice on what to do please

Moveslikeagger

Home visits? Wow thats annoying. Make sure you dont let them in! Id report them and complain of harassment. I wouldn't worry about them trying to scare you by saying they will flag your account in some other way!

Debtinator

Yeah i know. All friendly trying to get me to pay something, saying they cant accept no payments and will pass it on to the debt collectors who will send bailiffs round or try to make us sell our house. I looked it up and they have no more powers than the creditor in trying to collect any money.

Moveslikeagger

Have they actually come round or just threatened to? I’d send a strongly worded letter and inform them that you will take the matter further if they continue to threaten you etc

OohSoHolly

I’m back again! After comfortably paying my DMP since August, things had been going quite well. A number of my creditors have issued the default notices and other than a view issues with Capital One things have been running smoothly.

However today I received a final payment demand for my Marks and Spencer’s Loan. They have already issued me with a default but I’m really confused as to what to do? I obviously can’t pay the £9k but do I contact them, do I wait and see what happens? It mentioned the next step is legal action or DCA. Has anyone else had experience with M&S or can advise what I am best to do next?

pedrothewheel

Hi All, I don't know if I am in the correct place for this, but my husband has died and we were in a joint DMP, I haven't had the right headspace to deal with any of the financials, and Im not sure if I am yet, I have had support so have been able to fill the monthly payments and am up to date, does anyone know the limits for a single person, so I can get a head start on managing things, and has anyone had any dealings with paypla, and their cover my life policy, which should pay off some of my husbands debts, just need to have my right head on me as I start to deal with a insurance policy

Debtinator

Moveslikeagger yeah they have been round to the house 3 times.